Types of Trusts for Your Estate Planning… With so many different types of of trusts out there, it can be confusing to identify what exactly you need. Trusts can help avoid probate, minimize your exposure to taxes, and help keep control of your estate. Trusts can also help with a lot more!
Revocable Living Trusts
A revocable living trust is the foundation of a comprehensive estate plan. The Phillips Ballenger planning team helps clients with all aspects of estate planning, asset protection, and business planning.
There are many different types of trusts out there- trusts can help you avoid probate, minimize your exposure to taxes, and maintain control of your property/estate. Trusts can also help you protect your beneficiaries from lawsuits and provide asset protection to your surviving spouse and/or children. Forming a living trust is typically the first step in your estate planning.
When people think about estate planning, most think of a Will… However, a revocable, or living trust is crucial to help you avoid probate altogether, especially in Nevada. A trust-based plan also helps to limit overall costs related to estate administration.
Read more about the difference between Wills vs. Trusts
Irrevocable Trusts
Advanced estate planning often involves the design and formation of irrevocable trusts. These differ from revocable trusts in that- you guessed it- they’re not revocable!
Irrevocable trusts are often created to maximize estate & gift tax planning, to provide for asset protection, and to provide legacy planning for future generations.
Some of the most common types of irrevocable trusts include:
- Asset Protection Trusts (also known as: Nevada Asset Protection Trusts, Nevada Spendthrift Trusts, Nevada Self-Settled Spendthrift Trusts, Nevada Domestic Asset Protection Trusts)
- Life Insurance Trusts (also known as Irrevocable Life Insurance Trusts, or ILITs)
- Special Needs Trusts (also known as Supplemental Needs Trusts, or SNTs)
- Educational Trusts
- Dynasty Trusts
- Charitable Trusts
- Annuity Trusts
- Gifting Trusts
How We Can Help
From forming a revocable living trust, to advanced estate planning, finding the right estate lawyer can prove to be invaluable! The planning team at Phillips Ballenger can help to address your trust & estate planning anxieties in detail, including addressing questions + concerns related to:
- Revocable Living Trusts (also known as “Family Trusts”, “Revocable Trusts”, “Living Trusts”)
- Irrevocable Trusts
- Asset Protection Trusts
- Business Planning
- Business Succession Planning
- Wills (your “Last Will and Testament”, “Pour-Over Will”)
- Powers of Attorney (including Nevada Durable Powers of Attorney for Financial Management, Limited Powers of Attorney)
- Health Care Powers of Attorney (AKA “Nevada Health Care Power of Attorney”, “Nevada Advance Directive”), including HIPAA Release
- Living Wills
- Estate Planning Funding (the process of transferring your assets into your Trust, including preparation of Nevada Deeds)
PB Law’s estate planning attorneys also help clients with updating their existing trusts and estate plans, including:
- Trust Amendments
- Trust Restatements
- Will Codicils
- Ongoing Trust Funding Advice + Assistance
Creating a Personalized Solution for your Estate Plan
Our estate planning attorneys, Tiffany and Kat, work personally on their clients’ trusts – they don’t simply hit “find + replace”, or pass off the work to a paralegal. This way, we can assure that all of our clients trusts are designed and implemented in the best way to meet your needs and goals.
When we work with our trust clients, we can undertake a detailed review of your estate as a whole- reviewing the appropriate documents for each of your companies/entities, and your other financial holdings. We want to speak with you personally to discuss your values, hopes, and planning goals, to offer you the best options for your particular situation.
Learn more about:
Advanced Estate Planning Options