When people in Nevada plan for the future, IRAs can be an important part of that planning process. This is true whether people are planning for their retirement years or thinking about the distribution of the remainder of the account as part of their estate. Because of the different ways that inherited and individually owned IRAs are treated under the law, some people may wish to consider naming a trust the beneficiary of their IRAs after death rather than an individual person.
Some people in Nevada might want to create a trust for a family member with special needs who gets government benefits. These trusts can be a way to continue helping a person who has special needs without jeopardizing that person's access to those benefits.
An integral part of estate planning involves taking into account current interest rates: Certain types of trusts can be beneficial to the citizens of Nevada during times of low-interest rates, while other types of trusts are better suited for times of high interest rates. With that being said, the past few years, past decade actually, have been dominated by low interest rates, yet this is about to change. As a matter of fact, current interest rates are rising, and they are not showing any signs of slowing down.
Many Nevada residents want to do something to continue to benefit a cause or charity they hold dear, even after they pass away. A charitable remainder trust, or CRT, can be an important part of an estate plan that continues to provide income throughout the donor's lifetime and can support other beneficiaries before the remainder passes to a charity. By setting up a CRT, people can benefit from their wealth in order to live on the generated income while planning precisely how their funds will go to support the charity of their choice.
One of the primary goals of estate planning in Nevada is to ensure a prompt and unproblematic transfer of a client's property to his or her successors. Most people approaching a professional about estate planning request that heirs have a minimum of court supervision to facilitate the transfer and that a maximum of assets be preserved.
Many people in Nevada establish trusts for a number of different purposes. When people die and leave trusts behind, they must be administered according to the provisions they contain. People who are tasked with administering a trust have a fiduciary duty to the trust beneficiaries.
While many Nevadans consider their pets to be members of their families, the government doesn't consider them to be any different than other types of property such as cars. When people are planning their estates, they should not overlook their pets. If they pass away and do not have anything in place to provide for the care of their pets, the pets may not be taken care of by their family members.
Some Nevada residents who are creating an estate plan might also want to consider a pour-over will. A pour-over will is used in conjunction with a trust and ensures that any assets not specifically placed in the trust will be added to it when the owner dies.
Nevada residents should be aware that many estate plans might not bring about the desired results. A plan may contain insufficient language, or poor tax planning may be a factor. However, the majority of estate plan failures tend to be related to human behavior.
Nevada residents may find that creating an estate plan is difficult under normal circumstances. It could be even more challenging for families who have members with special needs. This is because an estate plan needs to take into account rules related to government benefits while making sure others know how to care for that person if a parent cannot. Writing a letter of intent may help family members or other parties learn more about the disabled person and how care should be provided.