Understanding Estate Planning

Posted on

Many individuals assume they don’t need an estate plan, but if you own assets, then you do. Estate plans are not just about preserving your wealth for your beneficiaries. They also help to plan end of life decisions as well as hospice and long term care.

One of the most basic concepts for protecting your family and/or heirs is by having a living trust. A revocable living trust is the building block for any legitimate estate plan.

Estate Planning is designed to provide for the needs of the planner as well as for the legacy of the planner.  A proactive estate plan will assist the planner in avoiding probate and to the greatest extent, it may eliminate estate taxes.

It is essential to be proactive and to keep your estate plan current.  Estate planning is a continuing process, not a single transaction.  Changes in family situations or in the law can easily occur, so it is necessary to keep your estate plan current.

A revocable living trust and other essential estate planning documents can protect you, should there be a necessity for institutional care.  Both financial and health care representatives should be designated by you to promote and ensure your lifestyle should you become disabled.  Most of the care arrangements can be made in advance so there are no worries about the unknown.

Basic estate planning documents should include a Revocable Living Trust, Will, Powers of Attorney for financial and health care, as well as other advance directives.

Furthermore, an integrated plan is necessary so that non-probate property passes to your heirs according to your desires.  It is important to protect your heirs as much as possible.  It is additionally important to prepare and appoint the appropriate representatives.

Estate planning is one of the most important steps any person should take to protect their assets from potential estate taxes and to avoid probate; it’s vital to have a basic estate plan in place.

For more information, please contact a Nevada Corporate Headquarters Representative at 1-800-508-1729, Monday thru Friday, 8 am – 5 pm PST.


SEARCH

CATEGORIES

Nevada Edge

DOWNLOAD FREE BOOK NOW

This 100-page book is packed with everything you need to know about the benefits of incorporating and Nevada corporations and LLCs.

Copyright © 2021 | Nevada Corporate Headquarters, Inc. | All Rights Reserved.

...