Have you thought about what would happen if you were suddenly incapacitated and no longer able to work, run your finances, or care for your children?
Who would step in to fill your shoes?
Have you left adequate instructions to ensure that your family can continue with their way of life?
These questions are as complex as they are essential.
The Las Vegas estate planning attorneys at Mills & Anderson provide individuals and families from all economic backgrounds with sound advice on how to prepare for their financial future.
Estate planning covers more than just distributing assets after death, including planning for incapacity, minor children’s care, charitable giving, asset protection, special needs trusts, and business succession.
Nevada has no state estate or inheritance tax, but federal estate tax still applies above the exemption threshold (though there are strategies to reduce a taxable estate).
Most plans include a will, trusts, and financial/healthcare powers of attorney, and dying without a will means Nevada’s rigid intestate laws (not your wishes) decide how assets are distributed.
Estate planning is the process of setting time aside today to plan for what tomorrow may bring. For many, estate planning focuses on what will happen to your assets after you die; however, it encompasses a much broader range of issues.
Every estate plan begins with identifying your goals and selecting the legal strategies that accomplish them. As you build your plan, you decide how you want your assets distributed, who should manage your affairs if you become incapacitated, and address more specialized planning needs, such as business succession, charitable giving, asset protection, or minimizing estate taxes.
From ensuring your loved ones have the resources they need once you’re gone, to arranging for thecare of minor children, to designating individuals to make decisions on your behalf if you’re unable to do so—Las Vegas estate planning attorneys can help.
Estate planning is more than preparing documents—it’s about protecting your legacy. A dedicated Las Vegas estate planning attorney at Mills & Anderson can help you secure your family’s future with confidence. Contact Us Today
What Should My Estate Plan Include?
Estate planning is not a one-size-fits-all endeavor, and everyone’s estate plan should be unique to their particular situation. However, there are a few basic instruments incorporated into most plans. For many families, an estate plan includes a will, one or more trusts, and powers of attorney. Depending on the size and complexity of your estate, you may also benefit from additional planning strategies designed to protect assets, reduce taxes, support charitable giving, or preserve a family business.
Last Will and Testament
A last will and testament, or a “will” for short, is a document in which you outline how you want your property distributed upon your death.
Additionally, you can name guardians for any minor children or adult children living with disabilities in a will. You can also name a personal representative in your will to oversee the administration of your estate.
Trusts
A trust is a legal relationship consisting of three or more parties. In a basic trust, the grantor or settlor establishes the trust and names a trustee to oversee the administration of the assets for the benefit of one or more beneficiaries. Trustees have a fiduciary duty to beneficiaries, meaning they must act in the beneficiaries’ best interest. Trusts come in many different types, ranging from flexible revocable trusts to irrevocable trusts that can be used to reduce estate taxes and protect assets from the threat of litigation.
Financial and Healthcare Powers of Attorney
A power of attorney is a legal document in which you give another person the right to make important decisions on your behalf.
Powers of attorney fall into two categories: financial and healthcare. A financial power of attorney grants another the authority to make financial decisions if you are unable to do so.
An example of this is opening a bank account in your name. A healthcare power of attorney allows another to make medical decisions if you cannot communicate your desires.
Powers of attorney are often set up so that they do not go into effect until the person assigning the rights becomes incapacitated.
Of course, these are just a few of the most common estate planning tools in Nevada; there are many others. However, most estate plans contain at least basic elements.
An experienced Las Vegas estate planning attorney at Mills & Anderson can help address your specific concerns and develop a custom-tailored estate plan to meet your family’s unique needs.
Estate planning can feel overwhelming, but you don’t have to navigate it alone. A Las Vegas estate planning attorney at Mills & Anderson can guide you step by step, ensuring your wishes are honored and your family is protected. Contact Us Today
Common Concerns Las Vegas Estate Planning Attorneys Can Address
There is a common misconception that estate planning is something that you don’t need to worry about until you approach retirement. However, that’s not the case at all. There are many situations—foreseeable and unforeseeable—that are made much easier if you have an estate plan in place.
Let’s look at some of the concerns an estate planning attorney in Las Vegas can address.
Estate Tax Planning
Nevada does not have an estate tax or an inheritance tax. This means that the State of Nevada does not assess any tax on your estate nor on the assets your beneficiaries inherit. However, the federal estate tax still applies to all Nevada estates valued at more than the current estate tax exemption.
