Cassady Law Offices, P.C. - Las Vegas Estate Planning Attorney
Call for a free consultation

Handling inheritance issues in Nevada

It is possible for a parent to leave his or her entire estate to a single child instead of dividing it equally among all the children. However, it is also possible for the heir to give a portion of that inheritance to his or her siblings. One method is to disclaim the inheritance within nine months, which could negate gift taxes if money were given to other parties. An issue to consider using that strategy is that the disclaimed inheritance may go that person's child instead.

It may also be worthwhile to consider annual and lifetime gift exemptions that apply even if an inheritance is not disclaimed. The annual exemption is $14,000 per person per year while the lifetime exemption is currently $5.45 million and is indexed for inflation. Therefore, it may be possible to simply give the money to others without any tax hit at all.

Another good option to consider is making an agreement with other siblings or family members to alter the amount of assets that each receive. Assuming that these people are actually in the will and were not explicitly disinherited, a private agreement among successors is perfectly legal. This may enable each sibling to receive an equal share without the need to worry about gift taxes or other issues that may arise when using other strategies.

Proper will planning today may help avoid legal issues after an individual passes away. It may be possible to consult with an attorney to review a will and make sure it meets an individual's needs both today and in the future. If a change in circumstances or a major life event occurs such as a death or marriage, it may be a good idea to have the will reviewed by legal counsel.

No Comments

Leave a comment
Comment Information
Email Our Team

More Questions? We Have Answers.

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.


Privacy Policy

Las Vegas Office
10799 West Twain Avenue
Las Vegas, NV 89135

Toll Free: 800-557-6423
Phone: 702-706-1083
Fax: 702-650-5561
Las Vegas Law Office Map

Henderson Office
2425 W. Horizon Ridge Pkwy.
Henderson, NV 89052

Toll Free: 800-557-6423
Phone: 702-706-1083
Map & Directions