Many people who are not wealthy assume that trusts are only useful for high net worth individuals. They are under the impression that last wills are for "the rest of us." This may be a mistaken assumption. All trusts are not created equal. Different trusts serve different purposes. Yes, there are trusts that are used to accomplish objectives that are needed primarily for the wealthy. On the other hand, there are other types of trusts that would not only be useful to high net worth individuals, … [Read more...] about Why Should I Have a Living Trust?
revocable living trusts
Probate stands in the way of your heirs and their inheritances when your assets are in your name at the time of your death. Nevada probate can take a significant amount of time (often a year or more), and most people would like their heirs to receive their inheritances in a more timely manner. For some, this wait is not a problem. For other families, however, there may be an immediate need for liquidity. The waiting period is only one of the problems with the Nevada probate process. Expenses … [Read more...] about Nevada Probate: Is it Possible to Avoid?
The last will is the most commonly utilized asset transfer vehicle in estate planning. Many individuals assume that this is their only logical option because they are under the impression that trusts only serve the interests of the very wealthy. In fact, this is not true at all. There are indeed trusts that are created to serve the interests of high net worth individuals. However, some trusts, such as revocable living trusts, don't provide the asset protection and estate tax efficiency that … [Read more...] about Probate, Privacy & Planning