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Considerations for estate planning

While estate planning may be a difficult topic for many people in Nevada, preparing a will, power of attorney or trust is an important part of adulthood. These documents can help ensure that oneself or loved ones are taken care of. Here are a few things to think about when estate planning.

When creating a will, look through this document to verify that the information is accurate. This includes checking that all beneficiaries are listed and set to receive what they should. Before thinking the job is done, remember that heirs may need to be listed on other documents as well. For example, beneficiaries must also be included on retirement accounts. If the proper designated recipient is not listed, penalties and taxes may apply.

To figure out how to transfer a home to someone else, one must first know how the property is titled. A house could be in one spouse's name, both people could be tenants or joint tenancy with the right of survivorship could apply. How a property is titled influences who can transfer and receive the home.

Most people will not incur estate taxes, but those who have two homes or valuable possessions might need to know the value of their estate. In 2017, estate tax applies if one has gross assets of more than $5,490,000. This amount is doubled for spouses. This is different from an inheritance tax, which is a state tax incurred by heirs in six states.

Estate planning may involve the creation of trusts, and an attorney could help one evaluate whether a trust is necessary. Assets in a trust are typically not subject to the probate process, which offers privacy and possible tax benefits. There are fees associated with establishing trusts, and they are subject to state and federal regulations.

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