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June 2016 Archives

Managing IRAs in estate planning

Nevada residents may be interested in reading about different strategies for how to leave an IRA to beneficiaries. While many people designate beneficiaries as heirs of their IRA funds, the account can also be effectively arranged into a person's estate plan, such as naming a trust as the IRA's beneficiary.

Celebrity examples show importance of estate planning

Nevada fans of Prince may have heard that it appears he died without a will. Although celebrities may have bigger and more complicated estates than most people who are less famous, there is still a great deal that can be learned.

The importance of estate planning in Nevada

Alzheimer's disease and dementia can make elderly individuals unable to handle their own finances or even make choices about their care. This will not happen to everyone, but it is important for people to create estate planning documents that ensure that they can be cared for and their money managed if they become incapacitated.

Gift giving to reduce estate tax

Wealthy Nevada individuals may want to give money as a gift to family members both to benefit those people and to reduce the eventual value of their estate below the federal estate tax exemption, which is currently $5.45 million for individuals and $10.9 million for married couples. Education and health care costs are not counted against a person's annual or lifetime gift exclusions if paid directly to providers, so this can be another option.

Tenancy options for a shared property

There are various situations in which Nevada residents might buy a property together. The type of tenancy recorded in purchase documents could affect how the property is handled in case of a death or in another situation involving one of the individuals exiting the situation. One of the most common solutions is joint tenancy with rights of survivorship, which allows the interest of a deceased owner to be transferred to the other owners. This is often an excellent option for married parties as their marital home would not need to go through probate in the event of one party's death.

Protect digital assets

For many Clark County residents, digital assets comprise a great deal of their daily interactions. They log onto their social media accounts on a daily basis, take pictures that they share online and even monitor their financial accounts online. Despite daily interactions with these assets on various platforms, dealing with them in an estate plan can be a complicated matter.

Top tip for future financial security: Get an estate plan

It may seem counterintuitive, but planning for death can help you make the most out of life. A recent piece in the Huffington Post discussed the importance of estate plans, noting that these legal tools are important for everyone, regardless of age.

Estate planning for couples with no children

Older couples living in Nevada who have no children in many cases must plan their estates differently than couples with children. When there are no children or grandchildren to pass assets to, it can be difficult to decide where the assets should go. A husband and wife will likely structure their wills so that everything is left to the surviving spouse, but they also must decide what happens to their property once they are both gone.