Legacy Planning Made Simple With Our Nevada Estate Planning Attorney
Are you worried about your health and belongings as you grow older? Do you want to decide how your healthcare and assets are managed?
Trusts are a valuable tool in estate planning, offering individuals a way to protect and manage their assets for the benefit of themselves and their loved ones. Trusts offer flexibility and control over asset distribution, whether you’re planning ahead, managing wealth, or providing for future generations. They allow you to decide how your assets will be distributed and managed.
Quick Summary:
- A trust is a legal agreement where one person manages assets for another’s benefit, aiding in asset management, providing for loved ones, reducing taxes, avoiding probate, and shielding assets from creditors.
- Trusts offer flexible asset management in estate planning. Options include revocable, irrevocable, living, testamentary, special needs, and charitable trusts.
Why Trust Matters?
A trust is a legal arrangement. In it, one person (the trustee) holds and manages assets for the benefit of another person (the beneficiary). It helps you manage your assets and provide for your loved ones. It also minimizes taxes, avoids probate, and protects assets from creditors.
What are my Trust Options?
When it comes to estate planning, trusts offer a versatile way to manage and distribute assets according to your wishes. Here are some trust options to consider:
- Revocable Trusts: Also known as living trusts, these trusts can be changed or revoked during the grantor’s lifetime. They offer flexibility and control over assets and can help avoid probate.
- Irrevocable Trusts: Once established, these trusts cannot be modified or revoked by the grantor. They offer asset protection and might have tax benefits. However, grantors usually give up control over the assets.
- Living Trusts: The grantor creates these trusts during their lifetime, and they can be either revocable or irrevocable. They allow assets to bypass probate, providing privacy and efficiency in asset distribution.
- Testamentary Trusts: These trusts are created through a will and take effect upon the grantor’s death. These trusts help support minor children and manage assets for beneficiaries. They also work to minimize estate taxes.
- Special Needs Trusts: Designed to provide for individuals with disabilities. These trusts manage assets for disabled individuals. They don’t affect their eligibility for government benefits.
- Charitable Trusts: These trusts benefit charitable organizations. They offer tax advantages for the grantor and support causes they care about.
Call our Las Vegas Trust Attorney Now!
Planning for your family’s future is essential, and choosing the right attorney is crucial. The Las Vegas trust attorney at Riggi Law firm has protected families and their belongings for Nevada residents for many years. We have extensive experience in this field.
If you or someone you know requires help with trust and estate planning in Nevada, reach out to us. We offer free consultations to assist you. Our lawyers are dedicated to creating estate plans that fit your family’s specific goals, relationships, and finances. They focus on tailoring solutions to your individual needs.
We also offer other services in the following practice areas:
- Probate
- Estate Planning or
- Civil Litigation