In Nevada, people begin to estate plan for reasons that include the need to care for themselves and their heirs when they die. What they may not consider is that there are estate planning tools that can be customized for use while an individual is still alive. These include powers of attorney, healthcare directives and trusts designed to pay for long-term care costs.
In the case of a power of attorney in Nevada, a person can appoint an individual who will be able to make decisions for them should they become unable. These decisions include the need for medical care or, in other cases, for management of a financial estate. In addition, like a power of attorney, a healthcare directive can make the wishes of an individual known should they become incapacitated and unable to make medical decisions.
However, few in our state plan for the cost of long-term medical care, a recent report notes. In fact, as few as 10 percent of people in our country have such care plans. Those who do often have a combination of insurance and trusts. These estate planning tools can also be used to hold assets for the benefit of heirs when the individual creating them dies.
The reasons for estate planning in Nevada are many. For some, the concern is benefiting their family. Others work to protect themselves and their assets from situations in which they cannot be in control. In either case, it is a good idea to review all available options for estate planning as a person begins this sometimes complicated, though important, process.
Source: Forbes, Americans Worry About Long-term Care Costs, See Insurance And Government Solutions, Howard Gleckman, Oct. 16, 2013