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March 2014 Archives

Estate planning protects assets and relationships

Over the years, family relationships have changed. The traditional two parent household with two children has shifted in a variety of ways. Today's family often consists of a parent, step-parent, his kids and her kids. Additionally, at times, this relationship is legally recognized through a marriage; in other cases, cohabitation exists. For Nevada residents who find themselves in a family such as one of these, estate planning can be essential in making sure that the individual's wishes are met.

Gifts to a trust could help with tax obligations

Many Nevada residents have recognized the benefits of using a trust to effectively transfer assets and lighten the estate tax burden. Currently, gifts given to a trust during the individual's lifetime may result in a gift tax. While this tax may not actually be paid right now, it can lower the tax exempt amount that an individual has during his lifetime.

Estate planning assists in preparing for the unexpected

No one knows what tomorrow holds. This is a familiar saying to many individuals across the state of Nevada. While tomorrow may consist of waking up, going to work, returning home and spending an enjoyable evening with loved ones, it may also end up much different from expected. Estate planning can assist in planning and preparing for the unexpected.

Power of attorney allows you more control over your future

Life is filled with a variety of what-ifs. For instance, what if one becomes disabled or ill. There are many things a person can do to control the what-ifs; however, there are also many factors that are beyond a person's control. For Nevada individuals, controlling the things that can be controlled is obviously in their best interest. Additionally, by establishing a power of attorney and health care powers of attorney, an individual could even able to control some of the unknowns.

Drafting a will is essential for parents

For many Nevada families, the hustle and bustle of everyday life is almost too much to keep up with. There is homework that needs to be done, kitchens to be cleaned and little league games to prepare for. Amid paying bills, buying groceries and keeping up with daily schedules, the thought of taking the time to draft a will is often put off for another time. Additionally, little thought is typically given to the need for a younger individual to have a will.

Trust planning: an essential part of estate planning

It has been said that there are two certainties in life -- death and taxes. While this phrase may sound trivial, it does apply to the concepts of trust planning. Many Nevada residents are finding that trust planning as a part of their estate plan can make things easier for their family later on and can lessen the financial burden of estate taxes.

Estate planning: learning from Phillip Seymour Hoffman

Estate planning is a topic that most individuals gradually begin to think about as they age. Decisions regarding who should receive what assets and how much to leave to others should be made while the individual is still capable of making these decisions. By carefully crafting an estate plan, Nevada residents can avoid some of the pitfalls that have become evident in Philip Seymour Hoffman's estate planning strategy.