Estate planning is about providing for family members after death while minimizing taxes, penalties and other threats to the value of the estate. Trusts are a powerful asset protection tool that not enough Nevada residents take advantage of because they believe they are only for the wealthy. In reality, anyone can benefit from a trust.
There are numerous types of trusts that can be used in order to protect your assets depending on your needs and unique circumstances. Many people use living trusts that are formed during a person’s lifetime. These types of trusts are revocable, meaning they can be changed, modified or even cancelled at any time while you are still alive. With a living revocable trust, you can act as both the grantor and the trustee.
You retain control over the assets during your life, and the trust becomes irrevocable (unchangeable) upon your death. Because the assets in the trust do not go through probate, beneficiaries will have access to the assets immediately. In addition, the assets are not part of the probate estate. The state of Nevada has some unique laws that can be used to protect your assets.
Even if asset protection is not necessarily at the top of your estate planning list, it would be beneficial to discuss your situation and needs with an attorney. He or she would be able to provide you with options that could optimize your estate for you and your beneficiaries. Doing so could provide you and your family members with the peace of mind that they will be provided for after your death.