Las Vegas Succession Planning Lawyers
Looking for Las Vegas succession planning lawyers? Wood Law Group can help you secure your legacy. Contact us today for legal advice.
Las Vegas Succession Planning Attorneys
Planning for your future is an essential component of life. If you want a smooth wealth transition, you need effective estate planning.
Many individuals in Las Vegas, NV, frequently use the services of estate planning attorneys. These attorneys offer vital advice to help clients ensure proper estate management after one passes away.
A person’s estate comprises all the assets that make up their net worth, regardless of size. The estate planning process in Las Vegas involves the transfer of duties, resources, and assets from one generation to another.
An estate planning attorney uses their extensive knowledge of state and federal laws to assist clients. They use legal, financial, and personal elements to meet their client’s goals.
How Succession Planning Works
Like many other cities, succession planning in Las Vegas is governed by state laws. The laws governing succession planning in Nevada are defined in Title 12 of the Nevada Revised Statutes (NRS). The law addresses wills and estates of deceased persons.
The following are some important terminologies that are commonly used in succession planning and while developing estate plans:
Wills
A will is a document that specifies how you want to distribute your assets upon your demise. Las Vegas, NV’s laws also recognize handwritten wills if it meets the required criteria.
If you die without a valid will, Nevada law (intestate succession) will govern the distribution of your assets.
Probate
Probate is the legal process of administering a deceased person’s estate. In Nevada, the probate procedure is overseen by the district court in the decedent’s county of residence or where any part of the estate is located.
The court determines the will’s validity. It also appoints an executor and ensures the distribution of assets and resolution of debts is done correctly. The probate process in Las Vegas can be lengthy and tiresome. As such, it may require the services of a probate lawyer.
Trust
A trust is a legal relationship involving at least three parties. In a basic trust, the grantor or settlor creates the trust and appoints a trustee.
The trustee takes charge of the trust administration to benefit one or more beneficiaries. The trustees have a fiduciary duty towards the beneficiaries. This means they are bound by law to act in the best interests of the beneficiaries.
There are numerous types of trusts, including:
- Flexible revocable trusts and irrevocable trusts
- Revocable living trust
- Irrevocable living trusts
- Testamentary trust
- Charitable trust
- Special needs trust, etc.
Power of Attorney
Powers of attorney are frequently used to designate an individual to make decisions on behalf of someone who is incapacitated or unable to make an informed decision. A power of attorney generally does not take effect until the grantor/donor loses mental capacity.
In Nevada, a power of attorney is used to make financial or medical decisions on behalf of the incapacitated person.
It should be written and signed to be valid. It may also have to be notarized. Alternatively, you may have two witnesses who know you present while signing a power of attorney.
How Las Vegas Succession Planning Lawyers Can Help You
The following are some estate planning services that you can benefit from an estate planning lawyer:
Estate Taxes
There is no estate tax in NV, Las Vegas. This means that neither your estate nor the assets inherited by your beneficiaries are subject to taxation in Las Vegas.
However, the federal estate tax applies to all Las Vegas estates whose value exceeds the current exemption amount of $12,920,000. The IRS estate tax exemption amount is usually released annually.
These taxes can reduce the value of your estate assets after your passing. However, there may be some estate tax planning strategies that can reduce an estate’s taxable value. Hiring a lawyer trained in real estate law may help you create an estate plan using these strategies.
Charitable Planning
Many individuals wish to bequeath something to their favored charities. The state and federal administrations encourage charitable donations. As such, they provide certain privileges to donors.
An attorney can help with your decision to donate money to charity. They can also ensure that your family receives benefits from charitable donations.
Asset Protection Strategy
Business proprietors and entrepreneurs are constantly exposed to the risk of litigation. In addition, people with substantial family assets may dread what would occur in the event of a divorce or bankruptcy.
In the event of lawsuits, you can secure certain assets beyond the reach of creditors by devising an asset protection plan.
Business Succession Planning
Estate planning also involves determining who will take over your business when you retire or cannot operate it. Nonetheless, business planning is a complex endeavor. It requires the valuation of the business, the identification of a potential buyer, and the creation of a buy/sell agreement.
As such, an estate planning attorney in Las Vegas can simplify this complicated process for you. A top-rated estate planning attorney will help devise a business plan that covers all contingencies.
Special Needs Planning
Individuals with special requirements frequently rely significantly on government assistance. However, if a recipient of Supplemental Security Income or Medicaid inherits a substantial amount, it may affect their eligibility for these benefits.
Therefore, it may be essential for families with a member who has special needs to devise an estate plan. Such a plan will provide their loved one with the resources needed for comfort. At the same time, it will not jeopardize their eligibility for government benefits.
One option is to establish a third-party special needs trust. This is a complex area that may require estate planning attorneys.
Speak With Our Succession Planning Lawyers
Are you seeking Las Vegas succession planning lawyers to handle your estate planning needs? Wood Law Group is here to help you secure your legacy.
Wood Law Group is a law firm in Las Vegas, NV, with over 40 years of combined experience in estate planning, probate, and related practice areas. Over the years, we have helped many clients create customized solutions.
If you or someone you know requires estate planning in Nevada, you can speak with us. Whether you are in Charleston Blvd, Horizon Ridge Pkwy, Southern Nevada, Las Vegas Area, don’t hesitate to get in touch with us for a free consultation.
