Revocable Living Trust in Las Vegas, NV

Understanding Revocable Living Trusts

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.

What Are the Benefits of a Revocable Living Trust?

• 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.
• Designate a Successor Trustee - 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.
• Appoint 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.
• Include 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.
• Designate a Financial Advisor - A trust allows you to name a financial advisor, who will manage the assets in the trust.
• Designate a Financial Advisor - A trust allows you to name a financial advisor, who will manage the assets in the trust.