If you are considering making an estate plan, then establishing a trust could be an important part of the process. Creating this type of legal entity could limit your tax obligations and provide your family with fewer complications at the time your assets are to be distributed.
A Las Vegas trusts lawyer can answer your questions and help you understand the right way to set up this crucial component. The sooner you get started, the more likely you are to have the right plan in place when the time comes. Let a dedicated trusts & estates attorney from Cross Law Group provide you with the peace of mind you deserve.
A trust is a legal entity that can protect your assets and ensure they are transferred to your heirs with minimal hassle after your death. Trusts formally take ownership of property and remove it from your estate, which can help you avoid tax obligations and allow your beneficiaries to avoid the lengthy and cumbersome probate process.
Different options are available, depending on your wishes. If your primary goal is to provide your children with an inheritance, a spendthrift trust can limit their access to the money until they reach a certain age. Other types of trusts are designed to help your family avoid probate and the delays that come with it.
A trust attorney in Las Vegas offers deep insight when evaluating your choices and selecting the right approach. There are strict requirements that must be followed to the letter when setting up and implementing a trust, and a lawyer helps a grantor address all aspects of this plan.
You have no lack of options when managing your assets into an estate plan, but trusts offer significant benefits that wills or other components cannot replicate. A Las Vegas attorney can explain all the benefits of setting up a trust for your assets.
The primary benefit of irrevocable trusts is the ability to avoid probate entirely. When your estate is administered through the court system, it is costly, time-consuming, and not always under your control. Months or even years can pass before your beneficiaries ultimately receive their inheritance. As the case drags on, you can expect to cover the cost of an attorney to navigate the probate process on behalf of your beneficiaries. By placing your property into a trust, it can be distributed immediately instead of getting tangled up in court.
There may also be tax benefits to consider when examining a trust. Nevada does not have an estate tax, but there is one on the federal level. While it is true that this obligation only applies to large estates that are worth millions (with the threshold occasionally changing based on Congressional acts), the use of an irrevocable trust is one of the simplest ways to legally avoid an estate tax bill. It is important to discuss these issues with legal counsel to avoid the risk of running afoul of the IRS.
While estate planning is generally about determining how your assets are handled after you pass away, these tools offer flexibility that can also be useful during your lifetime. If you become incapacitated, the trust could allow for payments to your family members to make up for your lost wages. The options available here are far beyond what is possible with a last will and testament.
A proper trust can do more than ensure your final wishes are adhered to after your passing. It can offer the peace of mind that comes with knowing your family will be cared for in the future. Reach out to a Las Vegas trusts lawyer today to learn more about the best type of trust for your situation and how you should set it up in accordance with Nevada law. Cross Law Group advises on the many details involved with trusts that would be unavailable to you in the error-prone do-it-yourself tools—call us for a proper assessment.
