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Trusts Archives

Should people have more than one trust?

Many people in Nevada know that establishing a trust can be an important part of estate planning that provides greater privacy and flexibility. However, they may wonder if there are benefits to establishing more than one trust to cover different types of property. Since the trust becomes the legal owner of the property in question, more than one trust cannot address the same items. In addition, making a trust is different from making a will. If people make a new will, it overrides completely all prior documents. With a trust, a new trust does not replace the old one although a restatement or amendment of an original trust can typically be made.

How family dynamics can complicate estate planning

Many families have dysfunctional dynamics that can make estate planning difficult, and in families with high net worth, the stakes can be particularly high. However, the basic advice that experts give for high net worth families can apply to most other situations involving estate planning well. The best way to get the outcome a person wants is with a combination of careful planning and communication.

Trusts should be revoked by their own terms

Trusts can be an important and useful part of a Nevada estate plan, but there are some circumstances under which a person may want to revoke a trust. If the trust is irrevocable, that can be a complicated process. To revoke a revocable trust, though, the person should follow a few steps. It may be advisable for a person to consult an attorney before taking any action that will impact his or her estate plan.

Why parents should consider special needs trusts

Parents in Nevada and throughout the country may be tasked with raising children who have a mental or physical disability. These disabilities may make it difficult or impossible for children to provide for themselves when they are older. One way that parents can provide for their special needs children is to create a special needs trust. A primary benefit of a trust is that it protects a child's inheritance against creditor claims.

Tips for making an estate plan better

Many Nevada residents may have prepared an estate plan at some point in their lives and assumed that is sufficient, but this is not always the case. Estate plans can often be improved or may need changes over time. For example, people may not have life insurance policies. A life insurance policy can have a number of uses. It can provide immediate funds for expenses associated with the estate. It can also help the family financially if they were depending on the income of the decedent. Additionally, life insurance can provide tax-free funding to the next generation.

Tips for choosing a trustee

Nevada residents may benefit from using a trust as part of their estate plans. However, determining what type of trust to have is just one issue that they will need to contend with. It is also important to spend time thinking about who would be the best fit to act as the trustee. Ideally, the person who is chosen to fill the role will understand what the grantor wants to accomplish with this tool.

How politics can influence estate planning

The 2020 presidential election could have implications for Nevada residents and others who currently have estate plans. For instance, if Elizabeth Warren or Bernie Sanders become president, there could be a reduction in the gift tax exemption or the estate tax exemption. Today, the gift and estate tax exemptions are set at $11.4 million. While some may choose to wait to alter their plans until anything actually changes, that may not necessarily be the best strategy.

Estate planning in nontraditional families

Nontraditional family structures, such as blended families, are on the rise, and these families need estate planning just like everyone else does. However, estate planning advice is often written for more traditional families, even though these types of families are increasingly in the minority. People in Nevada whose families do not fit the traditional model may need to keep additional considerations in mind when creating an estate plan.

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