Trusts are versatile legal tools that can be used to avoid probate, protect your assets, or provide ongoing support to yourself, your loved ones, or a charitable cause. Although it’s possible to navigate Nevada’s trust laws independently, working with an experienced trusts and estate attorney can ensure that your trust is tailored to your specific needs and goals.
Our Reno trusts lawyers possess the knowledge and expertise to guide you in identifying the most appropriate trust structure for your objectives, ensuring that your assets are protected and your loved ones are provided for as you intend. We take the time to understand our clients’ goals and budget to develop recommendations that work toward these aims.
A trust is a legal arrangement in which a trustee holds property on behalf of a beneficiary. For example, parents of a child with a disability can establish a trust and name their child as the beneficiary. The trust can hold financial assets and pay out income to the child or cover expenses related to the child’s care.
Trusts can also be created for one’s own benefit. For example, you can establish a living trust to hold your assets during their lifetime and facilitate the transfer of those assets to your children upon your death. By transferring assets into a living trust, you can maintain control over the property while avoiding the time-consuming and costly probate process upon your death.
High net worth families often utilize trusts as part of their tax planning strategy. By transferring assets into a properly structured trust, families can minimize estate taxes, reduce income taxes, and ensure the efficient transfer of wealth to future generations.
Nevada state law recognizes various types of trusts, each serving a unique function within an estate plan. A seasoned Reno trusts lawyer can help you understand the different trust options available and determine the most appropriate one for your specific needs, whether you are looking to protect your assets, provide for your loved ones, or optimize your tax situation.
There are two primary methods for funding a trust: transferring assets into the name of the trust now while you’re still alive or including instructions in your will to automatically transfer property into the trust upon your death. The most suitable approach depends on your individual circumstances and the nature of the assets involved.
Transferring assets into the trust during your lifetime may be appropriate if it does not interfere with your ability to use those assets. For example, transferring assets like a primary residence into a living trust can avoid probate and allow for a smoother transfer to beneficiaries, without affecting your ability to use the property. You retain full control over the home and can even sell it or remove it from the trust if your circumstances or wishes change.
A knowledgeable trusts lawyer in Reno can help you understand the best way to fund your trust while ensuring that your assets remain accessible. They can also assist in drafting the necessary documents to retitle property in the name of the trust or update your will to make the transfer at your death.
Creating a trust is a powerful way to leave a legacy, minimize probate fees and taxes, and optimize your tax situation. You can try one of those do-it-yourself tools online, but these often leave out important information or contain serious errors. To ensure that your trust is created correctly and in compliance with Nevada trust law, it’s best to work with a skilled Reno trusts lawyer who possesses the necessary expertise and training.
Our experienced team provides personalized guidance to clients in estate planning and establishing trusts. We work with individuals from all walks of life to create trusts that align with their financial goals. Contact a Reno trusts lawyer at our firm today to begin your estate planning journey with confidence.