${site.data.firmName}${SEMFirmNameAlt}
Free Consultation
800-557-6423 702-706-1083

Trusts Archives

Why individuals should consider a DAPT

Nevada residents and others who are creating their estate plans may want to consider including a domestic asset protection trust, or DAPT. These trusts offer a variety of benefits such as protection from creditors as well as privacy from those who may want to know the details of an estate plan. It can also be helpful for those who plan on transferring money to minors or to those who are immigrating to the United States.

Issues to consider when amending a trust

Nevada residents and others may want to amend their trust or amend one on behalf of a parent. The first step is to ensure that a trust's terms can be changed. In many cases, the terms can be amended assuming that the proper procedures are followed. Depending on the trust's language, it may be possible for an attorney-in-fact (AIF) to make changes if the creator of the trust doesn't have the mental capacity to do so.

Effects of tax law changes on irrevocable life insurance trusts

In the past, Nevada residents with substantial estates who expected their heirs to owe federal estate taxes often planned for the expenses by creating irrevocable life insurance trusts. These trusts paid for life insurance policies funded with small gifts to pay the premiums every year. When the time came, the life insurance would cover tax bills.

Why name a trust as an IRA beneficiary?

When people in Nevada plan for the future, IRAs can be an important part of that planning process. This is true whether people are planning for their retirement years or thinking about the distribution of the remainder of the account as part of their estate. Because of the different ways that inherited and individually owned IRAs are treated under the law, some people may wish to consider naming a trust the beneficiary of their IRAs after death rather than an individual person.

How special needs trusts work

Some people in Nevada might want to create a trust for a family member with special needs who gets government benefits. These trusts can be a way to continue helping a person who has special needs without jeopardizing that person's access to those benefits.

Suitable trusts for higher interest rates

An integral part of estate planning involves taking into account current interest rates: Certain types of trusts can be beneficial to the citizens of Nevada during times of low-interest rates, while other types of trusts are better suited for times of high interest rates. With that being said, the past few years, past decade actually, have been dominated by low interest rates, yet this is about to change. As a matter of fact, current interest rates are rising, and they are not showing any signs of slowing down.

Planning to give with charitable remainder trusts

Many Nevada residents want to do something to continue to benefit a cause or charity they hold dear, even after they pass away. A charitable remainder trust, or CRT, can be an important part of an estate plan that continues to provide income throughout the donor's lifetime and can support other beneficiaries before the remainder passes to a charity. By setting up a CRT, people can benefit from their wealth in order to live on the generated income while planning precisely how their funds will go to support the charity of their choice.

Using the professional in estate planning

One of the primary goals of estate planning in Nevada is to ensure a prompt and unproblematic transfer of a client's property to his or her successors. Most people approaching a professional about estate planning request that heirs have a minimum of court supervision to facilitate the transfer and that a maximum of assets be preserved.

Duties involved with trust administration

Many people in Nevada establish trusts for a number of different purposes. When people die and leave trusts behind, they must be administered according to the provisions they contain. People who are tasked with administering a trust have a fiduciary duty to the trust beneficiaries.

Creating a pet trust to protect pets

While many Nevadans consider their pets to be members of their families, the government doesn't consider them to be any different than other types of property such as cars. When people are planning their estates, they should not overlook their pets. If they pass away and do not have anything in place to provide for the care of their pets, the pets may not be taken care of by their family members.