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August 2012 Archives

Nevada estate planning may include gifting to limit taxes

Many in Nevada may recall that Wal-Mart, the large discount retail chain, was founded by Sam Walton. Our readers, however, may not be aware that when Walton died, his heirs paid no estate tax. This was accomplished using estate planning tools, which subsequently left his wife and five children the richest people in our country at the time.

Estate planning in Nevada benefits from periodic review

Many people in Nevada know that it is important to create an estate plan so that wishes as to asset distribution are known after a person's death. However, what many do not realize is that it is just as important to review the existing estate plan periodically as it is to create an estate planning portfolio. This is true due to the fact that life changes may create the need for different planning tools.

Nevada estate planning can be beneficial for blended families

Having a blended family can lead to big challenges for a person considering estate planning in Nevada. The estate plan that is created must reflect the wishes of both spouses and provide for a surviving spouse after the death of one of the spouses. Without effective planning, families may end up in a legal battle over the distribution of assets after a death.

Flexible wording may be crucial in a Nevada estate

A recent out-of-state probate court decision has brought to light many of the changing laws that govern estate formation. What is worth noting for Nevada residents is the importance of keeping an estate current with the constantly changing tax laws that surround the distribution of assets. This upkeep can be crucial to minimizing the taxes that estate distributions can be subjected to.

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