When you hear the term estate planning, you probably think about reducing taxes or setting up a trust so you can have control over your assets even after you die. While these aspects of estate planning are intriguing, they are not relevant to most people. It’s quite possible that the assets you and your spouse own are not worth more than the federal estate tax exemption so your family won’t have to pay taxes on them anyway. By moving to a state without estate tax or one with a very high exemption, you won’t have to be concerned about it. If you really want to control when your children and grandchildren get their inheritance, a Family Estate Planning Attorney Las Vegas NV residents choose most might be able to help you set up a trust.
The most important aspects of estate planning for most people are naming powers of attorney for health care and finances. These are the people who will make decisions on your behalf if you become incapacitated due to an accident or illness. A spouse or adult child may be a good choice for these roles. It’s important for the person you name as your power of attorney to understand your wishes and make the decisions just as you would. Your Family Estate Planning Attorney Las Vegas NV seniors trust, may help you talk to your family about the duties associated with being a power of attorney. You can click here to find out more about how a health care power of attorney can benefit you and your family. Click here to know more.
A power of attorney for your finances can handle your money while you are incapacitated. If you have an individual bank account that you use to pay your bills, no one else, not even your spouse, will be able to access the funds without a power of attorney on file with your bank. Since you never know when something might happen that will leave you unable to make your own decisions, it’s important to take steps today to ensure someone you trust can take care of your financial matters. A Family Estate Planning AttorneyLas Vegas NV residents trust, such as Grant Morris Dodds in Las Vegas NV, might help you draw up these documents and get them to the right financial institutions if it is ever necessary.
