According to economical statistics, an average of $20 billion dollars in estate taxes are paid each year in the United States; furthermore, billions of dollars in additional assets are lost due to inadequate estate planning. These fees and costly mistakes can be devastating to those hoping to leave an endowment to future generations, as well as their beneficiaries. In an attempt to help Nevada residents avoid such adversities, spokesperson Mark Jensen has launched a new website designated http://probatereno.com.
Jensen confirmed, “Creating a will is a complicated process. It’s not enough for a testator to simply designate who will receive his property when he passes; division of the estate must be carefully planned. While a well written will ensure beneficiaries receive property based on their loved ones’ wishes, the right measures can also help avoid steep taxes and loss of certain assets.”
Though one of the primary functions of a will is to dictate distribution of assets, its purpose is also to establish specific guidelines pertaining to the interests of the testator and his loved ones. The process of creating a will is detailed at http://probatereno.com/a-probate-attorney-in-reno-explains-how-probate-works/. This section of ProbateReno.com is devoted to the steps involved in distributing property, funds and other assets to beneficiaries without succumbing to estate taxes determined by the state of Nevada.
Among these means is creating charitable foundations based out of the properties in question. Such organizations are typically tax exempt or subjected to much lower taxes than conventional properties. Creating trust funds intended partially for educational purposes is also helpful in minimizing the amount of taxes owed on an inheritance. The website also notes transference of assets before passing can allow a beneficiary to avoid excessive taxes.
Creation of a living will is covered on the
http://probatereno.com/probate-definitions-from-a-reno-probate-lawyer/ portion of the website. This entails appointing a power of attorney and listing future health care wishes. Determining how finances are managed in the event of incapacitation and creating stipulations on the use of property prior to the owner’s death are also included. Guardianship of minor children or special needs dependents is another point dictated through a living will.
“Making all these decisions and stating them clearly in a legally binding contract can help avoid confusion as well as prevent property and assets from being tied up in probate for months or even years,” concluded Jensen, “but the most foolproof way of doing this is with the help of a probate attorney. We can be of great benefit in helping clients make the most of the material legacy they leave their heirs. Through our new website, Nevada residents can gain insight into the complex estate planning process and contact one of our knowledgeable attorneys for assistance.”
Dedicated to helping families navigate the probate process, ProbateReno.com offers a complete range of relevant legal services to Nevada residents.
Visit http://probatereno.com for more information.
Name: Mark Jensen
Phone: (775) 210-1411