A large number of people in Nevada and elsewhere have estates that are valued between $5 and $10 million. Though some may find this surprising, it is possible because of assets such as investments, real estate and retirement benefits. These people may think that laws relating to the effects of estate planning and the estate tax exemption do not apply to them, but a recent article disagrees.
The articles states that the recent changes to the estate planning laws, including the American Taxpayer Relief Act of 2012, may be helpful to those seeking solutions for the distribution of their assets. Many in Nevada may find specific types of trusts useful when creating an estate plan. These are especially good for people with estates valued between $5 and $10 million.
Among the types of trusts that the article notes is the bypass trust. This type of estate planning tool is used when people wish to leave assets to people or organizations other than their spouse. For example, this is an option for those who have remarried and wish to protect assets for their children without allowing a new spouse to leave children out of an estate. In most cases, assets can be left to a surviving spouse without tax implications.
Estate planning can appear to be complicated for some people here in Nevada. There are many available options, including multiple types of trusts that can be used to ensure that a person’s wishes for the distribution of their assets when they die are followed. To ensure that the best choice is made, many find it helpful to seek information from a variety of sources as they begin estate planning.
Source: Forbes.com, Estate Planning For The 99%, Deborah L. Jacobs, Jan. 19, 2014