Legal Q & A Tax and Estate Planning Las Vegas Real Estate

 

Estate planning is very important to the financial success of you and your family. Below, some common questions are covered, such as: What is the benefit of estate planning? Should I be concerned about estate taxes? What can I do to protect my assets? What are some of the issues to be considered in estate planning?

 

Should I be concerned about estate taxes?

Estate taxes are not an issue as much as they used to be for people. A total of $1,500,000 are exempt from estate taxes and a total of $3,000,000 if a husband and wife were to divide the assets. In this case, a living trust may be a better solution because the assets don't have to belong to only to the trust itself.

This exemption is scheduled to increase during the next eight years until they are eliminated in 2011. The exemption will revert to $1,000,000 in 2011 unless Congress and the President decide to change it.

Even yet, assets after this exemption may also need to avoid as much taxation as possible, and the following suggestions may be helpful"

 

What Can I do to protect my assets?

A Nevada spinthrift trust protects the assets from creditors after a period of two years. The problem with these is that they're irrevocable, so they cannot be changed.

Another option is a family limited partnership.

 

What are some of the issues to be considered in estate planning?

Estate planning is really about control and who is going to control things in the future. Some issues are:

This article appeared in In Business Las Vegas' Law & Order on 11/5/2004

 

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Living Trust VS Simple Will: Pay a Little Now or a Lot Later Probate can cost heirs time and money. There is a common misconception about the need to have a living trust. Probate costs can range from 4 to 10 percent of the value of the trust. Administration of a trust is usually less expensive than probate. 11/2/2004