Nevada is known for high stakes gambling and adventure. This type of lifestyle has drawn many to our state over the decades. Some become wealthy as a result of the risks that they take. Those individuals, along with their less adventurous counterparts, are among those who should consider estate planning, a recent article notes.
In fact, it may surprise readers in Nevada to learn that only 22 percent of those with a net worth between $100,000 and $1 million have actually sought out estate planning information. These individuals, when they begin the process, will likely find that they can protect their assets while they are alive, plan for any incompetency in their future and direct the distribution of assets when they die by using estate planning. It should also be noted that the same outcomes can be achieved for people with much smaller total wealth.
By using common estate planning tools such as a trust or a will, people can achieve many of their estate planning goals. For example, in the case of a trust, people can place their assets into ownership by the trust, and direct how those assets will be paid out when they die. A trust also has the benefit of avoiding the public process of probate, a concern to some in Nevada.
Estate planning can be difficult for some people in our state to begin. However, once they do, they often find that there are many options available that can be customized to meet their needs. This allows people to ensure that they have their assets cared for, and their needs considered well before they become incapacitated or die. This is important for both the individual creating the estate plan and their eventual heirs and beneficiaries.
Source: Millionaire Corner, Are Affluent Households Up on Estate Planning Basics?, Donald Liebenson, Oct. 28, 2013