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Wills Archives

The influence of step-up in cost basis on inheritance

People inheriting various assets in Nevada could enjoy certain tax advantages due to the concept known as step-up in cost basis. This term refers to an asset's increase in value while someone possesses it. A person who buys a stock for $2 a share and then sells it while still alive for $10 a share would owe capital gains taxes on the $8 per share increase in value.

Pro and cons of online estate planning documents

An estate plan is a crucial tool for individuals who want to have control over what happens to their assets if they become incapacitated or die. Without at least a will, financial power of attorney and advance health care directive, Nevada probate courts will make decisions over which a person could have had complete control. By planning ahead, no one has to rely on case law or guesswork to determine what is best for him or her at the end of his or her life.

Why the childless need estate plans too

An estate plan can be a good thing for any adult living in Nevada. This can be true even for individuals who don't have children. Creating a trust is beneficial for those who want to keep the details of an estate private after they die. It can also be helpful for those who are looking to avoid probate or otherwise looking to protect their assets.

How to account for digital assets in an estate plan

As more assets are being held or stored online, it can create challenges for Nevada residents when it comes to estate planning. For example, an individual must remember to divulge the username and password of any account that is held online. Furthermore, there may be questions over who owns a digital asset and who may access it after a person dies. These are important questions to answer as digital assets may have real value.

Why estate planning is always worthwhile

Creating a will or comprehensive estate plan is not something that adults in Nevada should be apprehensive about. It can act as a form of insurance against an unexpected event such as an illness or a death in the family. Furthermore, estate planning is an effective way for business owners to protect themselves in the event of a divorce.

How wills factor into an estate plan

Nevada residents may have a will that plays a role in determining where their assets go after they pass. However, a will by itself is not necessarily an estate plan. The estate plan is everything that a person does to manage their assets now and in the future. It can also help ensure that children and grandchildren are taken care of.

Tips for talking about inheritances

Taking time to talk with family members about estate planning can be worthwhile for Nevada residents. Having this conversation can make it easier to plan for a range of issues such as where money will come from to pay for a parent's long-term care. It can also make it possible for family members to create a plan to transfer wealth while minimizing inheritance and other taxes.

Why estate planning matters for adults of all ages

Nevada ressidents may be able to learn a lesson about the importance of estate planning for adults of all ages from the Swedish musician Avicii. Avicii died in 2018 at the age of 28 without leaving any kind of estate plan behind. According to Swedish law, his parents will inherit his entire estate although this may not be what he would have wanted.

Changes an estate plan may need after divorce

Major life events should trigger a review of the estate plan for people in Nevada, and divorce is one of those events. The first step is to review the will. The executor, which is often the spouse, may need to be changed along with other elements of the will that include the ex-spouse's family.

When a will is not enough

Nevada residents who are wondering if a will is enough for an estate plan should consider several points. If someone simply wishes to transfer his or her assets to loved ones and does not care about efficiency, then a will may be all that is needed. However, when an estate owner wants to get their assets to their beneficiaries as efficiently as possible, or if they want to add in details that are unrelated to testamentary intent, they likely need to go beyond a will.

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