Trusts Lawyers

serving clients in Henderson, Las Vegas and Clark County, NV

If you think trusts are only for the wealthy, you would be mistaken. People of all income levels and financial circumstances choose to include trusts in their estate plan.

Regardless of the financial value of your assets, trusts can protect them from creditors and lawsuits. If privacy is a priority for you, trusts can also keep the details of your assets and distributions confidential, regardless of your financial status.

But the most important reason why it’s generally not advisable to exclude a trust from your estate plan is probate avoidance. In other words, you can potentially avoid probate, the court-supervised process of distributing a deceased person’s assets held within the trust.

At Smith Legal Group, an estate planning attorney will work closely with you to create any type of trust tailored to your specific goals and financial situation. For example, if minimizing tax liabilities is a priority, an ILIT, GRAT, or CRT may be suitable. Alternatively, if reducing probate costs is your primary objective, an RLT may be recommended.

Call (702) 410-5001 for a free consultation. We’ll help you avoid the common pitfalls of setting up a trust.

Choosing Trusts for Your Nevada Estate Plan

Trusts come in many different forms and can be customized to meet various needs and circumstances. They vary in complexity, purpose, and terms, allowing individuals to choose the type of trust that best aligns with their estate planning efforts.

There are two types of trusts: revocable and irrevocable. As their names suggest, revocable trusts can be altered after they’re created, while irrevocable trusts cannot be changed.

During your free consultation, we will ask specific questions to identify the trust that best meets your goals for strategically transferring assets out of your estate to reduce estate taxes.

Here is a brief overview of trust types for estate planning purposes:

Key ObjectiveTrust TypeStatus
Give to charity to claim upfront tax benefitsCharitable Remainder Trust (CRT)Irrevocable
Leverage life insurance to reduce estate taxesIrrevocable Life Insurance Trust (ILIT)Irrevocable
Transfer wealth with reduced gift taxesGrantor Retained Annuity Trust (GRAT)Irrevocable
Transfer real estate to reduce estate taxesQualified Personal Residence Trusts (QPRT)Irrevocable
Manage assets and avoid probateRevocable Living Trust (RLT)Revocable
Manage joint assets for married couples and partnersRevocable Joint TrustRevocable
Manage assets with flexible charity givingRevocable Charitable TrustRevocable

Trusts versus Wills: What Are the Key Differences?

A common question clients ask during their free estate planning consultation is whether they need both a will and a trust. Our answer is usually yes.

While both estate planning documents serve important functions, they have distinct advantages and purposes.

Here’s a comparison to help you understand why you might need a trust even if you already have a will:

WillTrust
A will must go through probate, a court-supervised process for validating the will and distributing assets. Probate can be time-consuming, costly, and public.Assets in a revocable living trust (and some other types of trusts) typically bypass probate, allowing for quicker, private, and potentially less expensive distribution to beneficiaries.
WillTrust
Becomes a public document during probate, meaning anyone can see its contents.Generally remains private, keeping details about your assets and their distribution confidential
WillTrust
Only takes effect after your death and does not provide for the management of your assets if you become incapacitated.A revocable living trust allows for the management of your assets if you become incapacitated, as a successor trustee can step in to manage the trust without court intervention.
WillTrust
Suitable for simple estate plans but can be limited in managing complex distributions, such as ongoing support for minor children or special needs beneficiaries.Provides greater flexibility and control over how and when assets are distributed, which can be beneficial for complex family situations, minor children, or providing for beneficiaries over time.

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Smith Legal Group can help you create new trusts in your estate plan to ensure your assets pass seamlessly to your beneficiaries.

We acknowledge there is no ‘one-size-fits-all’ when it comes to trusts. There are scenarios when one type of trust will be more beneficial than another. It’s our job to ensure you understand these differences comfortably, so you can confidently make the best decision.

Additionally, if you need legal assistance to amend or revoke an existing trust, we offer the expertise and resources to carry it out correctly and effectively in Nevada.

Complete our submission form below or call us at (702) 410-5001 for a free consultation if you’re wondering whether a trust is necessary for your estate plan.

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