Many couples in Nevada choose to live together without getting married, making for a situation that can lead to a spectrum of interesting financial and tax issues begging consideration. While there may be some advantages to remaining unmarried, including possible income tax benefits, there are some potential drawbacks in terms of estate planning. However, according to authorities, many of these drawbacks can be avoided by taking certain steps.
When it comes to estate planning in Nevada, many people don't understand that it's an ongoing process and that it requires careful thought and planning. It's not enough to simply create a will and trust that the property will be divide in accordance with the plan. The state may step in and have the estate go into probate, and this can become an expensive process for the heirs. One solution is to invest in a revocable trust and have assets retitled into the name of the trust. With the additional measure of a "pour over" will, additional assets such as jewelry and cars can be gathered into the revocable trust and allocated in accordance with the decedent's wishes.
Nevada parents with special needs children may be interested in a type of trust that enables them to save for the child's future without interfering with the governmental benefits the child may receive. This peace of mind extends to other family members so they can contribute to the trust fund whenever they are able to do so.
A revocable living trust is an option to consider when doing estate planning. Creating such a trust can get your assets to beneficiaries much quicker than with a will, which has to go through probate court.
A trust may be used to help protect a Nevada resident's assets as well as provide a degree of privacy after the grantor dies. Unlike a will, the use of a trust helps to avoid expensive and public probate proceedings. However, many people think that such an estate planning document is too expensive to create or is only for people who have large estates.
As many Nevada residents may know, structuring an estate might not be simple. One of the most important considerations is whether to establish a trust in addition to a will. For some, a trust may be a good option.
An individual should ask several questions when determining whether or not to have a trust. As they can cost thousands of dollars to create and execute, it may be less expensive to go through a simplified probate process if possible. However, trusts may be less expensive depending on the value of an individual's estate.
Some Nevada residents who are planning to create an estate plan may want to consult with our attorney about drafting a will. Although many people do not like thinking about what will happen after their death, individuals who establish wills and trusts during their lifetime can help ensure that their property is passed on according to their wishes.
Nevada fans of Robin Williams may be interested in how the actor set out plans for the distribution of his estate. Williams died of an apparent suicide August 11, according to police. The 63-year-old Oscar-winning actor had battled substance abuse problems and depression for quite some time.
Nevada residents who have not developed estate plans may not realize that a sudden death could result in legal proceedings for survivors who must deal with assets and the probate process. A trust is a planning tool, helpful as a supplement or replacement for a will. While it serves a similar purpose to a will, it might allow the estate to avoid probate. A trust involves the transfer of legal ownership from a property owner, also known as the trustor or grantor, to a manager, also known as a trustee. The property is managed on behalf of the beneficiary, an individual who will eventually receive that property.