Many individuals may feel that one of the most challenging aspects of planning for the future could involve addressing all the available options that could help them achieve their goals. For instance, those who wish to set up a trust may find that there are numerous types of trusts, each of which could function in its own manner. As such, individuals in Nevada who wish to set such a plan in motion could benefit from seeking advice on the type of trust that may be most viable for their situation prior to choosing a path.
While there are multiple types of trusts, such options generally fall under two types of categories, which include revocable and irrevocable trusts. With a revocable trust, a person may continue to have control over the assets within or retain the ability to alter the terms of the trust should life circumstances change. While irrevocable trusts might be less flexible, they may also provide additional protection against creditors and may prevent certain assets from being subjected to estate or gift taxes in the future.
In addition to these two categories, there are also various types of trusts, such as special needs or charitable trusts. A special needs trust could help provide a loved one with the necessary financial support while not disrupting this person’s eligibility for government benefits. Those who wish to donate a portion of their assets to charity after they pass on could also find it helpful to explore the benefits of a charitable trust.
Since there may be a multitude of options and factors to consider, setting up a trust might seem an intimidating task. Fortunately, there are attorneys who can help provide a person in Nevada with much-needed insight on all the available options and the potential advantages and disadvantages of each in turn. An attorney can help a client make informed choices about the situation and assist in creating an estate plan centered around his or her wishes for the future.