When people think about estate planning, most think of a will… But, a will is often not the best answer! For many, a Family Trust, or Living Trust (we use ‘Revocable Living Trust’) is actually the foundation of a comprehensive estate plan, and what we often recommend when starting with our estate planning clients.
A Revocable Living Trust (also known as “Family Trusts”, “Revocable Trusts”, “Living Trusts” or “RLTs”) is just one type of the many various types of trusts out there – all with different purposes + goals.
Read more about the differences between Wills vs. Trusts
For example, trusts can help you avoid probate, reduce taxes, and maintain control over your assets. Certain trusts also protect your beneficiaries from lawsuits and offer asset protection for your spouse and children.
For most Nevada and California clients, a Living Trust is essential—especially in Nevada, where probate triggers at just $25,000. A properly formed and maintained Living Trust can help you avoid probate completely! It also helps reduce estate administration costs and may provide significant estate tax savings.
PB Law’s Planning Team: Becky DeCoite and family trust attorneys, Tiffany Ballenger Floyd + Kat Arthur
Whether you need a revocable trust, business planning, or asset protection, choosing the right estate planning attorney is key. Look for an attorney who’ll match your personality, needs, and long-term goals. At PB Law, our Planning Team—including trust attorneys, Tiffany Ballenger Floyd and Katarina J. Arthur, make the process seamless and efficient.
How Does a Revocable Living Trust Work?
When you form your Nevada Revocable Living Trust, several things are specifically stated within the Trust document:
- Initial Trustee: You designate the Trustee. This is usually the trust creator (you). For married couples, both typically serve.
- Successor Trustee(s): You designate one or more Successor Trustees, which are persons you’ve designated to step into your shoes upon your incapacity/death, so that they may legally handle the trust’s business.
- Lifetime Beneficiaries: You designate the Lifetime Beneficiary(ies). If you’re not married, you’re usually the trust’s sole lifetime beneficiary. If you’re married & create a trust jointly with your spouse, both spouses are typically the lifetime beneficiaries.
- Who Gets your Stuff – “Death” Beneficiaries: You specify who inherits your estate after you pass away. These are the “death beneficiaries”. You can additionally state how the beneficiaries receive their inheritance (outright, %’s at certain ages, in an asset-protection trust, etc.)
- And Much More … Trusts can do a lot more than this, such as minimize gift & estate taxes, protect beneficiaries with special needs, provide asset protection to the trust creators (Grantors), and more… Check out the embedded links for more information on the various types of advanced estate planning options and other types of trusts, such as Nevada Asset Protection Trusts.
A Revocable Living Trust is the Backbone of your Plan…
Your Revocable Living Trust (aka “RLT”, “Family Trust”, “Living Trust”) Living Trust is just one component of a comprehensive estate plan – there are many other “ancillary” documents that should almost always accompany your trust, such as:
- Will – (your “Last Will and Testament”, “Pour-Over Will”)
- Power of Attorney (including Nevada Durable Powers of Attorney for Financial Management, Limited Powers of Attorney, Durable Power of Attorney, General Power of Attorney or “POA”).
- Advance Health Care Directives (AKA “Health Care Powers of Attorney”, “Nevada Health Care Power of Attorney”, “Nevada Advance Directive”), including a HIPAA Release.
- Living Wills
The PB Law Planning Team walks you through the process, step-by-step, to ensure that your questions are answered and your personal goals are met.
We also breakdown the trust Funding Process, which is the very important process of transferring your assets into your Trust – without these vital transfers, your trust may not work properly, so we always focus on funding!
What if I already have a Trust but I need to make changes?
Our estate planning team attorneys, Tiffany and Kat, also handle many aspects of updating current or previous estate plans, including:
- Trust Amendments;
- Trust Restatements;
- Will Codicils; and
- Ongoing Trust Funding Advice & Assistance
Creating a Personalized Solution for your Estate Plan
We meet with you personally to discuss your values, hopes, and planning goals, in order to offer you the best options for your specific situation.
Read more about our unique approach to trust-based estate planning: The PB Law Planning Process
PB Law’s Planning Team attorneys Tiffany and Kat personally design + draft their Clients’ plan documents – we don’t simply hand work off to a paralegal or assistant. This way, we can ensure that your estate planning documents are designed and customized to be implemented per each client’s specific needs.
After we design your trust / estate planning docs, we may also undertake a detailed review of your estate as a whole- reviewing the appropriate documents for each of your companies (LLCs / Corporations), if needed, as well as your other financial holdings to ensure they’ll be nested within your Plan. During this step, we may also discover other types of planning which could prove beneficial to you and make other practical recommendations to improve your plan’s effectiveness.
PB Law founder, California + Nevada Estate Planning attorney, Tiffany Ballenger Floyd:
“Everyone, regardless of their level of wealth, needs some type of estate planning! Otherwise, your family and loved ones could be left with a mess (at best) and lawsuits to deal with (at worst)… Thankfully, there are lots of ways to avoid a bad outcome by simple + effective planning options.”