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October 2015 Archives

How to limit or avoid state estate taxes

In addition to the federal government, many states impose taxes on the estates of wealthy people following their death. However, there are ways to get around these estate and inheritance taxes. One possible way is to relocate to a state like Nevada that has no such tax, but that may not be feasible or desirable for many people. Other methods could include making an outright gift or using a bypass trust as an estate planning tool designed for this purpose.

Digital wills in Nevada

If a Nevada resident has a will drawn up, it does little good to the testator's heirs if they are not able to find it. Some people spend years searching for financial and estate planning documents following the death of a loved one, so some startups have started providing online will storage services.

Will planning is important even for those without children

Estate planning is a frequent concern for Nevada residents. In order to ensure that their family members are taken care of, most people will prepare a will. However, many people who are unmarried and who have no children may wonder if a will is even necessary. Most observers believe that the answer is an affirmative one.

Powers of attorney and trusts

Both the power of attorney designation and the formation of a trust are powerful estate planning tools that many principals use in Nevada. A trust can help provide detailed instructions on how a person's assets should be managed for the benefit of others. A power of attorney can give another person the legal right to make financial decisions and conduct financial transactions on another person's behalf. However, the two tools will not necessarily go together if certain steps are not taken.

Being appointed as an executor

One of the most important decisions that a Nevada resident makes when preparing a will is who to name as the executor of the estate. However, an executor does not have to accept the job simply because he or she was named in this role in a will. Being an executor requires a lot of responsibility and may expose the individual to legal risk if he or she does not fulfill the role appropriately.

How income generated by a trust is taxed

Many Las Vegas residents set up trusts as part of their estate planning strategy. Trusts can help to reduce estate taxes, protect assets from creditors and provide beneficiaries with regular income disbursements over a long period of time. While trusts are very useful for estate planning, they are still subject to taxation.

Estate planning with tax considerations

Nevada residents who have substantial assets may want to think about how to best structure their estate planning to take advantage of gift and estate tax exemptions while making sure they retain enough wealth to care for themselves and their needs through a potentially long lifespan. Tjhose who prepared wills and trusts prior to 2012 should also be aware that due to the American Taxpayer Relief Act of 2012, there have been many changes in tax laws around estate planning.