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Including lifetime gifting in estate planning strategies

When there are a significant number of options to consider, choosing the path that best fits one's situation can seem a complex task. This sentiment may hold true in various scenarios in life, especially when it pertains to planning for the future. Individuals in Nevada who are in search of information on their options for protecting their wealth through estate planning may also find it helpful to consider the possibility of including lifetime gifting into their goals.

According to experts, there are several common lifetime gifting strategies to consider, each of which may function in its own way. One such option involves creating a grantor retained annuity trust, which can help protect assets that may prove difficult to value. One may also have the option of creating a defective grantor trust, which could help limit the costs of gift taxes.

One option that could come with the added bonus of flexibility involves implementing family limited liability entities. Lifetime credit shelter trusts and intra-family loans are just two more examples of options for adding lifetime gifting to estate planning goals. As the viability of each option may change depending on the circumstances at hand, gaining a better understanding of the options prior to deciding on a path could prove imperative.

While lifetime gifting strategies could come with various potential benefits, similar estate planning options can also be somewhat complex in nature. Fortunately, a person does not have to address these options alone and there are attorneys who can provide one with insight into making informed decisions about the situation. An attorney can help a client in Nevada create a strategy that best fits his or her preferences and needs and assist in addressing any questions or issues that might arise in the future.

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