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December 2012 Archives

Estate planning in Nevada can benefit from periodic review

People in Nevada may be interested to learn that many of the difficult challenges faced by heirs and beneficiaries going through the probate process can be avoided with action by the person creating an estate plan. These actions include a review of all estate planning documents for accuracy and adequacy. Such an effort can save those who may inherit from an estate thousands of dollars in some cases, according to a report.

The estate and gift tax exemptions are going up. What does it mean?

As we all know, the federal government levies taxes on large estates, which are sometimes called "death taxes" by those who would prefer it did not. The gift tax is related, because giving assets to family members before death was often used as a way to reduce the value of an estate and avoid taxation. To prevent that, the gift tax was devised.

Nevada estate planning can be changed in some cases

Some of our readers in Nevada want to create an estate plan so that there will be little chance of a battle between heirs and beneficiaries after their death. However, in some estate planning situations, changes can be made to a will or trust that can lead to such court battles. When this happens, the competency of the person creating the plan can come into question.

Wills provide more benefits than just division of assets

Many in Nevada who have begun to plan an estate have learned that there are rules that apply to the construction of a will. This most basic of estate planning tools is used commonly for those in our state who have assets to distribute and guardians to appoint. With this type of document, many of the wishes of an individual can be explained to a person's heirs.

Estate planning in Nevada can include long-term care

Estate planning in Nevada often means many things to different people. Some seek to ensure that their assets are distributed as per their wishes after their death. Others use available estate planning tools to plan not only for distribution of assets after death but also for potentially necessary medical issues that can strike an individual and cause them to be unable to care for their own estates.

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