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February 2014 Archives

Estate planning requirements differ based on U.S. citizenship

Nevada, as well as the rest of the United States, is becoming more and more of a global economy. In addition to the abundance of American companies, there are a number of foreign-owned corporations that often import executives to work in the United States. At times, these individuals who are not U.S. citizens fall in love and marry a U.S. citizen. While the marriage is certainly valid, its tax sheltering benefits upon the death of the U.S. citizen is not the same. In the event that the couple has a sizable estate, estate planning is crucial if the goal is to avoid federal taxes on the estate.

Establishing a power of attorney now is usually a good idea

The majority of young or even middle age adults often give little thought to the need for a power of attorney. They are busy working and building their nest egg for their retirement years. This time of life centers on family and business. However, even these Nevada residents should give consideration to establishing a power of attorney now while they are in a position to do so.

Granting power of attorney can make final affairs easier

Most individuals assume that they will be able to make their own financial and medical decisions for many years. The thought of being unable to do so just doesn't seem possible. However, in today's fast-paced world, the unthinkable can happen very quickly. Suddenly, a Nevada resident is unable to make decisions for him or herself. In this case, an established power of attorney can make managing that person's affairs much easier.

Who is preparing the living trust and other documents?

As people age, they often begin to think about their future and what they will leave behind for their loved ones. Decisions made regarding these issues can be both financial and emotional ones. When emotions come into play, it becomes easier for a scam artist to influence the individual into making decisions that might not be in their best interest. Nevada seniors who are thinking about establishing a living trust as part of their estate plan may be interested in recent illegal activity.

A revocable living trust may be more beneficial than probate

As individuals begin to think about transferring assets upon death, many questions arise regarding the best way in which to do this. Many Nevada residents recognize the need to make these decisions; however, there is often confusion surrounding which way would be most beneficial for a particular individual and his or her circumstances. Several of the choices available include the traditional will and probate process and a revocable living trust.

Estate planning is crucial regardless of the size of the estate

The average American, and the average resident of Nevada, falls in what many consider to be the middle class. Many of these individuals often feel that because they do not have a large estate, estate planning is not really necessary. Regardless of the size of the estate, it is a good idea to create an estate plan that will direct the distribution of assets and gives directives regarding medical decisions.

A health care power of attorney can save money and relationships

The average Nevada resident would most likely prefer to die peacefully in his or her sleep after living a full life. This will be the case for some; however, others will be faced with sudden accidents and illnesses that can at times leave them unable to state their preferences. When this happens, if the individual has given a trusted person a health care power of attorney and has established a living will, the decision-making process can align with the individual's wishes.

Trust planning can avoid problems in transferring assets

As a person ages, it is likely that he or she will begin to think about how they want their assets distributed upon their death. It is fairly safe to assume that the typical Nevada resident would prefer to decide who will receive a portion of their assets rather than depending upon the courts to do so. Therefore, it is necessary for the individual to establish a will or a trust -- or both. Many are finding that trust planning is an effective way to easily transfer assets when that time comes.

Creating a will does not have to be a complicated process

Many Nevada adults may recognize the need for creating a will. In fact, this action is likely something that they plan to do, eventually. For some, though, the act of creating a will is admitting that they will not live indefinitely. While creating a will may appear to be a daunting task, it will help to protect loved ones and ensure assets are transferred as the individual wishes.

Power of attorney: the benefits and ways to minimize risk

A good estate plan involves more consideration that simply drafting a will. There are a number of tools in the estate planning box, and it is important to understand the different benefits and implications of each. While not everyone will utilize every tool, a discussion with an attorney can help those in Las Vegas ensure that they have chosen the ones that benefit their situation.