Nevada Inheritance Laws: The Basics
When it comes to inheritance laws in Nevada, it is in your best interest to understand at least the basics of this particular law. This is done to make sure that not only are you taken care of, but any inheritance left by loved ones are protected as well. Therefore, the following list includes some of the most basic facts regarding the process of inheritance in the state of Nevada.
Unmarried but With Children
If you or your partner pass away suddenly, Nevada will follow its inheritance laws, which allow it to present any valuable assets to the children first. This can be quite tricky, so you may need to utilize the help of an estate planning attorney in Las Vegas company to receive more detailed information.
Should You Worry About Inheritance Laws Tax?
You will be pleased to know that in Nevada, there has not been an inheritance tax aka estate tax since the year 2005. Nevada joins 38 other states in the union with regard to the removal of this type of tax. Therefore, it is important to be aware of anyone seeking to collect tax on your inheritance and report them to the proper authorities. Note that if you are a citizen of Nevada but inherit funds from another state that does hold this law, you will need to pay taxes on it.
What Happens If There Is No Will
One of the most complicated and frustrating issues when it comes to death without a will is that the state will then enact its own procedures. This means that everything in your possession at the time of a person’s or your own death will go into probate. This process can be incredibly long and expensive for those left to deal with it. The lesson here is to write your will on time or encourage family members to do so.