In a recent excellent article on the use of family trusts, CBS Marketwatch author Ken Roberts detailed why trusts are so important for all families, not just wealthy ones. If you only have a will, your assets must be re-titled to your heirs via a lengthy and costly probate process. Additionally, probate is public process, giving all of your friends, family neighbors and others easy access to see the size and disposition of your assets, on-line. A revocable living trust is far superior – properly structured it is faster, less expensive and private.
Once you have engaged an attorney to draft an estate plan, he or she may recommend an irrevocable trust. These trusts are typically used by those with assets of $0.5 million and above, and can serve a variety of tax and asset protection strategies. Irrevocable trusts can be placed in any state the grantor (the person who establishes the trust) wishes, and most agree that Nevada is a top-choice nationally for family trusts. A Nevada irrevocable trust can better protect your assets for your family, potentially trim taxes and last for many generations. For more on Nevada and why it is popular, listen to this recent national radio broadcast featuring well-regarded Las Vegas attorney Steve Oshins and Alliance’s Greg Crawford. For more questions, please call Greg Crawford at 775-297-4684.