Assets Located In or Out of Nevada

Making a Proper Multistate Estate Plan

Do you own valuable property in both Nevada and another state? Forming your estate plan can be complicated if you do not know the ins and outs of Nevada estate plan laws and rules.

Take the guesswork out of making an estate plan when you have assets located in and out of Nevada by letting Ford & Friedman in Henderson help you. Our estate planning lawyers are here to explain all of your estate planning options to you and recommend the solutions that protect your best interests and those of your family. With us by your side and acting on your behalf, you can be confident that your estate plan, your assets, and your family are all in good hands now and far into the future.

Call (702) 904-9898 to learn more about estate plans across multiple states.

What to Do When You Own Homes in Other States

The first thing you should do is determine where your primary place of residence is located. Is it in Nevada or another state? To simplify this process, you should be forming an estate plan in the state you call home. If you have not definitively decided what state you call home, we recommend you choose Nevada and make an estate plan here.

Nevada’s Beneficial Estate Planning Rules

Nevada has some of the most favorable estate plan rules out of all 50 states. When given the choice between making an estate plan in Nevada or another state, Nevada almost always wins, assuming your goal is to protect and manage your assets with as much control and direction as possible.

Three significant benefits Nevada offers to people forming estate plans are:

• No estate tax: Nevada does not tax your estate plan, regardless of its value. Only the federal estate tax will apply, which only taxes estates valued at about $11 million or more, an amount that constantly changes with inflation.
• No state transfer tax: Any real property being transferred from one relative to another does not get taxed in Nevada. For example, if your estate plan transfers ownership of your home to your child, there will be no tax on its value.
• No inheritance tax: There is no tax applies to other items inherited by Nevada residents from an estate plan formed or real property located in Nevada.

Does a Nevada Estate Plan Work in Other States?

For the most part, one state will accept the guidelines laid out in an estate plan, no matter where that estate plan was first created. There may be some discretion at the hands of an estate planning court judge, but this is uncommon. With this in mind, your estate plan written in Nevada should be valid and enforced when you pass away, even if it must deal with matters concerning an out-of-state beneficiary or property.

Taxes on Property Being Transferred to Another State

It is important to know that certain property can be hit with an inheritance tax if it leaves Nevada due to the instructions of a will or trust. The inheritance tax rules used in the second state may apply. For this reason, transferring assets, funds, and property beyond Nevada’s borders when you pass away may incur unforeseen taxes.

Our Henderson in-and-out-of-state estate planning lawyers from Ford & Friedman can help you navigate the legal system to avoid as much tax on your estate as possible. With a properly drafted irrevocable living trust, for example, you may be able to set aside significant assets for a beneficiary in another state without incurring out-of-state inheritance tax. As with any legal issue, the fine print and finer details all make the difference, though. It is best to set out with our legal support, so you can be confident you are doing what is best for your estate and family.

We’ll answer all your questions about assets in or out of Nevada. Call (702) 904-9898 to schedule a consultation.