Estate planning also essential for young people without children

Nevada residents may agree that death is a subject typically avoided. It remains an unpleasant subject for discussion; however, times have changed, and more people have substantial assets at a younger age. Hence, it is no longer wise to wait until one reaches middle age to consider estate planning. The future is not ours to see, and in our fast-paced life, no one knows when to expect death. Young folks may want to keep in mind that all their assets may go to the state in the event of their death without an estate plan, will and testament.

Although there are reported to be 17 million Americans who are unmarried and over 65, more and more successful and dynamic young adults — unmarried and childless — are in a position where decisions should be made about the distribution of their assets. Individuals may also acknowledge that an accident or illness could result in physical or mental incapacity that may leave them unable to continue a healthy life. It may be wise to consider health care directives and select the people to handle their medical affairs. It is important for these contingency names to be aware of one’s medical desires and preferences in the event of situations such as the need for medical intervention.

Many individuals opt to put some of their wealth in donor-advised funds. This allows them the flexibility of making grants when they are ready, while being able to claim tax benefits when the donations are made, rather than when the grants are made to the charities. This provides prospective savings for a time when they start building a family.

Residents of Nevada may wish to build their knowledge about the requirements and procedures of drafting the necessary documents required for estate planning. Sources are available to provide the necessary information, along with ways to benefit from proper planning. Most people would likely prefer to draft their own estate plans, rather than leaving the decisions to a court-appointed prosecutor.

Source: Reuters, “Estate planning for the young, rich and childless“, Beth Pinsker, June 2, 2014

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