nevada estate planning primer

NevadaEstate Planning

Primer

In this presentation we will look at some estate planning basics.

It should be noted that more advanced legal devices may be necessary under some circumstances.

Arranging for Future Asset Transfers

You have to select a vehicle of asset transfer.

Many people think that a last will is the only logical choice.

In fact, you do have other options. The correct choice will depend on

your unique situation.

Probate

In Nevada, if you pass away in possession of property exceeding $20,000 in value your estate must be probated.

Probate is a legal process, and it can be expensive and time-consuming.

The heirs to the estate don't receive their inheritances

until the process has run its course.

Avoiding

Probate

It is possible to arrange for future distributions of your assets outside of probate.

One way of doing this would be to convey assets into a revocable living trust.

Revocable Living Trusts

When you create the trust you name a trustee who will administer the funds.

You also name a beneficiary or beneficiaries.

After you pass away the trustee distributes assets to the beneficiaries according to your stated wishes.

These distributions take place outside of the probate process.

Advance Health Care Directives

Certain medical contingencies may present themselves as you reach an

advanced age.

You can prepare for

these eventualiti

es by executing advance

health care directives.

Living Will & Durable Medical Power of Attorney

A living will is used to state your preferences regarding the use of certain medical procedures.

With a durable medical power of attorney you empower an agent to make health care decisions on your behalf.

Financial Power of Attorney

Incapacity is common among people who have

reached an advanced age.

A durable financial power of attorney is used to select a financial decision-maker.

This individual would handle your financial affairs in the event of your incapacitation.

WANT TO KNOW MORE ABOUT ESTATE PLANNING IN NEVADA?

In the Reno area contact Anderson, Dorn & Rader to schedule a free

estate planning consultation.(775) 823-9455

www.wealth-counselors.com