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If you feel concerned when you think about your family’s financial security in the future, making a comprehensive estate plan should be a priority for you. The right plan for your family will likely include a variety of legal tools meant to safeguard your assets, and one of them might be a trust. This legal arrangement provides asset protection, tax planning benefits, and other advantages that make it a popular estate planning tool.
If you’re unsure if a trust would best address your concerns about your estate, you should contact a Las Vegas law firm to learn if this is the right legal option for your specific goals. Trusted Estate Planning Attorneys can assist with every aspect of trusts, including trust planning, trust and estate litigation, and trust administration. If you’re ready to discuss how a trust might fit into your estate plan, call us for a free consultation with our living trust lawyers in Las Vegas, Nevada.
What Are the Benefits of Making a Trust?
When you meet with skilled trust lawyers, you’ll have a chance to review all the estate planning options that may be right for you based on your legal needs. A trust may be one of those due to the many benefits of this popular option.
When you have a trust as part of your estate plan, you can enjoy benefits that include:
- Avoiding probate: Any assets you put in a trust avoid probate, allowing your beneficiaries to get their assets faster, without the process being part of public records
- Control of asset distribution: Your trust documents can specify which family members get which assets and when, giving you more control over asset distribution than wills
- Increased asset protection: Certain types of trusts can protect assets from legal actions and creditor claims against you
- Reduced taxes: You can often reduce or avoid certain tax liabilities, such as estate tax and gift tax, when you make a specific type of trust
These are the most common reasons many Nevada clients include trusts in their estate plans. In some cases, there are additional advantages that include improved business planning, the chance to protect vulnerable family members through special needs trusts, and more. Our living trust lawyers would be happy to discuss these benefits with you and compare them to wills, beneficiary designations, insurance policies, and other estate planning tools. Call our Las Vegas offices today for a free consultation with skilled estate attorneys.
What’s the Difference Between a Revocable and Irrevocable Trust?
If you want a trust that will truly benefit your family, choosing the right kind is essential, starting by deciding if you need a revocable or irrevocable trust. Skilled attorneys can assist with this decision, ensuring you know the benefits and drawbacks of both.
A revocable trust—also known as a living trust—is often preferred by clients who wish to stay in control of their estate assets. The person who creates this type of trust can appoint themselves the trustee. This lets them modify or revoke the trust throughout their lifetime, which is helpful when they want to transfer assets into and out of the trust over the years.
In short, revocable trusts make it easy to manage your assets during your lifetime while enjoying the main benefits of trusts, including avoiding probate and maintaining privacy. However, revocable trusts generally don’t provide protection from creditors, lawsuits, or taxes since they allow you to manage your trust as the trustee. If you’re interested in these advantages, you should talk to your attorney about irrevocable trusts.
When you make an irrevocable trust, you might have to choose a trustee other than yourself, which means you won’t be in control. Having an irrevocable trust also means you can’t modify or revoke the trust.. Instead, you will give control to the trustee you choose, who will be expected to complete their fiduciary duties and act in the best interests of the trust beneficiaries.
While some people may see this loss of control over the trust as a downside, it’s often an advantage when it comes to asset protection and tax planning. With an irrevocable trust, you transfer ownership and control of the assets, protecting them from creditors. After all, they can’t pursue assets that are no longer in your name, nor can anyone who tries to take legal action against you. A Las Vegas trust and estate litigation law firm can help you decide if a revocable or irrevocable trust is right for you, so call us today to learn more.
Do You Need Help with a Loved One’s Estate?
If a family member passes away, you might have questions or concerns regarding their estate, whether you’re one of the beneficiaries, trustees, or personal representatives. If this is the case, we urge you to reach out to our Las Vegas offices for assistance with estate administration or litigation since we can resolve complex disputes involving trusts, wills, probate, and other legal issues that might arise after someone’s death.
We can also help with trust administration, ensuring the trustee completes their fiduciary duties and complies with all trust documents. If there are any disputes between the trustee and beneficiaries, we can step in and solve them to ensure the beneficiaries get the assets they’re entitled to. We have extensive experience helping Nevada clients handle legal issues involving living trusts, special needs trusts, family trusts, and more, so we’re confident we can resolve your legal dispute.
Why Should You Call Our Las Vegas Trust Attorneys?
The legal team at Trusted Estate Planning Attorneys has spent years providing clients with quality legal guidance pertaining to trusts, wills, probate court, and other estate law issues. Our legal services can help you plan for the future to protect your investments, properly administer a loved one’s estate after their death, or handle complex estate litigation concerns.
Whether you want to create a living trust that protects your family’s future or need guidance with a loved one’s will or trust, our skilled Nevada lawyers would be happy to assist you. Call 702-664-8858 today for a free consultation with compassionate Las Vegas lawyers.