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As we age, it is normal to consider our financial future and what methods of protection over our assets and health we have. A lawyer can help you navigate the complicated terrain of estate planning. They can simplify complex legal terms while providing detailed guidance and support. Ken R. Ashworth & Associates offers local support for those who wish to establish a trust, enabling them to secure their assets for their loved ones.
The Henderson trust lawyers at the law firm of Ken R. Ashworth & Associates have upwards of 30 years of experience providing essential and thorough legal care to their clients as they seek to enact solid estate planning measures. Our legal practice focuses on our clients’ interests by prioritizing respectful, thorough, and responsible care each step of the way. We work tirelessly to implement intentional legal strategies to support our clients’ rights and needs in every legal matter.
Simply put, a trust is a legal arrangement in which one individual, the trustor, grants another party, the trustee, the legal authority to hold assets for the benefit of a third party, the beneficiary. The trustee manages assets according to the terms determined when the trust was created, including instructions on how assets should be invested, distributed, and altogether managed. Trusts are used as a form of estate planning, charitable giving, asset protection, and more.
Trusts can manage and distribute assets while providing certain benefits, like privacy, flexibility, and potential tax and credit advantages. They typically avoid a probate process after death, meaning that all beneficiaries can get access to assets quickly and efficiently, rather than the typically long probate process of just using a will. There are typically two types of trust, revocable and irrevocable, that offer unique distinctions.
A revocable trust, also called a living trust, is preferable for many, as it allows the trustor the ability to retain control of their assets, allowing them to alter, amend, or revoke the trust while they are alive. It also avoids a probate process upon death. This offers flexible protection for the trustee and any beneficiaries but due to their flexibility, these assets are typically subject to estate taxes and legally treated like any other asset an individual owns.
Irrevocable trusts are often sought after, as they reduce the amount of estate taxes allotted to individual assets. It does this by essentially removing the assets included in a trust from an individual’s estate. While an irrevocable trust offers great tax benefits, a trustor cannot adjust its terms and loses control of the assets in it after it is established. If you are unsure of what type of trust to pursue in your case, a consultation with an asset attorney is essential.
The support of a trust and asset attorney when navigating estate planning in Nevada is a crucial aspect of the process. Attorneys understand the complicated scope of the estate planning field, allowing them to guide their clients on the most helpful and necessary actions to guard and preserve their wealth. Below are examples of how a trust and asset attorney can support their clients:
A: Individuals in Henderson need to trust their lawyers because this allows for a higher chance of success with their case. Attorneys must have a full scope and understanding of their client’s situation, as this helps in the creation and implementation of a solid legal strategy. Lawyers have experience and advice that their clients need, and their insights are often vital to the outcome of their case. To get the most out of your estate plan, all advice should be taken into consideration.
A: The Henderson City Attorney in 2024 is Nicholas Vaskov. The city attorney’s role is to advocate on a city’s behalf in local, state, and federal courts and legal spaces to seek the city’s interest. They advise officials in the city council, administration, and their various staff on matters related to city legal issues. With over 15 years of experience working in both private and public sectors, Nicholas Vaskov uses his knowledge and unique positioning to represent Henderson.
A: The cost of a living trust in Nevada can range between $1,000 and $3,000 for a basic service, whereas a more complicated trust can cost significantly more. While there is a monetary cost associated with the creation and implementation of a living trust, the assurance that it brings to you and your family as you look toward the future is priceless.
A: The difference between a trust and a will lies in their tax benefits, probate process, and creditor protection. A will is a legal document that highlights an individual’s wishes regarding their assets upon death, including naming a guardian for any minor children. Trusts are a more robust future planning tool that can prove financially beneficial, as it skips the probate process after death and offers protection from both taxes and creditors. Trusts and wills are most effective in conjunction with each other.
At Ken R. Ashworth & Associates, we believe that today is the right day to take hold of controlling your financial future and protecting your hard-earned assets through estate planning. If you are looking into setting up a trust or have questions regarding the available options, contact our office today to set up a consultation and learn how our trust and asset attorneys can help you. Let’s work together to secure your future.
