Kyle Kirwan is an independent wealth advisor at Cornerstone Wealth Management, where he has provided retirement income strategies, investment guidance, tax planning, and legacy planning services since 1997. Based in Henderson and Las Vegas, Kyle Kirwan draws on a business administration degree from the University of Nevada, Las Vegas, along with a Retirement Income Certified Professional certification and FINRA Series 7 and 65 registrations, to build integrated financial plans for high-net-worth individuals and families. Much of his work in Vegas centers on coordinating estate management for clients, with a focus on reducing inheritance and management tax burdens. Recognized with multiple top producer awards over his career, Kirwan continues to guide clients through retirement income planning, health care considerations, and legacy objectives, skills that translate directly into sound estate planning processes.
Estate planning involves preparing in advance for the distribution of property that occurs following a person’s death. Estate planning is an important, complex process; while a Last Will and Testament is foundational to an effective estate plan, it is just one of several key components. In fact, the specifics of estate planning often vary from one person to the next, depending on the unique needs of their estate.
Individuals and families can begin the estate planning process by deciding who they want to assume control of their assets and other matters of property distribution. In some cases, a person might want to transfer all of their property over to a single close relation, such as a spouse or a child. Other people may assign different properties to different recipients, including charitable organizations.
After developing a general outline for asset distribution, property owners need to make a list of their property assets and assign a fair market value for each, meaning the value of the property if it were listed as part of a public sale. By subtracting the combined value of all debts on each property, owners can calculate their net estate. The overall value of a person’s estate is one of the biggest influencing factors on how to formulate an official estate plan.
As mentioned, property owners need to collect many documents as they prepare to create an estate plan. Important papers include insurance statements, tax history for each asset, and a list of monthly expenses, in addition to information that covers funeral arrangements. It can be helpful to enlist the help of an experienced estate planning attorney to ensure that every document is in place.
Authorizing an estate plan is critically important, partly because, technically speaking, every person has an estate plan. The issue is that if a person dies without a personalized estate plan, their properties and other valuable assets go through an automated process dictated by intestate law. This process, known as probate, is not only time-consuming and expensive for friends and family, but can also result in assets going to people and organizations the decedent did not intend to include in their Will and Testament.
Close friends and romantic partners, for example, typically have no rights during probate in the eyes of the court. If a person has no blood relatives at the time of their death, all of their property is handed over to the state. Probate occurs whether a person has a Will or not, but the process is much quicker, and court supervisors must adhere to instructions described in the Will.
Even if an individual wants their assets to go to their next of kin as described by state law, they should still write a formal will, as probate processes can last for several years when there are no clear instructions from the decedent. Depending on a person’s assets and estate value, they can explore alternative documents, such as a Deed Upon Death, a Payable on Death (POD), a Transfer on Death (TOD), and a Vehicle Transfer on Death. A joint tenancy, meanwhile, allows for joint ownership of an asset.
A revocable trust is another important document during estate planning. Trusts are unique compared to Wills in that they can go into effect during the author’s lifetime. A properly funded trust allows inheritors to avoid probate because, technically, the trust is the owner of the assets.
Owners of large estates should also plan for estate taxes, though Federal Estate Tax filings are currently only necessary for estates valued at more than $15 million.
About Kyle Kirwan
Kyle Kirwan is an independent wealth advisor with Cornerstone Wealth Management, based in Henderson and Las Vegas. Since 1997, he has helped high-net-worth clients build retirement income strategies, investment plans, and legacy arrangements. He holds a business administration degree from the University of Nevada, Las Vegas, along with a Retirement Income Certified Professional certification and FINRA Series 7 and 65 registrations. Outside of his practice, Kirwan enjoys playing softball and traveling throughout Europe.
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