There are a variety of estate planning tools that could help individuals in Nevada and elsewhere from virtually any walk of life better prepare for to safeguard their futures. Those who wish to know more about the available options to help protect their assets could find it helpful to explore the possibility of setting up a trust. There are several types of trusts to choose from, each of which may offer its own set of potential benefits.
One option could involve creating an asset protection trust, which is designed to offer additional protection against creditors. With this option, ownership of the assets within the trust is transferred to another party. As asset protection trusts must be irrevocable, using caution with how the trust is set up prior to implementing it could prove imperative.
Married couples could also consider creating a bypass trust, as this option could help limit unnecessary tax liabilities. Experts indicate that Totten trusts could also provide protection for assets such as banking and securities accounts. Experts also suggest that there are a variety of other specialized trusts that could provide similar benefits, such as spendthrift and charitable trusts.
While each type of specialized trust could come with its own unique set of possible benefits, knowing which path to take can be a complex process at times. Prior to choosing a path, a person in Nevada could find it helpful to gain a better understanding of all the available options by consulting with an attorney. This type of advice could help a person better prepare to make informed choices about the situation and create a strategy to protect his or her future interests.