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?
The goals of a particular person will often guide one as to whether a trust should be established. Though there are a number of reasons for creation of a trust, asset protection and tax considerations are often of foremost importance.
When it comes to estate planning or drawing up a will, one of the pillars of successfully organizing these things is to address the issue early and often. You want to bring in financial and legal advisors to adequately draw up documents and organize your estate; that way, the assets will go to the places you want them to go, instead of being dispersed in ways you wouldn't want them to.
Pet owners in Las Vegas will have a little dust in their eye after the following story. A woman in Texas was going about her day recently, and all seemed well. However, at some point after she arrived at work, the woman suffered a fatal heart attack. She died later that day.
As many Las Vegas residents know, planning and organizing your estate is not exactly a "fun" thing to do; nor is it the most straightforward process. There are many tough decisions that people need to make, and they need to think deeply about all of these decisions. Making a snap decision about your estate, or establishing a will or trust in haste, can result in disaster down the road.