A trust is a legal arrangement with four key components: a trustee (the person who oversees and manages the trust), assets placed in the trust, instructions for how these assets are to be handled and/or distributed, and beneficiaries to the trust. The “trustor” is the person that establishes the trust, and the trustor will sometimes serve as their own trustee – meaning they manage their own trust. However, someone cannot be the sole trustee and beneficiary of their own trust. This issue can be solved by adding a beneficiary or co-trustee.
Many trusts are similar to wills in that they are designed to distribute assets to beneficiaries once the trustor has passed away. Unlike wills, the contents of trusts are private and are not generally subject to probate. The conditions for asset distribution are also highly customizable, allowing you to decide and when and in what situations property will be transferred.
Trusts can also serve as a convenient asset management tool. Many types of trusts allow you to modify the trust and manage its assets throughout your lifetime. Certain types of trusts can even help you avoid federal estate taxes.
Our Las Vegas trusts attorney can help you draft and finalize many types of revocable and irrevocable trusts, including:
- Inter-Vivos Joint Trusts. This type of revocable living trust can be ideal for managing the assets of married couples. Under this arrangement, assets placed in the trust will transfer to the survivor of the couple and will ultimately be distributed to chosen beneficiaries once the surviving partner passes away.
- Inter-Vivos Individual Trusts. This type of revocable living trust is intended for a single person (or for married partners that wish to create independent trusts). An inter-vivos individual trust will contain provisions for the distribution of assets to chosen beneficiaries upon the passing of the trustor.
- Spendthrift Trusts. Spendthrift trusts are irrevocable, meaning they cannot be changed once they are established. A spendthrift trust can be created to protect the chosen beneficiary or beneficiaries from creditor claims.
- Irrevocable Life Insurance Trusts. This type of trust can be useful when the trustor needs to shelter a lucrative life insurance policy from federal estate taxes.
- Credit Shelter Trusts. When a trustor’s estate is valued at $11.7 million, it may be subject to federal estate taxes. A credit shelter trust can work in conjunction with marital deduction planning to lawfully shield the estate from these tax obligations.
He is committed to doing what is right, and that is exactly what you get.Happy Client
24/7 Phone Availability
Attorney Harrison is available to clients after hours and on weekends when the need arises.
Free Initial Consultations
Attorney Harrison offers complimentary consultations so he can speak freely with you in order to evaluate your case.
A Veteran That Fights
Attorney Harrison's history as a veteran contributes to his dedication to his client's goals and achieving success.
Honesty & Transparency
With Attorney Harrison, you can expect full-transparency in regards to viable options to meet your goals in estate planning.