A Guide To Nevada Estate Planning
(The Southern Nevada Estate Planning E-Book)
You will find that estate planning in Nevada is somewhat different from estate planning in other states, mainly because each state is free to enact its own state laws for the benefit and protection of its residents. Nevada has specific laws that pertain to Wills, living wills, health care directives, durable powers of attorney, trusts, corporations, limited liability companies, and limited partnerships.
Nevada has some of the most favorable trust and corporate laws in the nation. The state of Nevada is certainly tax-friendly for retirees since it does not collect a state income tax, has low property taxes and ranks among the top five states with the lowest overall tax burden. In addition, the state of Nevada currently does not collect an estate tax at the state level.
Most of the “horror stories” you may have heard involving probate administration, guardianship administration, and estate taxation are due to a lack of proper planning by the decedent or the decedent’s family. Preventive estate planning, in other words, planning your estate in a proactive manner while you are still competent, can result in less diminution of your estate by these expenses at death.
- Probate expenses might be higher; A person not of your choosing will be appointed to administer your estate;
- The period of probate administration might be prolonged because of
- uncertainties that could be avoided with a well-drafted Will; and
- A larger amount of estate taxes might be payable, which could be avoided
- with certain provisions that should be included in your Will.
Failing to sign a Will prior to your death will cause you to die “intestate.” The adverse consequences which might result if you die without a Will could include the following:
I’ve compiled years of experience and industry knowledge into one concise e-book. Why would I give all this information away, and for FREE? It’s simple… My mission is to ensure that EVERY family has access to quality planning.