The estate tax exemption changes; as of the start of 2026, it is set at $15 million for an individual and $30 million for a married couple. However, there are estate tax planning strategies that can reduce the taxable value of an estate.
Charitable Planning
Many people desire to leave something to their favorite charitable organizations. The state and federal governments want to encourage charitable gifts and allow donors to get certain benefits. This means that your decision to leave money to charity can provide you with a variety of benefits during your lifetime and provide benefits to your heirs after your death.
Asset Protection Planning
Certain professionals, business owners, and entrepreneurs face the constant threat of litigation. Additionally, individuals with significant family holdings may fear what would happen in the event of a divorce or bankruptcy. By developing an asset protection plan, you may be able to place valuable assets beyond the reach of creditors in the event of a lawsuit, divorce, or bankruptcy.
Special Needs Planning
Those with special needs often rely heavily on government benefits. However, if someone on Social Security or Medicaid inherits a large sum of money, it can affect their benefit eligibility. At the same time, families want to ensure that their loved ones have the financial support they need well into the future.
Thus, for families with a member who has special needs, it is essential to devise a plan that provides resources for their loved one to use without jeopardizing their eligibility for government benefits such as Social Security and Medicaid. One option is to create a third-party special needs trust, which allows the named trustee to disburse funds to pay for expenses not covered by Social Security or Medicaid.
Business Succession Planning
Owning a business is more than a job for most business owners; it’s a lifestyle. It is essential for an owner to determine who will take over the business when they either retire or can no longer run the business. However, this is a complex undertaking, as it often involves the valuation of the business, finding a potential buyer, and devising a buy/sell agreement. There are also matters of funding that must be considered.
A comprehensive business succession plan also addresses how ownership and management responsibilities will transfer when the time comes. Some owners intend to pass the business to children or other family members, while others plan to sell to business partners, key employees, or outside buyers. Planning ahead allows you to establish a clear process before an unexpected illness, disability, or death forces others to make those decisions.
By coordinating your estate plan with your business succession plan, you can help preserve the value of the business you spent years building while providing a smoother transition for your loved ones and successors. The Las Vegas, Nevada, estate planning attorneys at Mills & Anderson have experience developing business succession plans that take all contingencies into account.
High-Net-Worth Planning
For high-net-worth individuals and families, the importance of estate planning is even more pronounced. Just as you work with a wealth management company to protect and grow your assets while you are alive, a Las Vegas estate planning lawyer can help you continue your family’s goals after you are gone.
High-net-worth families often have estate planning needs that extend beyond preparing basic legal documents.
Each of the following presents unique planning considerations:
Multiple homes,
Investment portfolios,
Family businesses,
Valuable collections,
Retirement accounts, and
Other significant assets.
Without a coordinated estate plan, transferring these assets efficiently can become unnecessarily expensive, time-consuming, and stressful for your loved ones.
Comprehensive estate planning allows you to coordinate how these assets will be managed during your lifetime and transferred after your death.
Depending on your goals, your plan may include strategies to:
Minimize federal estate taxes,
Preserve wealth across multiple generations,
Protect assets from future risks,
Support charitable organizations, or
Provide ongoing financial management for children and grandchildren.
An experienced Las Vegas estate planning attorney can work alongside your financial advisor, accountant, and other trusted professionals to create a coordinated strategy tailored to your family’s unique circumstances.
Long-Term Care Planning
Many people associate estate planning with passing assets to the next generation, but an effective estate plan also helps protect you during your lifetime. Paying for extended nursing home care or in-home assistance out-of-pocket significantly reduces the assets you can leave to your loved ones. As a result, planning for the possibility that you may someday need long-term care often becomes a key part of estate planning.
Long-term care planning often involves coordinating your estate plan with your overall financial strategy.
Depending on your circumstances, that may include:
Reviewing how your assets are titled,
Considering long-term care and Medicaid-specific trusts, and
Evaluating long-term care insurance options.
Because many of these options become more limited once someone already requires nursing home care, planning early can save you hundreds of thousands of dollars. A Las Vegas estate planning lawyer can evaluate your financial situation, explain your available options, and develop a comprehensive estate plan that helps protect both your quality of life and the legacy you hope to leave your loved ones.
How Do Trusts Help High-Net-Worth Families Preserve Wealth?
While trusts can benefit families with estates of many different sizes, they are especially valuable for individuals and families with substantial assets. Trusts can establish instructions for when and how beneficiaries receive assets. For example, if you want your children to inherit family wealth gradually rather than receiving a large distribution all at once, you can do so with a trust.
