What is Estate Planning?
Estate planning is creating a clear plan for preserving your wealth and assets while alive and distributing it after your death. Creating a plan can help you achieve your personal and family goals while making managing your financial and legal matters easier. In addition, having a plan in place can minimize the taxes you’ll owe if you have a large estate. Your estate can consist of anything valuable that you own, such as real estate, business assets, investments, insurance payments, personal belongings, and even things like jewelry or sentimental items. Estate planning can be accomplished through various methods, including living trusts, last will, and lifetime giving.
How Estate Planning Can Help
Can you imagine reading a fantastic book only to find the last two chapters have been ripped out of your copy? This is what it’s like for your family if you fail to plan the last chapters of your life. Estate planning is essential to protect your loved ones after passing on. Our experienced attorneys at Michaelson Law can help you plan for the final chapters of your life.
Estate planning and preparation is a love language people don’t discuss enough. Creating and routinely updating your estate plan helps you to:
- Reduce stress and anxiety on your family and beneficiaries
- Avoid losing public benefits for a disabled beneficiary
- Avoid having your estate go to an ex-spouse
- And most importantly, ensure peace
- Set an example to your loved ones
- Avoid fights among your children
- Avoid HUGE legal costs
Las Vegas Estate Planning Attorneys
Our attorneys in Las Vegas for estate planning put in a lot of effort to stay up-to-date on the latest changes in Nevada law and the best methods to safeguard and maintain what you have worked so hard to create. If you’re wondering when it’s the right time to work with an estate planning attorney, keep the following factors in mind:
- If you or a loved one has remarried, existing plans may be invalid for a new spouse
- Are any of your beneficiaries irresponsible or have money problems?
- Do you know who could handle your affairs if you were incapable?
- When was the last time your updated your will or trust?
- Is someone trying to take advantage of your parents?
- Are any of your beneficiaries dealing with disabilities?
- How well do your children/beneficiaries get along?
- Are you dealing with any lawsuits?
The best benefit of proper estate planning is peace of mind. Knowing you have a plan in place with clear instructions and a will to protect your family will give you and your family peace of mind. Estate planning is one of the most thoughtful and considerate things you can do for your loved ones. There is no “right time” or “right age” to start estate planning. If you have essential assets and/or a family at any age, estate planning will ensure the safety and security of you and your loved ones.