There are many reasons that Nevada families often look to trust planning as one way to protect their assets and provide privacy to their family. A living trust allows the individual to maintain control over the assets and alter the trust during his or her lifetime. However, it also allows the estate to avoid probate issues upon the death of the individual. Trust planning has become an essential tool in many individuals’ estate plans.
One reason that a living trust is worth looking into is that it allows the individual to still maintain control over his or her assets. The individual can make changes as deemed necessary and can state the terms and conditions under which the trust will transfer assets to a beneficiary. This can be beneficial in the event that minor children are involved. It also can help in cases where the beneficiary may have difficulty handling their own financial affairs.
Another reason a living trust may be a good idea is that it provides financial protection and access in the event that the individual becomes incapacitated. If the individual is unable to make financial decisions and no method has been put into place to handle this situation, the family often must look to the courts to determine how financial decisions will be made. With a living trust, a successor trustee has been established. This person can step up and make the necessary financial decisions to protect the family and its assets.
Trust planning can be an effective tool in the estate planning process for many Nevada families. A properly executed trust plan can provide the privacy and financial protection that they are seeking. In addition, it can help to minimize estate taxes upon the death of the individual and provide protection during periods of incapacitation.
Source: forbes.com, “How the right trust could protect your assets and cut your tax bill”, , April 10, 2014