Estate planning in Nevada: what you need to know

1 min read by Unbiased team Last updated June 28, 2024

Find out how estate planning in Nevada works and what you need in order to secure your estate for your surviving family and future generations.

Summary 

  • The cost of estate planning in Nevada ranges from $5,000 to $8,000, depending on the scale and complexity of your estate.  

  • There is no Nevada estate tax — just federal tax imposed upon estates valued at $13.61 million or higher. 

  • The federal estate tax rate can go up to as much as 40%. 

  • A financial advisor can help you develop an estate plan that takes care of your finances.  

How much does estate planning cost in Nevada? 

A fully comprehensive estate plan in Nevada can cost you anywhere between $5,000 and $8,000, depending on the value of your estate and who does your estate planning. The more experienced your estate planner is and the more diverse your estate is, the more expensive the plan will be.  

Estate planning in Nevada can be pricey due to the many services that it covers. The key services you pay for include drafting up estate planning forms, such as a will or living will, the creation of a trust, court fees, and document transcripts.  

That being said, estate planning in Nevada is considered an average cost in comparison to other states, which can vary between $1,000 and $10,000 for an estate plan.  

How does Nevada estate tax work? 

Currently, there is no Nevada estate tax to be aware of.  

In this state, having an estate does not automatically mean your beneficiaries need to pay estate taxes, even after your passing.  

However, there is a federal estate tax to consider.  

Estates whose value exceeds a certain threshold are required to pay a federal tax rate of up to 40% upon their death. The federal estate tax threshold is $13.61 million in 2024, up from $12.92 million in 2023.  

How does estate planning for blended families work in Nevada? 

The best way to secure a future for your adopted, biological, or stepchildren is to create an estate plan that clearly outlines each beneficiary and designated guardian.  

Estate planning for blended families requires more legal specificity than conventional families because your estate will not necessarily go to beneficiaries if there are exact instructions to do so.  

Working with a professional estate planner can help mitigate the potential for misinformation.  

How does tax planning for single parents work in Nevada? 

As scary as planning for a day when you won’t be around for your children may be, estate and tax planning for single parents is essential for the security of your family after your death.  

As a single parent, your tax and estate plans should focus on trusted guardianship selection for your children and clear instructions for how you would want them to be raised in your absence.  

Obtaining a life insurance policy can also help further stabilize your child’s financial future.  

How does tax planning for married couples work in Nevada? 

The federal estate tax rate is portable for married couples. That means you can file the value of your estate separately, thus reducing your chances of exceeding the $13.61 million tax exemption.  

Tax and estate planning for married couples should always entail clear instructions for what your surviving spouse receives upon your death.  

How does probate work in Nevada? 

Probate in Nevada is relatively simple and straightforward.  

The estate’s executor will file the deceased’s estate and wrap it up according to the instructions in the last will and testament.  

Probate in Nevada typically takes between six and eight months to complete.  

The longer it goes on, the higher the risk of penalty for the appointed executor. Large, complex estates also tend to require more time for probate to be complete.  

What are the final arrangement and organ donation laws in Nevada? 

Your final arrangement wishes should be clearly stipulated in your last will and testament. If they are not, the responsibility to choose falls to the next of kin.  

There are no state laws in Nevada that dictate where you can scatter ashes. It is entirely up to the estate's heirs and beneficiaries. If you are a registered organ donor, your wishes will be respected upon your death.  

Your estate planning checklist for Nevada 

Estate planning in Nevada can be a confusing process to navigate without sufficient guidance. Here is our estate planning checklist for Nevada that can apply to everyone: 

  • Last will and testament 

Regardless of how small or simple your estate may be, having a last will and testament will benefit you and your family. A clear, comprehensive last will and testament ensures a smooth estate planning process that your executor and surviving family can use to wrap up your affairs.

  • Healthcare documentation 

Having a living will and appointing someone to make medical decisions on your behalf is an important part of the estate planning process. Healthcare directives can help your family, and legal advisers ensure your wishes are respected in the event of your incapacitation.  

  • Trusts 

Revocable and irrevocable trusts are useful tools for setting aside portions of your estate for heirs or beneficiaries in life or death.  

  • Power of attorney 

Giving your executor power of attorney means giving them the power to make important legal decisions on your behalf should you be unable to do so yourself. By giving them power, you ensure a trusted, informed individual can handle your estate after you’re gone.  

  • Pre-need guardian 

Having a pre-need guardian means you have someone who will take care of your personal and property affairs if you’re unable to. 

Get expert financial advice 

Estate planning in Nevada is a pretty straightforward process. The probate period is relatively long, the federal tax exemption is high, and there are flexible laws surrounding portable joint tax filings and final arrangements.  

To learn more about estate planning in Nevada, get matched with an expert financial advisor through Unbiased.  

Writers

Unbiased team

Our team of writers, who have decades of experience writing about personal finance, including investing and retirement, are here to help you find out what you must know about life’s biggest financial decisions.