The decision as to whether a trust is the appropriate move in an individual's estate planning process is an entirely personal one. Each Nevada resident makes this decision either actively or passively, depending upon his or her actions. There are a number of reasons that an individual may want to consider a trust rather than just a will and power of attorney.
Over the years, family relationships have changed. The traditional two parent household with two children has shifted in a variety of ways. Today's family often consists of a parent, step-parent, his kids and her kids. Additionally, at times, this relationship is legally recognized through a marriage; in other cases, cohabitation exists. For Nevada residents who find themselves in a family such as one of these, estate planning can be essential in making sure that the individual's wishes are met.
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.
No one knows what tomorrow holds. This is a familiar saying to many individuals across the state of Nevada. While tomorrow may consist of waking up, going to work, returning home and spending an enjoyable evening with loved ones, it may also end up much different from expected. Estate planning can assist in planning and preparing for the unexpected.
Estate planning is a topic that most individuals gradually begin to think about as they age. Decisions regarding who should receive what assets and how much to leave to others should be made while the individual is still capable of making these decisions. By carefully crafting an estate plan, Nevada residents can avoid some of the pitfalls that have become evident in Philip Seymour Hoffman's estate planning strategy.
Nevada, as well as the rest of the United States, is becoming more and more of a global economy. In addition to the abundance of American companies, there are a number of foreign-owned corporations that often import executives to work in the United States. At times, these individuals who are not U.S. citizens fall in love and marry a U.S. citizen. While the marriage is certainly valid, its tax sheltering benefits upon the death of the U.S. citizen is not the same. In the event that the couple has a sizable estate, estate planning is crucial if the goal is to avoid federal taxes on the estate.
As people age, they often begin to think about their future and what they will leave behind for their loved ones. Decisions made regarding these issues can be both financial and emotional ones. When emotions come into play, it becomes easier for a scam artist to influence the individual into making decisions that might not be in their best interest. Nevada seniors who are thinking about establishing a living trust as part of their estate plan may be interested in recent illegal activity.
The average American, and the average resident of Nevada, falls in what many consider to be the middle class. Many of these individuals often feel that because they do not have a large estate, estate planning is not really necessary. Regardless of the size of the estate, it is a good idea to create an estate plan that will direct the distribution of assets and gives directives regarding medical decisions.
Throughout one's lifetime, a variety of opportunities arise in which a beneficiary is named. Insurance policies, bank accounts and even retirement accounts all typically require beneficiary information. As a Nevada resident goes through the estate planning process, reviewing and updating these documents may be necessary.
Estate planning is something most people don't really like to think about. Often, young adults do not realize the importance of an estate plan. However, estate planning can be essential in the event that a Nevada resident needs to have medical decisions made for them, or in the event of his or her untimely death.