When looking for a relatively easy way to transfer assets to beneficiaries while still maintaining privacy and keeping costs at a minimum, many Nevada residents find that a trust is the appropriate tool. By establishing either a revocable or irrevocable trust, the individual is able to dictate exactly which assets or investments are to be received by each beneficiary. Careful trust planning can effectively transfer assets while avoiding the cost and time associated with probate.
There are many reasons that Nevada families often look to trust planning as one way to protect their assets and provide privacy to their family. A living trust allows the individual to maintain control over the assets and alter the trust during his or her lifetime. However, it also allows the estate to avoid probate issues upon the death of the individual. Trust planning has become an essential tool in many individuals' estate plans.
The decision as to whether a trust is the appropriate move in an individual's estate planning process is an entirely personal one. Each Nevada resident makes this decision either actively or passively, depending upon his or her actions. There are a number of reasons that an individual may want to consider a trust rather than just a will and power of attorney.
Many individuals throughout Nevada are conscientious about planning for tomorrow. They often plan what they will wear, what they will eat and even where they will go on vacation. For many, however, not so much thought is put into planning for what will happen if they are not able to plan tomorrow. A living trust may be the answer to this dilemma.
It has been said that there are two certainties in life -- death and taxes. While this phrase may sound trivial, it does apply to the concepts of trust planning. Many Nevada residents are finding that trust planning as a part of their estate plan can make things easier for their family later on and can lessen the financial burden of estate taxes.
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?
There is a new 3.8 percent federal tax that will be imposed upon net investment income from trusts and estates. The tax will be applicable to these trusts and estates if the gross income exceeds $11,950.