One of the most common assets that an individual will hold is a life insurance policy. However, they can be problematic when it comes to estate planning. One way to get around these issues is to create an irrevocable life insurance trust. What the trust will do is hold the insurance policy outside of the estate. At the same time, it still allows an individual control over who gets to benefit from the policy.
When people create trust accounts in Nevada, they normally do so with specific purposes in mind. There are certain common errors about which people should be aware so they do not make them, thereby subverting the purposes they had for starting the trust to begin with.
The creation of a trust can be beneficial in estate planning for persons in all walks of life. While many consider a trust to be a tool reserved for people with very large estates, the truth is that a trust may also be a good choice for people with more moderate assets, according the National Association of Financial and Estate Planning.
Nevada parents with special needs children may be interested in a type of trust that enables them to save for the child's future without interfering with the governmental benefits the child may receive. This peace of mind extends to other family members so they can contribute to the trust fund whenever they are able to do so.
A trust is one of the most flexible estate planning tools available. Do you want to make sure your dog is taken care of after your death? Do you need to set money aside to support a child with special needs? Do you want to avoid taxes on large bequests to charities? What about making sure your art collection is never broken up, or only displayed in your garage?