An important tool of estate planning, trusts allow our clients to protect their assets, avoid probate and ensure a healthy future for their beneficiaries. Half Price Lawyers allows our clients to create their trusts at an affordable price in a short amount of time, ensuring the success of your matter. Below are some frequently asked questions regarding trusts. Call our Las Vegas or Pahrump, NV office today for a free consultation!
What is a trust?
A trust is a fiduciary arrangement that allows a third party, often called a trustee, to hold and manage assets on behalf of a beneficiary or beneficiaries. Trusts can be arranged in many ways and can specify exactly how and when the assets pass to the beneficiaries.
What are some benefits of having a trust?
- Speed and Efficiency. Trusts usually avoid the probate court process, so it is likely that the beneficiaries will obtain the assets they are entitled from the trust quicker than if you only had a will.
- Improved Program Eligibility. Moving assets out of your name and into a trust can often times help clients with the eligibility requirements necessitated for state and federal programs such as Social Security, Financial Aid, Medicare/Medicaid and many other grant/aid programs.
- Tax Benefits. Certain types of trusts, like those that are irrevocable, can lessen your tax liabilities upon your death.
- Privacy. When assets are distributed through the probate court process, it becomes a matter of public record. Trust documents are private and allow you to control what information is shared with the public.
- Asset Protection. A properly constructed trust can help protect your assets from creditors and ensure that they are safely transferred to your beneficiaries. Trusts can also manage these assets for your beneficiaries after your death, which especially helpful for those who are not skilled in money management.
- Control. Trust documents can be drafted to your precise needs, allowing you to control when and to whom distributions are made.
What types of trusts can you create?
Our firm can handle almost any type of trust necessitated for your matter, including but not limited to: Special Needs Trust, Business Trust, Revocable Trust, Irrevocable Trust, Asset Protection Trust, Family Trust, Real Estate Investment Trust, Charitable Trust, Gun Trust and many others.
Can you handle other related estate planning matters?
Often times, our clients require other estate planning tools in conjunction with their trust work. Our firm routinely handles these types of matters, including but not limited to: Wills, Pour Over Wills, Power of Attorney, Medical Directive, Business Formation, Business Investment, Business Planning and many others.