After a Nevada resident puts together an estate plan, there is a good chance that it won't last forever. This is because there are many different variables that could change, which could render an estate plan meaningless in its current form. For instance, if a person gets divorced, it can have an impact on who receives assets. In some cases, a new spouse could be entitled to a certain percentage of a person's assets regardless of what a will says.
Some people in Nevada who are creating an estate plan might primarily think about their assets as things like bank and investment accounts and real estate. They might not consider the large role that digital assets play in their lives. Digital assets may include various accounts as well as information stored on flash drives and mobile devices.
For Nevada residents who are concerned about the future of their estate and who want to include charitable giving as part of their plans for their assets, recent changes in federal estate and gift tax laws might alter the way that they include philanthropy as part of the process. Up until 2017, people could leave bequests of up to $5.49 million before their heirs would have to deal with federal estate or gift taxes.
Nevada residents may be able to achieve their estate planning goals with just a will. However, for many, wills represent the first step of creating an estate plan that truly meets a person's needs. To transfer assets to beneficiaries in a timely manner, an individual should consider transfer-on-death or payable-on-death designations. The use of beneficiary designations can also be appropriate depending on a person's needs.
Nevada residents may understand how important an estate plan is. They may also be making common yet costly mistakes that could make it difficult to carry out their wishes. One of those mistakes is not reviewing plan documents on a regular basis. Generally speaking, those who have gone more than three years without a review should make time for one right away.
All Nevada residents, even those who fall in the middle and lower income brackets, can benefit from having an estate plan. However, a recent survey found that over half of those living in the United States don't have basic plan documents. These documents may include a living will and health care proxy. A living will stipulates what type of medical treatment should be given or generally communicate a person's wishes if he or she becomes incapacitated.
Nevada residents may want to ensure that their estate plans and wills are updated to ensure that they are in line with tax laws that went into effect as of 2018. Many had worked with estate planning attorneys and financial planners to develop strategies to avoid a massive estate tax hit to their heirs after death.
Some married people in Nevada might think they have a well-prepared estate plan when they own a home in joint tenancy with survivorship. They might have a similar arrangement for other assets such as a retirement fund and some investments.
Many people living in Nevada are well aware of the importance of estate planning. These individuals often take steps to write and update wills, designate beneficiaries on their insurance policies and retirement accounts and craft extensive end-of-life directives. However, there are some assets that many people overlook. These are the valuable memories, stories and family history that may exist in a person's mind, scrapbooks, journals or blog posts. While this content may have negligible monetary value, it is essential for family members, even those who are not yet born, to have access to it.
After Nevada residents sign their wills, it is important for them to review them regularly and to make changes when they need to do so. Tax laws are frequently revised, and people's estate plans should be modified accordingly so that they can obtain the most benefits.