Henderson Wills Attorneys Show You How To Protect Your Loved Ones
If you die with only a simple will or with no will at all, your estate will likely be subject to probate, which is time-consuming, expensive, public, and court-controlled and supervised. A revocable living trust is a powerful estate planning tool that allows your estate to avoid Nevada's complicated probate process after you die.
Using your trust, you specify when and how your loved ones are to receive assets from your estate. A trust can ensure that your beneficiaries do not lose your hard-earned assets to their divorce, bankruptcy, creditors, wastefulness, or substance abuse. Your trustee will have full authority to distribute your assets according to your specific instructions
Avoid the Pitfalls of Joint Ownership and Do-It-Yourself Estate Planning
Many Nevadans attempt to transfer their assets after their deaths by adding a child or other beneficiary as a joint owner to their house or bank accounts. Doing this, however, may cause you to lose your assets to your loved one's bankruptcy, creditors, or divorce. Joint ownership of houses and bank accounts also often results in an uneven distribution of your assets after your death because your joint owner becomes the 100 percent owner of your house or bank account after your death and has no legal obligation to share those assets with any of your other intended beneficiaries. A revocable living trust is an effective tool preferable to joint ownership to allow for convenient transfer of assets after your death without subjecting your assets to your loved one's problems and ensuring that all of your assets are distributed the way you want them to be.
Free Review of Your Trust and Estate Plan
Frequently, life changes and events occur that cause the trust that you previously created to no longer match your wishes. Unfortunately, many Nevadans forget to review their trust to ensure that it accomplishes their wishes. The attorneys of Barlow Flake LLP meet with you for free to review your current trust or other estate plan documents to ensure that your trust is current and valid. If an amendment to your trust is necessary, our low-cost, flat-fee services promise to provide you the peace of mind you need at a price you can afford.
Tax Saving Advantages of a Revocable Living Trust
In addition to advanced estate planning tools, a revocable living trust is a key piece of an overall strategy for Nevadans at risk of paying estate ("death") taxes upon their death. A revocable living trust can provide tax saving advantages for married couples whose combined net worth exceeds the estate tax exemption amount or that may exceed the estate tax exemption amount if Congress reduces the exemption in future years.
To ensure your family's financial future, starting today, speak with our skilled Las Vegas trusts lawyers. Contact Barlow Flake LLP at this toll-free number: 866-378-8776. You may also go online to send an e-mail. We welcome the opportunity to be of service, in any way we can, for individual and family clients in cities and counties throughout Southern Nevada.