MARQUIS AURBACH CHTD. – 50TH ANNIVERSARY!

We are excited to celebrate MAC’s 50th anniversary in business and in serving our clients! After decades of dedicated service, our colleague and friend, Terry Coffing, has decided to start a new chapter in his life. As a result, we are pleased to announce our new name – Marquis Aurbach Chtd. We are proud of the accomplishments that our firm has achieved over the past 50 years and we are excited for many more to come. We look forward to continuing to provide the highest levels of commitment, professionalism, and success that our clients have come to expect from one of Nevada’s oldest and most respected law firms.

Marquis Aurbach Chtd. | 1972 - 2022 | 50th

Understanding Your Needs.
Exceeding Your Expectations.

Marquis Aurbach Chtd. | 1972 - 2022 | 50th

Understanding Your Needs.
Exceeding Your Expectations.

How can I reduce probate costs for loved ones?

On Behalf of | Sep 18, 2019 | Estate Planning |

Probate is the process that legally distributes your property after death. If you created a will, the court checks its legality and permits the executor of your estate to divide your possessions. The probate process can be complicated or straightforward. It depends on the assets in your estate and whether anyone contests your will. If the value of your assets exceeds $25,000 or there is real estate to pass on, your estate must go through probate in Nevada.

Many people wish to avoid this process as much as possible. Probate can be both costly and slow, which makes it a burden for surviving friends and family. The more it costs, the less money your loved ones will inherit.

Reducing probate costs

Luckily, there are ways to reduce the expenses of the probate process. Using these methods can save your friends and family even more:

  • Payable on death accounts: To pass on money without having to go through probate, payable on death (POD) accounts can be an excellent method. Beneficiaries are automatically paid upon your death and do not have to wait for any legal process to finish. POD accounts work with both personal bank accounts and individual retirement accounts. Vehicle transfer on death is a similar mechanic and allows cars to be passed on to a beneficiary.
  • Decrease estate size: While still living, you can choose to decrease the size of your estate through gifts. If you don’t go over the federal allowance, you won’t have to pay taxes on them. The current annual gift exclusion is $15,000. The smaller and less complex your estate, the faster the probate process can finish.
  • Create a trust: Trusts, if set up correctly, can help avoid the probate process. Assets transferred to them can be given to the beneficiaries without court involvement.