In Nevada, estate planning involves setting up plans for dividing the estate among family members. The plans could include an irrevocable trust, a will, trust funds, and opportunities for early property transfers. An Estate Planning Attorney in Green Valley NV helps the owner with their plan.
Transferring Key Assets Out of the Estate
A strategic option for protecting assets is to transfer them out of the estate. An irrevocable trust is an effective option for transferring several assets at once out of the estate. Once they are transferred, the properties or assets are owned by the trust. A successor is chosen to take over the trust when the owner dies.
Giving Property as a Gift
Estate owners can transfer ownership of any real property or automobile to a family member as a gift. The early transfer eliminates the inheritance taxes and allows the family member to access the asset immediately. If the estate owner is diagnosed with a progressive disease, the asset is protected by following the strategy. Under the circumstances, a nursing home facility won’t have the right to seize the property as payment for services.
Splitting Monetary Assets Among Family Members
A will is a legal document that enables estate owners to split up their monetary assets among their family members. The estate owner identifies who receives assets and the exact value assigned to the family member. If trust funds are set up, the estate owner addresses the trust funds in the will, too.
Preventing Legal Disputes Among Family Members
Provisions added to a will could lower the chances of a legal dispute among family members. For example, the estate owner could add a penalty to asset assignments if an heir files a legal claim.
In Nevada, estate planning lowers common risks for assets when an estate enters probate. The process could lead to the seizure of some assets if the owner has existing debts. Plans could include trusts that separate assets from the estate earlier and reassign ownership. An estate lawyer helps owners create a plan that meets their needs. Estate owners who need to speak to an Estate Planning Attorney in Green Valley NV can contact Pintar Albiston LLP right now. You can also connect them on Facebook.