In Nevada, estate owners set up certain protections to prevent financial losses for their heirs. These protections are available through the estate planning process. Local attorneys help the estate owners with the creation of trusts and wills in Las Vegas, NV, today.
How Does an Irrevocable Trust Work?
An irrevocable trust is designed to allow the estate owner to transfer out of the estate. The transfer allows the property or asset to become a part of the trust and no longer the property of the estate owner. However, the estate owner has full control over the trust. They also maintain the right to make changes at any time. They also identify a new owner for the trust when they die.
Transfer of Ownership to Heirs
Estate owners may transfer ownership of property to their heirs at any time. This allows the heir to avoid inheritance taxes altogether. It also reduces the value of the estate. This reduction could prevent a lengthy probate process.
Creating a Trust Fund for College
Trust funds allow the estate owner to set up financial support for their children. These options are used to support minor children or pay for college. The estate owner can set up provisions to protect these monetary assets. This could include restricting the value distributed each year or setting an age requirement. Trust funds set up to support a minor may require court involvement to prevent fraud.
Creating Your Will and Health Care Directive
The estate owner’s will determines which family members receive their property or assets. The estate owner sets up provisions to prevent disputes about these assignments.
A health care directive provides the family with the estate owner’s wishes. These wishes apply to health care requirements and extraordinary measures. It acts as a living will.
In Nevada, estate owners create a plan to protect their assets and property. These plans determine how these items are distributed among their family members. They also give them the opportunity to reduce the size of their estate overall. Estate owners who wish to set up trusts and wills in Las Vegas, NV, should contact Grant Morris Dodds or visit this website for more details.
