Key Ways To Keep Inheritances in the Family

| Mar 24, 2021 | Estate Planning |

When residents of Nevada prepare their estates, they want to make sure that as much of their assets goes to their beneficiaries as possible. Instead of losing portions of their estates to taxes or creditors, they want to make sure that the inheritance stays in the family.

What are some ways to keep inheritances in the family?

One of the easiest ways to keep inheritances in the family is to make sure to make a will. A will allows you to determine exactly who gets your assets once you’re gone. Without a will, your estate will have to go through probate court, making it more likely that your beneficiaries end up losing out on a portion of the estate since they’ll have to foot the bill for the process.

Another thing you can do to ensure that your beneficiaries get your money is to make sure that they’re named on all of your accounts. This list of accounts includes ones like your retirement accounts or your personal insurance policies. If you don’t name beneficiaries for these types of accounts, your loved ones may miss out since the accounts will have to go through probate court.

People with a high net worth or even parents who want to make sure children spend their inheritances responsibly may set up trusts as part of the estate planning process. Trusts like irrevocable trusts tend to offer the most tax benefits for heirs since the assets no longer belong to you but to the trust itself. Since the assets are now part of a trust, they aren’t subject to estate taxes. The assigned trustee will control the money, but you’ll still be able to list out how you want it to be used and can even distribute money while you’re alive.

Where can people go when they need help with estate planning?

Estate planning is often stressful as people try to figure out how to best benefit their beneficiaries. People who need help may benefit by working with attorneys who have experience with this type of law.