Cassady Law Offices, P.C. - Las Vegas Estate Planning Attorney
Call for a free consultation
702-706-1083

How an estate tax repeal might affect planning

Nevada residents whose estates are large enough to worry about federal estate tax will probably want to review their estate plan if there is an estate tax repeal. For most people who expect to owe estate tax, devising ways to reduce the value of the estate and bring the tax down as close to the exemption amount as possible is the cornerstone of the estate plan.

One way people might try to keep the value of their estate down is by making a gift to a multi-generation trust. This would be funded depending on what the generation-skipping tax exemption is. An estate plan might be set up to fund an exemption trust and a marital trust for any additional assets.

While it is not yet clear what will happen with the estate tax, people might want to start thinking about how they could revise their estate plan if it is repealed. They might want to act quickly if there is a change.

Whether or not an estate is large enough to have estate tax come into play, people might still want to create an estate plan. There are a number of reasons that an adult may want to do will planning and other parts of an estate plan. Without an estate plan, the state will decide how assets are distributed, and that might not match a person's wishes. A will may also appoint guardians for any minor children. A person may also want to consider a trust. Trusts can be useful at many different income levels and can help manage assets for beneficiaries. Another aspect of estate planning is making plans for end-of-life care. This may include appointing people under a power of attorney to make certain decisions if the principal becomes incapacitated.

No Comments

Leave a comment
Comment Information
Email Our Team

More Questions? We Have Answers.

Bold labels are required.

Contact Information
disclaimer.

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.

close

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