Many Nevada residents have recognized the benefits of using a trust to effectively transfer assets and lighten the estate tax burden. Currently, gifts given to a trust during the individual's lifetime may result in a gift tax. While this tax may not actually be paid right now, it can lower the tax exempt amount that an individual has during his lifetime.
It has been said that there are two certainties in life -- death and taxes. While this phrase may sound trivial, it does apply to the concepts of trust planning. Many Nevada residents are finding that trust planning as a part of their estate plan can make things easier for their family later on and can lessen the financial burden of estate taxes.
As a person ages, it is likely that he or she will begin to think about how they want their assets distributed upon their death. It is fairly safe to assume that the typical Nevada resident would prefer to decide who will receive a portion of their assets rather than depending upon the courts to do so. Therefore, it is necessary for the individual to establish a will or a trust -- or both. Many are finding that trust planning is an effective way to easily transfer assets when that time comes.