Las Vegas Trust Distribution Lawyers
A trust is an estate planning tool that allows a person to designate property for beneficiaries to be distributed at a later date. The formation of a trust can allow their heirs to avoid the probate process and minimize estate taxes.
The trustee is the person who has the responsibility to carry out the terms of the trust according to the grantor’s wishes. Trust administration takes place without court supervision, so when you are the trustee, you have little guidance with regard to his or her duties or how they should be carried out. At Cassady Law Offices, P.C., we provide distribution assistance to trustees who need help administering a trust and fulfilling their related obligations.
Assistance With Administering A Trust In Las Vegas, Henderson And Throughout Southern Nevada
Our firm provides comprehensive trust administration services in Las Vegas and surrounding areas of Nevada, and our attorneys have considerable experience in all areas of trust administration. We will guide you through the entire process and work to resolve any disputes as efficiently as possible. We understand that some trustees have never had to resolve the legal issues involved with administering a trust, so they are sometimes overwhelmed by the complexity of the process. You can count on our lawyers to be with you every step of the way and to see your case through to its conclusion.
We assist clients with all aspects of trust administration, including:
- Inventory and valuation of assets
- Investing or managing assets held in trust
- Distributing assets to heirs according to the terms of the trust
- Trust litigation in the event of any challenges or disputes
- Notifying creditors of the trust
- Paying the debts of the trust
- Preparing income and estate tax returns, if necessary
- Serving as designated trustee
In short, our Las Vegas trust distribution assistance attorneys are here to support you in your important role as trustee.
Why Hire An Attorney From Cassady Law Offices, P.C., To Help With Administrating A Trust?
A well-written and properly administered trust is one of the best tools for taking care of family members and other loved ones. Ours is a family-owned and operated firm. Everyone on our team understands the importance of family, and we are more than ready to help you protect yours.
Here are just some of the reasons our firm is a trusted resource for clients throughout southern Nevada:
- Longevity: We were founded in 2002, which means we’ve been serving the area for more than two decades.
- Client recommendations: Our firm has hundreds of glowing reviews on Google, giving us an average of 4.9 stars.
- Expansive knowledge: In addition to his work as a lawyer, Jasen Cassady is also a Certified Financial Planner. He can review your estate planning documents to ensure that they are both legally and financially sound.
Finally, when you work with our firm, you’ll be given the respect and welcoming treatment you deserve. Our lawyers never talk down to clients. Instead, we treat them as part of the family.
Are There Tax Consequences For Administering A Trust In Southern Nevada?
Nevada is known for its favorable trust laws, but there are still several tax considerations to keep in mind when administering a trust. These include:
Federal income taxes: Trusts are often subject to federal income taxes if they earn income, such as interest, dividends, or capital gains. This is easy to overlook because Nevada has no income tax. The trust must file a federal income tax return, known as Form 1041, to report any taxable income.
Estate taxes: As with income, Nevada does not have an estate tax, but federal estate taxes may apply if the value of the estate exceeds the federal exemption limit. Proper trust planning can help minimize these taxes.
Gift taxes: If you transfer assets into a trust, this could be considered a gift for tax purposes. The IRS allows you to gift a certain amount each year without incurring gift taxes, but transfers exceeding this amount may require you to file a gift tax return.
There is no substitute for case-specific advice. Consulting with a knowledgeable attorney like those at our firm can help you understand these tax implications and ensure that your trust is administered efficiently and in compliance with the law.
Contact Us Today For A Free Consultation
Contact Cassady Law Offices, P.C., to schedule a free 30-minute consultation with one of our knowledgeable Las Vegas trust distribution lawyers. You can send us an email or call us at 800-557-6423 or 702-706-1083. We look forward to speaking with you.