Avoidance of taxes such as the estate tax are not the only reasons that people in Nevada should consider estate planning, a recent article asserts. In fact, estate planning for tax avoidance is just one of the many benefits that can be offered by taking such an action. It can also help to ensure that a person is able to have their assets distributed in a manner that they would wish after they die.
By using common estate planning tools such as a trust, people in Nevada can help to avoid creditor actions and grow their net worth. Some of the ways that these goals can be achieved include using dynasty trusts, life insurance and leveraged gifting. These are complicated methods that may best fit those who have large value assets in their estates.
However, others in Nevada with smaller estates can also benefit from estate planning. By using living trusts and life insurance, assets can be protected form many taxes and creditors. This is because the asset, once placed in the trust, is no longer owned by the individual who created the trust. It is also a good idea for some to consider a will in order to help with their estate planning wishes.
Such details of estate planning may seem confusing to many people in Nevada. However, there are various avenues for people to obtain information that can help them choose the best tool for their needs. These can include the use of professionals who can offer advice when needed as well as assist with the structuring of trusts, insurance, powers of attorney or wills in estate planning.
Source: Forbes.com, What Is Estate Planning?, Russ Alan Prince, Nov. 4, 2013