As the country prepares for the holiday season, families will be gathering to celebrate. For Nevada residents contemplating estate planning, this could be a good time to discuss the matter with other family members. Every member of a family is different, and making the decision regarding who will receive what and how can vary from person to person.
Some people may be better at handling their money than others. For example, most parents are well aware of their children’s failings. Therefore, if a child is not good with money, it may make sense to put his or her inheritance into a trust that will dictate under what circumstances and when he or she will receive portions of an inheritance. On the other hand, a child who is considered to be responsible may receive an inheritance outright.
In some cases, the children want to talk to their parents about long-term care planning. People are often living longer these days, and the probability of needing extended medical care and other assistance is a real issue. It can be difficult to bring up the subject of what will happen when a parent is no longer able to take care of himself or herself. However, having a plan in place could relieve some of the anxiety and stress that may accompany the issue.
Regardless of who wants to initiate the discussion, this time of year presents Nevada residents with more than one occasion during which to bring up estate planning. It does not have to be discussed around the dinner table or the holiday tree, but setting aside some time to talk about it may be possible. Once some decisions are made, an estate plan can be created that will meet the goals of an individual based on his or her interactions with family members.
Source: Time, “How Families Can Talk About Money Over Thanksgiving“, Robyn Post, Nov. 20, 2014