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November 2011 Archives

Estate planning more creative for baby boomers

Nevada residents know just how challenging the process of choosing beneficiaries for an inheritance can be. Many economists today are saying the generation of baby boomers is the generation that will face the most challenges when it comes to estate planning. The reason for this rests in the fact that the demographics of baby boomers are not as wealthy as their retired or retired to be counterparts.

Biggest estate planning mistake is no estate plan

According to a Wall Street Journal writer, the biggest estate planning mistake that people make is not having a plan at all. And that is as true for someone from Nevada as it is for someone from New York or elsewhere. Others simply wait too long to make estate planning decisions, often until it is too late. But, let's face it, who really wants to think about being dead? However, the time to plan for what should be done if one becomes incapacitated is obviously before the event occurs. Otherwise, the decision may end up being made by a court, at some expense and sometimes in the midst of a family disagreement about the proper course of action.

Nevada is an ideal state to call home now and later

As adults in Nevada begin considering planning for their "golden years" one of the things many consider is where to live. And as some estate planning experts say, location can be everything when it comes to preserving assets and decreasing the tax burdens of loved ones. That being said, there are many things pre-retirees may want to consider. In order to ensure loved ones are not hit with a heavy tax hammer, it's advised to investigate what states offer tax breaks for estate and inheritance taxes.

Credit card debt and estate planning

Estate planning in Nevada and elsewhere requires taking into account several different factors affecting the estate. One of those factors is credit card debt. If estate planning is managed properly, then loved ones and survivors of the deceased will not have to worry about paying off the decedent's credit card debt with their own assets. Yet all too often, estate planning is not managed properly.

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