When considering what legal and financial protections may be useful for the future, it is not always easy to know where to start. Each individual’s needs and objectives are different, and this means each estate plan should be different as well. There are some life events that should trigger the estate planning process or lead to changes in an existing plan.
Thinking about the future can be emotional and confusing. No Nevada adult wants to consider his or her own death, but it is prudent to set aside this sense of discomfort and think about the good of loved ones and beneficiaries. Life events that may motivate someone to do this include the birth of a child, divorce, marriage, a significant increase in net worth, starting a new business and changes in tax laws. These are also reasons that updates and changes to existing plans may be necessary.
When starting this process, it is prudent to start by identifying the main objectives for the individual. Whether it’s setting aside money for the care of a loved one or protecting a closely-held business venture, estate planning can be tailored to individual. After this, it will help to consider the tax implications and potential consequences of any choices before finalizing the plan.
The estate planning process can be overwhelming and confusing, especially for someone who has never done this before. This is why it is helpful to work with an experienced Nevada estate planning attorney from the very beginning. An assessment of the individual financial situation and objectives can identify what protections are necessary for that specific situation.