Las Vegas Asset Protection Attorney

Whether you are just starting your career or easing your way into retirement, estate planning is something that everyone should seriously consider. Estate planning is a way to make sure your assets, including property, vehicles, stocks, and bank accounts, are passed on legally to those you care about.

Proper estate planning gives you the control you need to exercise your wishes of how your money will be spent after you are gone.

Here are some key things to keep in mind about estate planning:

• Consider what your goals are. Before initiating any legal processes or drafting documents, it’s important that you know what you want out of estate planning. For you, this may look like passing down your inheritance to your children or making sure your business thrives for generations to come.
  
  
• Take inventory of assets and liabilities. To properly plan for your estate, you will need to determine exactly what your estate is. You can do this by logging all of your stocks, bonds, bank accounts, retirement accounts, property, and expensive items. In addition, you will need to take note of liabilities, such as outstanding mortgages or credit card debt. By doing this, you can get a general valuation of your estate.
  
  
• Pick someone to distribute your assets for you. After you pass away, someone that you deeply trust, otherwise known as your executor, will have the responsibility of carrying out your wishes according to your will and other legal documents.
  
  
• Think about taxes. After you are gone, remember that your estate will be taxed. While there are no estate taxes in Nevada, your estate will be subject to federal taxes. Work with a professional to figure out how you can minimize these expenditures.
  
  
• Consider your future healthcare plans. A healthcare power of attorney is an option that can allow someone you trust to make decisions on your behalf when you are no longer capable of doing so.
  
  
• Set up a trust. Don’t leave the partitioning of your estate up to chance. A trust can allow you to secure the safe passage of your assets to people or organizations that you care about.
  
  
• Go over your estate plans regularly. Financial situations and personal wishes change. Therefore, you should be sure to update your estate plan regularly based on conditions such as new property acquisitions or change of marital status.

The only way to be sure your assets will be protected from lawsuits or predatory creditors is to start planning now. The more time and thought you put into your estate plan, the better chances you have that your wishes are going to be carried out.