Death is inevitable, but it’s not something most of us are comfortable facing. However, if you postpone dealing with the inevitability of your passing, your estate may not go to the intended beneficiaries. Without proper estate planning, your intended beneficiaries may find themselves in legal battles to claim what should rightfully be theirs. Mark Sherman CPA provides comprehensive services for estate tax planning in Las Vegas to ensure all of your assets go to the people you want according to your specific intentions without complications.
Estate Planning for the Future
What is Estate Tax Planning?
Your estate consists of everything you own, including your home and other properties, car, investments, furniture, jewelry, checking and savings accounts, life insurance, and all other items in your name or possession. As such, regardless of the size of your estate, you must set clear instructions and provisions in place for where they go once you pass away.
Estate planning involves ensuring your assets are properly divided amongst the intended beneficiaries according to your instructions. You choose who receives your assets, when, and how. Furthermore, estate planning allows you (and your beneficiaries) to save considerably on taxes, attorney fees, court costs, etc. A CPA can help in this process by offering expert advice on tax-saving strategies and ensuring that your financial affairs are in order. They can also work closely with your estate planning attorney to help create a plan that aligns with your wishes while optimizing the financial benefits with estate tax planning in Las Vegas. It also ensures that your beneficiaries don’t find themselves in unpleasant legal battles after your passing.
Our Estate Tax Planning Services Include:
- Naming an inheritance manager
- Naming a guardian for minor children
- Instructions for your care if you’re disabled
- Providing for disabled family members
- Providing for family members according to specific instructions
- Protecting family members from future creditors or divorce
- Life insurance to provide for your family
- Instructions for the transfer of your business upon your death, disability, or retirement
- Updating your estate planning and instructions regularly according to changing situations
- Staying abreast of tax and inheritance laws to determine how they affect your estate
Why You Should Choose Mark Sherman CPA
When it comes to estate tax planning, experience is everything. At Mark Sherman CPA, our team has guided countless clients through the complexities of estate planning, from modest estates to multi-million-dollar legacies. Every plan we create is carefully designed to maximize benefits, minimize risks, and reflect the client’s specific intentions.
Proven track record of results
For decades, our clients have benefited from significant tax savings, streamlined processes, and reduced exposure to costly legal battles. Whether the estate is simple or highly complex, our team uses advanced strategies to reduce liabilities and maximize what your beneficiaries receive. Families have avoided unnecessary court costs, and business owners have seen their succession plans executed smoothly. We deliver measurable results for every client we serve.
Collaboration with your attorney
We recognize that estate planning often requires a combination of financial expertise and legal guidance. That’s why we collaborate closely with your attorney, ensuring every financial detail is aligned with your legal documents. If you don’t have an attorney, we can handle the tax planning independently and, when needed, connect you with trusted estate planning attorneys. This ensures your estate is protected without delays or unnecessary complications.
Personalized strategies for every client
At Mark Sherman CPA, we know that no two families or estates are the same. That’s why we develop estate plans based on your unique priorities, whether that’s safeguarding assets for children, supporting a disabled family member, or ensuring smooth business succession. We ask the right questions, anticipate future needs, and craft a plan that reflects your values. We ensure your beneficiaries receive maximum benefit while honoring your specific wishes.
Commitment to long-term guidance
Estate planning requires regular updates to reflect changes in laws, finances, and family circumstances. Our team provides ongoing support to keep your estate plan current. We also monitor changes in tax and inheritance laws to help you adjust your plan as needed. Whether it’s adding new beneficiaries, updating business succession instructions, or restructuring to reduce tax burdens, we ensure your estate plan continues to protect your legacy over time.
Estate Tax Planning FAQs
How can I reduce my estate taxes?
There are several strategies to reduce or even eliminate estate taxes, depending on the size and complexity of your estate, including:
- Making annual tax-free gifts to loved ones
- Donating to charitable organizations
- Creating trusts to remove assets from your taxable estate
- For business owners, creating family limited partnerships or structured succession plans
At Mark Sherman CPA, we evaluate your full financial picture to recommend the most effective strategies to protect your wealth while ensuring your beneficiaries receive the maximum benefit.
When do I need to start the estate tax planning process?
The best time to begin estate tax planning is as early as possible.
Life events, such as marriage, the birth of children, purchasing a home, or starting a business, often trigger the need for planning. However, waiting until later in life can create complications and limit your options. By planning early, you gain more flexibility in using annual gift exclusions, establishing trusts, and adjusting your strategy over time as tax laws or your circumstances change. Estate tax planning is an ongoing process that should evolve with you.
Are some people exempt from paying estate taxes?
Yes. Under current federal law, estates valued below the exemption threshold of $13.45 million per individual (as of 2024) are not subject to estate tax. This means that many families will not owe federal estate taxes at all. In addition, some states impose their own estate or inheritance taxes, but Nevada residents do not face either.
Even if your estate is under the threshold today, planning is still valuable. Laws can change, and estate planning helps minimize administrative costs, avoid probate, and ensure your assets are distributed exactly according to your wishes.
What is ‘portability’?
Portability allows a surviving spouse to use any unused portion of their deceased spouse’s federal estate tax exemption. In practice, this means a married couple can effectively double the exemption amount, up to $26.9 million in 2024, before facing federal estate tax.
To take advantage of portability, the surviving spouse must file a federal estate tax return (IRS Form 706), even if no taxes are due at the time. This can significantly reduce or eliminate estate taxes for larger estates, making it a useful tool for long-term financial planning.
Get Your Estate in Order Today
Mark Sherman CPA is a nationally-renowned accounting firm led by one of the leading certified public accountants in Nevada. Our tax consultants and CPAs stay abreast of the latest laws and regulations to help you formulate a bullet-proof estate plan that ensures all of your instructions are met clearly upon your death or disability. While no one wants to consider the possibility of their death, we must plan for such an inevitability at the earliest. Please schedule an appointment to learn more about estate tax planning in Las Vegas and get your estate in order today.
