A sad but familiar statistic was just released by CNBC this week, detailing that 38% of millionaire families in the US do not have an estate plan. That means four of ten people reading this article have not taken the simple steps needed to protect their family’s future. The article cites a variety of well-worn excuses, from the contact changes to the federal estate tax threshold to the natural reluctance to plan for and talk of your own demise. The consequences of inaction are devastating to those left behind. From the expense and hassles of probate, the courts naming guardians for minors, and to the very likely possibility that some or all of your assets are taken from the next generation by creditors, predictors, and ex-spouses. The reality is that with a little planning, these negative can be turned into a positive – leaving behind a legacy that helps many generations to come. It is an old adage, but highly appropriate with this news. The four often reading this article – all financially successful people – haven’t planned to fail, they have failed to plan. Nevada has the best trust laws in the country and has many estate planning strategies to better protect your family and potentially trim taxes. You do not have to be a resident of Nevada to establish a Nevada trust. For more information, call Alliance Trust Company in Reno at 775-297-4000.
