Revocable Living Trust in Las Vegas, NV

What Is a Revocable Living Trust?

A revocable living trust is an estate planning tool that allows a person to transfer assets into an account that is held by a trustee, who then manages and distributes the assets according to the instructions of the grantor, or person who established the trust. The grantor, or trust maker, retains control over the trust during their life, meaning they can revoke, or change, the trust at any time, for any reason.

Types of Revocable Living Trusts

There are two types of revocable living trusts:

• An inter vivos trust, which is created during the grantor's lifetime
• A testamentary trust, which is created as part of a will

The main difference between these two types of trusts is that assets held in an inter vivos trust are not included in the grantor's estate for tax purposes, while assets held in a testamentary trust are. In order to receive the tax benefits of an inter vivos trust, the grantor must transfer all of the assets into the trust before they die.

Find out more about the benefits of a revocable living trust by calling our office at (702) 479-5322 or contacting us online.

How a Revocable Living Trust Benefits You

• Protects Your Assets - A revocable living trust protects your assets from creditors, because the trust is not part of your estate. Additionally, if you become incapacitated, the trustee can continue to manage the trust without interference from the courts. This allows you to maintain control over your assets without worrying about losing them to creditors.
• Allows You to Name a Successor - A trust allows you to name a successor trustee, who will take over the trust if you become incapacitated or die. This allows you to ensure that your assets will be managed properly and distributed according to your wishes.
• Allows You to Name a Guardian for Your Children - A trust allows you to name a guardian for your children, who will take care of your children if you become incapacitated or die. This allows you to ensure that your children will be cared for and provided for according to your wishes.
• Allows You to Name a Trust Protector - A trust allows you to name a trust protector, who will review the trustee's actions and make sure that the trustee is following the terms of the trust.
• Allows You to Name a Financial Advisor - A trust allows you to name a financial advisor, who will manage the assets in the trust.
• Allows You to Name a Financial Advisor - A trust allows you to name a financial advisor, who will manage the assets in the trust.

What Assets Can Be Transferred Into a Revocable Living Trust?

Any type of asset can be transferred into a revocable living trust, including real estate, personal property, bank accounts, investments, and more. However, some types of assets cannot be transferred into a revocable living trust, including:

• Life insurance policies
• Pensions and retirement accounts
• Tax-exempt municipal bonds
• Intellectual property, such as patents or copyrights
• Collectibles, such as rare coins or stamps
• Businesses
• Vehicles

It is important to note that when you transfer assets into a trust, you are no longer the owner of those assets. This can affect your eligibility for certain benefits and tax deductions. It is always a good idea to consult with a financial advisor before transferring assets into a trust.

Why Choose Hurtik Law & Associates?

Attorney Gregory Hurtik is a Nevada estate planning attorney who has more than 30 years of experience helping families protect their assets, provide for their loved ones, and prepare for the future. He has helped countless individuals establish revocable living trusts to protect their assets and provide peace of mind, and he can do the same for you. Attorney Hurtik will work with you to create a trust that meets your individual needs, and he will make sure that your trust is properly funded and maintained. He can also help you transfer your existing assets into your trust, and he can provide you with a customized plan for future asset transfers. Don't leave your future up to chance—contact our office today to schedule a free consultation with our Las Vegas revocable living trust attorney.

Call (702) 479-5322 or contact us online to schedule your free consultation with our experienced Nevada estate planning attorney.