Trusts can also simplify the management of complex estates. If you own multiple properties, business interests, investment accounts, or other valuable assets, a trust provides a centralized framework for managing and distributing those assets according to your wishes. Depending on the type of trust you establish, it may also provide additional privacy, asset protection, or estate tax planning opportunities.
Every family’s goals are different. Some clients prioritize preserving wealth for future generations, while others focus on supporting charitable organizations, protecting a family business, or providing long-term financial security for children or grandchildren. A Las Vegas estate planning lawyer can recommend trust strategies that align with your specific objectives and integrate them into a comprehensive estate plan.
When Should You Update Your Estate Plan?
Creating an estate plan is an important first step, but planning is an ongoing process. As your life changes, your estate plan should change with it.
We usually recommend people review their estate plans after major life events like:
Marriage or divorce,
The birth or adoption of a child or grandchild,
The death or incapacity of someone you entrust with responsibility in the plan,
A significant increase or decrease in your wealth,
Buying or selling a business, or
Significant changes to federal estate tax laws.
Laws evolve, your financial situation changes over time, and the people you selected to serve important roles in your estate plan may no longer be the best choice. Regularly reviewing your plan helps ensure it continues to accomplish your goals and protect the people who matter to you.
Las Vegas Estate Planning Attorney – FAQs
What Happens If I Die Without a Will in Nevada?
If you die without a will in Nevada, your loved ones will still inherit your assets. However, in this situation, a court uses the Nevada intestate lawsto determine where your estate assets end up. Nevada intestate laws are rigid rules that leave no discretion to judges or family members. Instead, they simply outline which family members are entitled to your estate based on their relation to you. While intestate laws ensure that your assets don’t end up with the state, they are generally considered a less-than-ideal backup plan.
Can a Las Vegas Estate Planning Attorney Help with Long-Term Care Planning?
Yes. Estate planning attorneys in Las Vegas are a great resource for those looking to plan for the eventual need for long-term care. While most everyone will eventually become eligible for Medicare benefits, Medicare doesn’t cover most long-term care costs. Thus, families are left with two options: pay out-of-pocket or apply for Medicaid benefits. The problem arises when families make too much money to qualify for Medicaid but do not have sufficient assets to pay for years of long-term care. An experienced estate planning attorney can review your options and devise an effective plan to pay for long-term care.
What Is the Difference Between a Will and a Trust?
Wills and trusts both allow you to determine how your property will be distributed, but they serve different purposes. A will generally directs how your assets should be distributed after your death. Trusts can hold and manage assets during your lifetime, continue managing them after your death, and distribute property according to instructions you establish.
Do I Need a Trust if I Already Have a Will?
Depending on your goals, you might. Whether you need a trust depends on the size of your estate, the types of assets you own, and your planning goals. Many individuals with significant assets choose to establish trusts because they can simplify the transfer of property, provide ongoing management for beneficiaries, maintain greater privacy, and support estate tax or asset protection planning.
When Should I Start Thinking About Planning?
It’s best to do your estate planning before the need for a particular document or estate planning instrument comes up. Often, by the time you realize you need to open a trust or apply for Medicaid benefits, the best options are no longer available. Thus, it is best to reach out to an estate planning lawyer well before the need arises. However, even if your situation is not ideal, there are still options, and the skilled Las Vegas estate planning lawyers at Mills & Anderson can help you identify them.
How Often Should I Review My Estate Plan?
You should review your estate plan whenever you experience a significant life or financial change. Marriage, divorce, the birth of a child, acquiring substantial assets, selling a business, or changes to estate tax laws may all warrant updating your documents.
Can Estate Planning Help Protect a Family Business?
Yes. Depending on your goals, your estate plan may coordinate ownership transfers, management succession, buy-sell agreements, and trust planning to ensure business continuity while protecting your family’s financial interests.
Schedule a Consultation with an Experienced Estate Planning Lawyer in Las Vegas
If you do not yet have an estate plan in place, or it’s been years since you last updated your plan, reach out to the Las Vegas estate planning law firm of Mills & Anderson for immediate assistance. At Mills & Anderson, we have many years of experience helping families through the estate planning process.
We can help ensure that your needs are met every step of the way. We are prepared to answer your questions, familiarize you with the process, and immediately begin creating a custom-tailored estate plan for you and your family.
