Estate Planning Basics Attorney in Henderson, Nevada
How are Nevada’s law favorable for estate planning?
How are Nevada’s law favorable for estate planning?
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00:04
nevada has a lot of good estate planning
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related laws that you know entice other
00:09
people to consider nevada for different
00:12
estate planning needs i would say
00:13
our estate planning laws allow an estate
00:16
plan to perpetuate over generations
00:19
where a lot of other states they limit
00:20
how long a plan can perpetuate for after
00:23
somebody dies so for example in nevada’s
00:25
laws
00:26
you know clients that have larger
00:28
estates can can arrange so that their
00:30
estate plans can exist for up to 365
00:33
years which is basically an indefinite
00:35
period of time and so when you have
00:37
larger estates that clients want to pass
00:40
on to their loved ones
00:41
they can do that in a way where they’ll
00:43
perpetuate from generation to generation
00:45
and this allows them to not only
00:48
protect those assets but also minimize
00:50
you know inheritance taxes from
00:52
generation to generation as as time goes
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on
00:55
you know also an important part of
00:56
estate planning for many people is asset
00:58
protection planning and so nevada has
01:01
very good asset protection laws probably
01:03
it’s considered the best
01:05
one or two jurisdictions in the country
01:07
for estate planning on its own right and
01:10
so we have laws that are very favorable
01:13
for
01:14
asset protection meaning clients can
01:16
move here or cities assets here
01:18
and they can protect those assets
01:20
through certain types of trusts that are
01:22
specific to nevada so that if they’re
01:24
ever sued if they’re a professional they
01:26
make a mistake or there’s a malpractice
01:28
suit or if they just injure somebody and
01:30
somebody tries to civilly come after
01:31
them as long as they’ve done the
01:33
planning the right way and follow the
01:35
laws and they have a good attorney
01:36
helping them get it done right you know
01:39
nevada’s laws have protected those
01:41
assets from those creditor claims as
01:42
long as you know they’ve taken the steps
01:44
to make sure it’s in good working order
01:46
so i would say just from a more
01:49
of a tax perspective for both estate
01:51
planning and other types of taxes nevada
01:54
is a great jurisdiction as well because
01:55
we have no state income taxes and we
01:58
have no state inheritance taxes where
02:00
some other states do have those taxes
02:02
and so when clients retire or looking to
02:05
relocate
02:06
an important part of that decision is
02:08
you know how can i save taxes and nevada
02:11
is a very good jurisdiction to try and
02:13
minimize those taxes or reduce them all
02:15
together when somebody moves
Las Vegas, NV estate planning attorney Taylor K. Morris explains how Nevada’s laws are favorable for estate planning.
