Estate planning in Nevada means that people have sought to create a plan that helps their heirs and beneficiaries distribute assets in a way that both complies with the wishes of the deceased individual and protects from issues such as taxes. This is the goal of many individuals, including celebrities. However, when estate planning is incomplete, or has not been reviewed in many years, such goals can fail to be achieved.
This may have been the case for the estate planning of actor, James Gandolfini. The former Soprano's star died while on vacation in a European city earlier this summer. He was only 51 at the time of his unfortunate death from a heart attack.
According to a report, the star left an estate valued at approximately $70 million. However, his estate planning may not have been complete, thus exposing the high value assets to an estate tax. This may have been avoidable if the actor had had time to complete the estate planning process or complete a review that included consideration of his ever-expanding income and assets.
Though not every estate planning effort for people in Nevada includes an estate valued as highly as that of Gandolfini, planning is important for all. This is because there are life changes that happen that include divorce, child birth and asset value increases. By reviewing an already complete estate plan, people can help to ensure that they are able to have their assets distributed as they wish when they die and avoid any unnecessary taxes and fees.
Source: US News and World Report, "Estate Planning Lessons From James Gandolfini," Kimberly Palmer, July 16, 2013