Many readers in Nevada know that the federal estate tax exemption has been made permanent at a fairly significant level. This, they believe, means that they do not need to begin estate planning until much later in life. What they do not realize is that there are estate planning benefits to all of those of us in our state, regardless of our age or wealth.
For example, people in Nevada who have minor children may be interested to learn about the benefits of creating a will. In a will a person can be appointed to care for the children should their parents be unable to do so. If no will is in place, it may be up to the state law to decide such matters.
A trust can be customized to fit the needs of an estate. A living trust is revocable and can be used to avoid some tax consequences. In addition, any assets in the trust at the time of a person’s death will be distributed as is directed in the trust. This is opposed to the person with no estate planning whose assets are distributed by a court without direction from their former owner.
Estate planning may initially seem scary or complicated to people in Nevada. However, a careful review of the available options may help to alleviate any stress that exists. This effort can make a person comfortable and able to plan for their eventual death, leaving clear instructions for the benefit of their future heirs and directions as to who will care for their kids.
Source: MarketWatch.com, “Estate planning for the rest of us,” Bill Bischoff, May 21, 2013