Nevada Estate Tax Lawyers
One of the most difficult parts of estate planning is tax considerations. Testators who want to help ensure their heirs receive a substantial estate may want to learn about estate tax considerations.
The attorneys at Kerr Simpson Attorneys at Law are here to help Henderson clients and those throughout southern Nevada plan around estate taxes. We can provide a comprehensive list of estate planning options to reduce estate taxes. For people with large estates, it may be best to talk to one of our estate planning lawyers.
State Estate Taxes
Estate taxes are imposed during the transfer of assets from a decedent’s estate to beneficiaries. Nevada is very tax-friendly. Nevada does not have an estate tax. However, there is a federal estate tax for large estates.
Estate Tax Thresholds
For estates with sizable value, the federal government may tax an estate after a testator’s passing. However, there is a limit to how much of an estate can be taxed. In 2023, an estate valued at $12.92 million was exempt from federal taxes. This limit was increased to $13.61 million in 2024 and is expected to rise again in the coming years. What this means is that any amount of assets that exceed $13.61 million can be taxed federally. The tax rate is 40% of the taxable estate.
Gift Tax Exclusions
Individuals may face taxes for gifting property to someone else without receiving anything in return. Nevada does not have any gift tax exemptions. Federally, there is a gift tax limit of $18,000 in 2024.
Marital Deduction
Married couples have the benefit of protecting more assets from estate taxes. Instead of an exemption of $13.61 million, couples can protect up to $27.22 million in assets. With the right steps, spouses can also transfer assets to a surviving spouse without incurring estate taxes.
Talk To Us Today
Estate planning tax considerations are difficult to understand. With the right steps and strategic planning, our clients can usually protect a large amount of their estate from taxes. Talk to our attorneys at Kerr Simpson Attorneys at Law by calling 702-608-0835, toll-free at 800-745-8826 or contacting the firm online.
