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Posted on November 5, 2025 in estate planning
As you work hard to build your wealth and provide a comfortable lifestyle for yourself and your family, you may think about what would happen if tragedy struck. As your family grows and changes, it becomes more important to plan for your end-of-life wishes. You may wonder, “Is there a required net worth to engage in estate planning?” Simply put, no, everyone can benefit from estate planning services in different ways.
Estate planning is a tool that allows you to plan for your family’s future and ensure that your wishes are honored. The process of estate planning can be complex, and errors could result in a will or trust being challenged. Don’t risk complications that could negatively affect your loved ones during a time of great loss. Hire an estate planning lawyer from the Law Offices of Ken R. Ashworth & Associates to create your legally binding documents.
Estate planning involves creating a blueprint for how you want your assets handled once you pass away. Through various documents, you can decide how your physical possessions and other assets are distributed among your heirs. You can also create advance directives, a power of attorney, or select a guardian for your minor children.
The 2025 Caring’s Will Survey examines how Americans view and utilize estate planning. Over 50% of survey respondents had no estate planning documents. Of the respondents who had completed estate planning documents, 24% had a will and 13% had a living trust.
At every income level, there are estate planning documents that can help you manage your assets and your personal wishes. Ideally, as soon as you are legally an adult, you should establish an estate plan.
A detail-oriented and experienced Las Vegas estate planning lawyer can help create and update your estate plan to ensure it always meets your needs. As your life and assets change, your estate plan should evolve with you to ensure your wishes are consistently met and your family is well-provided for after you have passed. Everyone can benefit from:
Having an estate valued below the federal estate tax limit does not guarantee a smoother process of distribution to your heirs. An established and enforceable will is beneficial for distributing specific assets, but there is often a lengthy probate period that limits when your heirs can access their inheritance.
A skilled estate planning attorney can help you establish a trust to avoid probate and ensure your heirs have an easier transition after your passing. Several different types of trusts can be established based on your exact wishes. Common types of trusts include:
Although Nevada does not have a state estate tax, Nevada residents are subject to the limits of the federal estate tax. As of 2025, the federal estate tax applies to any amount over $13,990,000.
For individuals with high-net-worth estates, in addition to other recommended estate planning documents, estate planning should include considerations for minimizing estate taxes. Planning for the transfer of multigenerational wealth is also a smart consideration.
There are also unique considerations when planning a high-net-worth estate plan. These considerations include:
A: You are not required to have an attorney, but there are several benefits to having your estate planning completed by a knowledgeable estate planning attorney. Estate planning laws can be complicated and change often.
An experienced estate planning attorney can ensure your documents meet all applicable laws and are legally binding. An improperly drafted document could invalidate your will or trust and leave your loved ones vulnerable to disputes.
A: People start estate planning at different times for different reasons. There is no perfect time, but there are common life events that often influence the decision to start an estate plan. Many individuals begin estate planning after purchasing a home.
Other common life events include getting married, having your first child, receiving a large inheritance, when your child graduates from high school, or when you retire.
A: Estate planning is important for many reasons. Having legally enforceable documents in place can ensure that your assets are distributed to the beneficiaries you wish in the manner that you desire. Having clear instructions can eliminate conflicts, smoothing the process of estate administration. An estate plan can ensure children are cared for by the guardian of your choice, tax burdens on your heirs are avoided, and a trusted individual is appointed to make decisions for you should you become incapacitated.
A: If you don’t have estate plans in place in Nevada when you pass away, state laws will determine what happens to your assets. Nevada’s intestate succession laws will determine who will receive your assets, and the court will assign a representative to pay off debts and take the case through probate. This can lead to additional fees, lengthy probate, family conflicts, and the potential for vulnerable or valued family members to be left with nothing.
A knowledgeable estate planning lawyer can help you create a will, establish a trust, minimize your estate taxes, and answer your questions about asset protection. Don’t leave your life’s work to the whims of the court system after your passing. Contact Ken R. Ashworth & Associates today to schedule your initial consultation.
