The probate process has made public the content of world traveler Anthony Bourdain's will. Besides bequeathing the bulk of his $1.2 million in assets to his only child, his will granted his frequent flyer miles to his estranged wife. People in Nevada who travel extensively might accrue substantial value in rewards from airlines and other companies, so they might want to include them in their estate plans.
Nevada residents should know that they can control what happens to their assets after they die. It is important to recognize that no two people may have the same opinion as to what is fair. Regardless of how assets are split, a beneficiary may still believe that he or she was slighted. Ideally, parents will talk about their estate planning decisions with their family members in advance.
State laws vary regarding how wills should be changed or revoked. In Nevada, however, a will can be changed by a formal legal codicil or revoked by physical destruction. There are a number of different circumstances that may lead a person to change or revoke a will.
Some people in Nevada who have a will might want to consider whether it is enough to convey their intentions to loved ones. Often, even with a will and other estate planning paperwork in place, families argue about a testator's intentions. No asset is too insignificant to spark this kind of argument. One brother and sister fought over their father's surfboard in court and ended up spending more than $750,000.
Business owners in Nevada should be aware that estate planning is an important part of a business plan. Estate planning can provide a form of protection for their business as well as their family, business partners, employees and customers.
Collectors in Nevada should carefully prepare when passing their valuable collectibles on to heirs or donating them to charities. The Internal Revenue Service defines collectibles as artwork, rugs, antiques, certain metals and gems, stamps, certain coins, valuable alcoholic beverages or other tangible personal property meeting the tax agency's guidelines. Specific estate and tax laws govern the distribution and valuation of collectibles, and heirs could be on the hook for high capital gains taxes without careful estate planning. The federal government could apply a long-term capital gains tax of 28 percent on collectibles.
There are several reasons that people in Nevada might want to create an estate plan. Some people may be concerned about taxes and the cost of probate. Preparing an estate plan in consultation with an attorney may help reduce these costs.
When people in Las Vegas pass away without a will, the consequences for their family members can be painful and even costly. Estate planning can be an emotionally and logistically difficult process because resentments and rivalries can emerge after a death, especially if a substantial estate has been left behind. By developing key estate planning documents, a person can help make sure their family members will be properly cared for and that their assets will be distributed in a way that reflects their wishes. When families have blended marriages and other complex circumstances, estate planning can be particularly necessary.
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.