Nevada residents who have older parents may want to start thinking about how to help them manage their finances. Ideally, a conversation about this topic will be held sooner rather than later. This may make it easier to understand a mother or father's financial goals or how their health care needs may impact their financial situation as they age.
Why it is vital to have a will
Nevada residents may be interested in reading about a survey that showed that more than 50 percent of Americans who have reached the age of majority do not have a will. While many people think the topic is depressing, end-of-life planning can financially assist an individual's loved ones and could help them avoid emotional stress as well.
Why is the funeral arrangement process still so antiquated?
When sitting down to sort out your family finances, it's tempting to just focus on there here and now. One thing we often forget to prepare for is the struggle that comes when you or a loved one dies.
Extra considerations needed for succession planning
Many people in Nevada and other states draft wills and create various estate planning tools before they become senior citizens in order to prepare for worst-case scenarios and emergency situations. This is a smart move, but it may not be enough when unexpected events occur. An individual should add certain clauses to his or her will that will protect the estate should unlikely circumstances occur.
Celebrity estate planning errors have lessons for all
There are some common errors that people make with their estate plans. Even wealthy celebrities make mistakes with estate planning, and some of their stories offer good lessons about what Nevada residents should avoid doing.
Planning estates to protect families and ethics
When Nevada residents are thinking about the estate planning process, they may want to create documents that can deal with their financial assets and who they should be distributed to. Some people also want to pass on their values to benefit future generations of their family as well. There are documents for each of these purposes.
Long-term care and estate planning
Nevada baby boomers may want to consider a long-term care plan to make sure that there is something left for their children. Until the millennial generation appeared, baby boomers made up the largest generation in the country's history, and they have amassed around $30 trillion in assets to pass down to their heirs.
The importance of making a will
Some Nevada residents might be among the 60 percent of American adults who say they do not have a will. While may individuals many have difficulty thinking about mortality, creating a will could save their loved ones a great deal of time and money.
Incentive trusts can provide peace of mind
Many Nevada residents choose to incorporate trusts into their estate plans because they worry that some of their heirs could act irresponsibly if they were to unexpectedly inherit a significant amount of money. A large windfall could have catastrophic consequences if the recipient has addiction issues or is unduly influenced by manipulative or pernicious individuals, and people who have these concerns often choose to place their assets into an incentive trust.
Estate planning for people who live in two states
Some people choose to spend their retirement years living in Nevada during temperate months and elsewhere when it gets hot. When people choose to live part of the year in two different states, it is important that they think about their estate planning.
