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The benefits of estate planning

There are probably many Nevada residents who believe that they do not have to worry about estate planning because they're not concerned about estate taxes. For 2017, the federal estate tax exemption is $5.49 million per person and double that for married couples. In addition, President Trump has long indicated that he wants to abolish the estate tax entirely. As a result, it is not an issue for too many people.

However, there are a lot of other reasons to develop an estate plan that have nothing to do with tax considerations. Wills and trusts can allow people to determine which people or organizations get their assets when they pass on.

Additionally, with a trust, people have a variety of options for how they want those assets to be provided to their heirs rather than in one lump sum. Settlors can impose several restrictions or benchmarks that a beneficiary has to attain before receiving a distribution. Some common criteria include turning a certain age, graduating from college or getting married. Assets in trusts can also be earmarked for particular expenses, such as education or the purchase of a home.

Along with the fact that trusts provide greater flexibility when it comes to leaving assets to heirs, there are a number of different trusts that are geared for a specific purpose. For example, many Nevada parents have a child who is physically or mentally disabled. There are a variety of rules that can disqualify them from receiving government aid, but many lawyers will recommend a special needs trust in this type of a situation.

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