Estate Planning Guidelines You Should Know
No matter how large or small your estate is, it’s highly recommended that you perform some estate planning to ensure your assets are handled exactly as you want them to once you’ve passed away. Not only will creating these documents allow you to help your family, but it will also allow you to dictate every facet of how your care is handled while you’re still alive, among other things. An estate planning attorney in Las Vegas can help draft these important legal documents for you.
Determine Who Gets What
One of the most important aspects of estate planning is the preparation of a will. If you fail to prepare a will before your death, federal and state laws will determine who inherits your assets. By preparing a will early, you can determine who gets what so you have complete control over the dispensation of your assets. The assets you leave to your beneficiaries can extend to non-financial assets as well. It’s vital to understand that some assets have more specific rules tied to them, such as a tax-deferred retirement account or life insurance policy. This is why you should work with an attorney for your estate planning.
Minimize the Taxes
When setting up a will, it’s likely that you will want your beneficiaries to have to pay minimal inheritance taxes or estate taxes as possible. You can minimize the amounts they will be responsible for by making some good financial decisions with the assistance of an attorney and professional financial planner. For instance, a nontaxable gift of up to $13,000 can be made to each beneficiary. There are also several tax-free assets to consider, such as life insurance policies and Roth retirement accounts.
Consider Life Insurance
Life insurance is another good way to ensure your family has some financial support even after you’re gone. There are a variety of life insurance plans at your disposal, each of which allows you to take care of your family’s needs when you’re no longer able to.