Estate Planning

Estate Planning

Everyone has an estate comprised of all the items that you own which include your car, home, other real estate, checking and savings accounts, investments, life insurance, furniture, and personal possessions. Unfortunately, you will not be able to take your assets with you when you die so it is important to plan for the inevitable in advance.

To ensure your wishes are carried out, you will need to provide instructions regarding who you want to receive something of yours, what you want them to receive, and when they are to receive it. Of course, you want to minimize the tax consequences, legal fees and court costs for those receiving under the plan. Now, you understand why estate planning is so important. However, good estate planning allows you to do the following:

Includes specific instructions for passing your values (religion, education, hard work, and other requirements) to beneficiaries in addition to passing your valuables.

  • Includes instructions for your care should you become disabled.
  • Names a guardian and a trustee to manage funds for minor children.
  • Provides for family members with special needs without disrupting government benefits.
  • Provides for loved ones who might be irresponsible with money or who may need future protection from creditors or divorce.
  • Includes life insurance to provide for your family at your death, disability income insurance to replace your income if you cannot work due to illness or injury, and long-term care insurance to help pay for your care in case of an extended illness or injury.
  • Provides for the transfer of your business at your retirement, disability, or death.
  • Minimizes taxes, attorney’s fees and court costs.
  • Your plan should be updated and reviewed on a regular as your family, financial and law changes over the course of your lifetime.

Estate Planning is not just for “retired” people. One cannot predict the length of life. Illness and accidents happen to people of all ages which is why Estate Planning is so important.

Estate planning is not just for “the wealthy.” If you have a house, retirement, vehicles and other valuable assets, then you likely need Estate Planning. If you don’t have an estate plan, then your estate will be distributed according to Nevada probate law. It is likely that this distribution would not entail the same choices that you would have made. Estate Planning is a way to protect everything that you have worked so hard for and to make sure it is distributed in accordance with your wishes.

 

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