EVERY FAMILY NEEDS A PLAN
While some firms pander to only a very few wealthy clients, I sincerely believe every family needs a proper plan, which is why we offer planning for every situation and every price range, from the basic to the advanced. Our mission is simple: to help every family have access to quality planning at a cost they can afford.
ESTATE PLANNING IN NEVADA
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.
KNOWLEDGE YOU CAN TRUST
It is estimated that only 15% of families in the U.S. have done any type of estate or financial planning. Reaching your goals both during your life and after your death requires a little pre-planning. Of those that do have a will or trust, many have plans that are obsolete, outdated or non-compliant with the law. Many of these documents came from do it yourself type websites and are not state specific or legally valid. Sometimes they omit important contingencies you may not have thought of.
For example, if you leave everything to two children in equal shares, what happens if at the time of your death one of your beneficiaries has predeceased you? What if you pass at the same time with your spouse?
Many of these obsolete documents come from an earlier time in your life. Could you imagine your entire estate passing to your ex because you never got around to updating your will? It happens…
Your estate plan needs to be reviewed whenever there are major changes in your life. Every time there is a birth, death, marriage, divorce or other major life event, it can’t hurt to take a look at how your estate plan might need adjustment. Without a properly drafted plan the nightmares of family feuds over money, endless and expensive probate, unwanted guardianship over minor children, the draining of a loved one’s inheritance, and even elder abuse can become a reality.
Individuals who own life insurance policies should examine various methods to remove the death benefits payable under their life insurance policies from their taxable estate for estate tax purposes. One attractive solution is the utilization of an irrevocable trust to own the life insurance policy and provide management of the proceeds from the life insurance policy for the benefit of the surviving spouse and other heirs. When utilizing a single life insurance policy that is intended to benefit your surviving spouse, the irrevocable trust can operate in a manner similar to the credit shelter trust whereby the surviving spouse enjoys the economic benefit of the life insurance proceeds while sheltering them from estate taxes upon the subsequent death of the surviving spouse. There is no limitation on the amount of life insurance proceeds that you can prevent from being subjected to estate taxes.
The irrevocable trust can leverage the number of gifts that can be made on a tax-free basis for the benefit of subsequent generations of beneficiaries and can also operate to minimize the imposition of generation-skipping transfer taxes.
Irrevocable trusts can also be utilized to provide a trust fund for the education of a child or grandchild while operating to reduce federal income taxes on the earnings of the trust.
Certain complex irrevocable trusts, such as grantor-retained income trusts, grantor- retained annuity trusts and grantor-retained unitrusts can provide estate tax savings by reducing the deemed value of gifts made to children and grandchildren.
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