A Trust Lawyer Las Vegas Answers Common Trust-Related Questions
What Is a Trust?
Trusts are legally binding arrangements that allow a third party, or trustee, to hold assets on behalf of a beneficiary or beneficiaries. People have used trusts to protect their families for many years.
Trusts can be arranged in many ways and specify precisely how and when the assets pass to the beneficiaries.
Trusts contain time-sensitive information, so hiring attorneys to help you navigate them is crucial.
Are There Many Types of Trusts?
Trusts can be either revocable or irrevocable. Other trusts in Nevada usually fall into one of these two categories.
In revocable living trusts, the grantor can change instructions, remove assets, or terminate the trust at any time as long as they are still alive and deemed mentally competent. Although living trusts are highly recommended for avoiding probate expenses, they do not effectively protect your assets while you are alive.
For example, revocable living trusts don’t offer any asset protection. That means assets are not protected from creditor claims. On the other hand, asset protection with irrevocable trusts is better – assets are typically protected from creditors after a while. More specifically, asset protection begins after the assets have been held in trust for two years.
Irrevocable trusts cannot be changed. No one can remove the assets placed inside them for any reason unless with the consent of all the beneficiaries. Usually, a third party has to be appointed as a trustee, and assets contained in the trust are under their control. Most people usually establish these trusts for tax considerations.
Our clients establish any form of trust to suit their circumstances, including a living trust, special needs trusts, business trusts, or asset protection trusts.
Contact our reputable law firm at (702) 388-1711 for a free consultation with an experienced attorney to discuss your trust plans.
Why Are Trusts Important?
Estate planning is about you and your loved ones. It guarantees that your wishes are met.
Trusts in Las Vegas, NV have many benefits. Aside from putting control of your property in your hands, they provide our clients with excellent protection against creditors and are not subject to state income taxes in Nevada.
Las Vegas, NV is popular for creating trusts because of Nevada laws that cover the protection of assets. One of the main reasons is the fact that the time when assets transferred to the trust become protected from the grantor’s creditors is among the shortest. So if an individual becomes a creditor after the assets are transferred to the trust, they have only two years to bring a claim against the trust’s assets.
Also, a properly drafted and executed living trust can eliminate probate costs.
You can create a trust if you want to:
- protect your assets
- lower your estate taxes
- help your family and loved ones avoid probate
- retain control over when your beneficiaries get their inheritance
In addition, as the person who creates the trust, you define the scope of power of the trustee.
What Are Trust Lawyers?
Trust attorneys are estate planning professionals who can help you set up trusts, transfer property, and administer trusts.
Trust Litigation Lawyer Las Vegas
Litigation over trusts and estates can emerge at any time throughout the administration process. Litigation usually occurs at the beginning when someone questions the legitimacy of the will or trust.
Wills and trusts are usually challenged by someone who believes they should be a beneficiary but is not or does not receive as much money or assets as they feel entitled.
How Can a Las Vegas, NV, Trust Administration Lawyer Help Me?
We can assist you with all matters concerning your estate and the planning process. We focus on each level of planning individually, beginning with you, then your family, wealth protection, wealth expansion, probate avoidance, and tax planning.
We also help our clients or their trustees manage their trusts. Even when a clear and firm strategy is in place, there is still a lot that needs to be managed.
Often, we advise corporate and individual trustees on the discharge of trust obligations, including business investment.
Lastly, we consult with beneficiaries on several trust administration issues, including creating trust accounts, allocating and distributing property, terminating trusts, and minimizing tax.
Contact a law firm with lawyers who are experienced in estate planning to help you with the whole process.
Why Can a Trust’s Validity Be Challenged?
A trust’s validity can be challenged in court for the same reasons as a will. Wills and trusts are usually challenged for the same reasons:
- The grantor or testator lacked testamentary capacity.
- The will or trust was a result of fraud.
- The settlor or testator was unduly influenced when executing the will or trust.
During trust administration, certain issues might arise. These often arise when a fiduciary fails to fulfill its fiduciary obligations, including failing to:
- account for the assets of the estate
- comply with the provisions of the will or trust
- act loyally or impartially to the beneficiaries
- act impartially to all beneficiaries
- act prudently in the management of the assets
Hiring estate planning lawyers can be helpful in reducing the likelihood of trust litigation after the testator’s death. Call us to set up your free consultation.
How Do I Transfer My Property Into a Trust in Nevada?
Assets are transferred to a trust by transferring ownership. This is done by preparing and signing a new deed. You can fill out the new deed by yourself, but getting the help of lawyers is always a safer option.
These forms may vary in design, but there are two vital pieces of information to fill in:
- the current owner names and new owner names
- the legal description of the property
When the new deed form is completed, you have to record it by sending it to a county office.
Before doing so, you should inquire about transfer taxes with the county tax assessor. Inform your insurance company about the transferred ownership and learn more about the due-on-sale mortgage clauses if need be.
How Much Does a Trust Cost in Nevada?
A simple trust plan can cost at least $1,000, or higher on average. However, many factors can influence it, such as location and the complexity of your wealth.
Consult with a professional Las Vegas trust lawyer at the law offices of the Wood Law Group to estimate how much setting up your trust will cost you.
How Do I Set Up a Trust in Las Vegas, Nevada?
Setting up a trust in Nevada involves choosing beneficiaries and a trustee(s), drafting the trust documents, and transferring property.
Trust lawyers can help you with your trust documents. We have helped our clients set up a living trust, charitable trust, irrevocable trust, special needs trust, etc.
Why Work with a Trust Attorney Las Vegas NV?
Creating and managing trusts is not as simple as it seems. You need to ensure you create a trust that will protect every individual member of your family and ease their burdens.
Our services include preparing the trust documents, ensuring that the trust assets are well managed and protected, helping you avoid probate, advising your trustee, filing insurance claims, and preparing the estate’s federal and state estate tax returns.
We pride ourselves on developing a firm attorney-client relationship to ensure that your exact wishes are met.
If you contact the law offices of the Wood Law Group today, our support staff will set up your free initial consultation with trust attorneys. Call us at (702) 388-1711 or leave us a phone message.