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Is an inheritance for the children part of your estate planning?

Estate planning is complicated, and it may be hard to determine how to properly divide an estate. While not every Nevada family can afford to leave an inheritance for their children, this is an important priority for many families. It is estimated that only approximately 60 percent of people plan on leaving an inheritance as part of their estate planning.

Each person or family may have a different approach for retirement and how to spend the money that they have saved for this period in life. Many people either cannot afford to leave anything behind or will likely spend everything that they have saved. Some Nevada families may be wondering how to leave an inheritance or if they should even bother leaving something behind for the children.

Because of the tax structure in the United States and how the wealthy are taxed, it may be difficult to accumulate large amounts of wealth. While this may deter some people from trying to set aside a fund for their children, many parents feel that their children and grandchildren cannot get ahead without a financial gift from family members. No matter what the decision of a family may be regarding leaving an inheritance, it is important to understand the tax and financial implications of this decision.

Estate planning should be carefully considered and all of the options thoughtfully weighed. For those who do wish to leave an inheritance for their children, it is important to understand where to put the money and how to start saving. This may be different for each family based on the details of the individual situation.

Source: Forbes, Why Bother Leaving an Inheritance for the Kids?, Larry Light, Feb. 27, 2014

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