Significant Cost Avoidance Strategies
Giving Your Family the Best Chance at a Prosperous Future
It takes a lifetime to build wealth, but it can all be lost in a few probate proceedings if the right precautions are not taken beforehand. At Ford & Friedman, our Henderson probate lawyers can help you avoid having your estate liquidated to pay off taxes or other debts after your passing. Nevada’s laws surrounding these proceedings can be complicated, making it important to work with experienced legal professionals.
Call (702) 904-9898 now or contact Ford & Friedman online to schedule a consultation with award-winning estate planning attorneys.
What Is Probate?
When a person passes away, the property they leave behind goes into probate as a way to close their estate and pay off debts. For families with wealth, probate proceedings can turn a well-funded estate into an empty shell overnight as assets are sold off and taxed. The good news is that there are helpful asset protection strategies available that can help you protect your family’s future.
Some effective ways to avoid probate costs include:
- Making use of trusts: Few legal vehicles are as effective for reducing your net worth as trusts. By transferring property and assets into trusts, you can ensure your tax liability is as small as possible and prevent probate from scouring your estate to pay off the fees that come with higher tax brackets.
- Gifting property: Before the time of your passing, giving property away provides a tax-free way to reduce your tax liability while transferring the assets in the same way your will would dictate following your passing.
- Ensuring beneficiaries are accurately named: Life insurance policies require that you name someone to inherit the benefit. Take the time to look over the appropriate information and make sure your loved ones will be able to access the money as you intend.
- Payable-on-death accounts: You can create bank accounts that are inaccessible to anyone until after your passing. This means that while you may have money to your name, it will not be assessed during probate.
Schedule Your Consultation Today
At Ford & Friedman, we understand that these can be difficult decisions to make. Our Henderson probate lawyers can give you a clear picture of how the laws apply to your situation so you can feel confident about the choices you’ll be making. In almost all cases, you are free to change your mind and make modifications as you see fit, but without a plan in place, you risk your family losing much of the estate before it is passed onto them.
Call (702) 904-9898 now to get started.
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