Some people in Nevada believe that since the change in the estate tax exemption occurred earlier this year, they have no reason to begin to plan for the distribution of their assets when they die. This, one recent report says, is not the case. In fact, limiting the amount of tax owed is just one of the reasons that estate planning should occur.
One of the most common reasons that people in Nevada decide to begin the estate planning process is to direct who will benefit from their assets when they die. If no plan is in place, the money and property will be distributed as required under Nevada law. This means that some friends, charities or family members may not receive the assets that the person who died intended.
In a will, an estate planning tool that is commonly used, an individual can specify specific property or money to be given to an heir. These specific bequests can go to organizations such as a favorite charity or school. In some cases, a person can find it beneficial to make use of a trust that can provide for their surviving immediate family and then distribute any remaining assets to the charity or organization.
There are many options available for people seeking to plan an estate in Nevada. Among these options are trusts, wills and power of attorney documents. Each of these can be used to ensure that the wishes of the person creating the plan are followed when that individual dies or becomes incapacitated. By taking a proactive approach to estate planning, a person can rest easier knowing that his or her wishes will be followed after death.
Source: investingdaily.com, The New Focus of Estate Planning, Bob Carlson, Aug. 23, 2013