Carson City Trusts Lawyer

Trusts Attorney in Carson City, NV

A trust is a versatile tool that can be used to protect your assets, avoid probate, and provide ongoing support for your family and loved ones. Although you may consider navigating Nevada’s complex trust laws on your own, working with a Carson City trusts lawyer can help make sure your trust meets your needs.

Surratt Law Practice has been helping clients navigate estate planning since 2007. We understand how valuable a trust can be to a family and its future, and our skilled and compassionate team is dedicated to providing the legal guidance you need to plan for the future.

Trusts Explained

Nevada NRS: Chapter 163 defines a trust as a legal agreement through which a trustee holds assets for a beneficiary. It allows a person to designate money or assets for a specific person, such as a child. The trustee is a third party who holds and manages the assets for the beneficiary.

There are several reasons for setting up a trust. One common reason is to avoid probate. In 2022, there were over 250 probate cases in Carson City, Nevada which cost money and take time. Some of the other common reasons to set up a trust include:

• Minimizing estate taxes
• Provide specific parameters for the use of assets
• Providing for a beneficiary during an illness or disability
• Provide flexibility for estate planning
• Shielding assets from creditors

A trust has five essential components. These are the:

• Grantor. The grantor is the person who establishes the trust.
• Trustee. The trustee manages the trust.
• Beneficiary or beneficiaries. The beneficiary is the person or entity designated to receive the benefits or assets from the trust.
• Assets. Assets can be money, stocks, real estate, bonds, or personal property.
• Trust agreement. The trust agreement is the legal document that outlines the purpose.
• Trust purpose. The purpose must be explained in the trust agreement. It can be for estate planning, charitable giving, providing for family members, or tax reduction, among others.

Types of Trusts

There are many different types of trusts. How a trust is formed and administered depends on the type of trust. A Carson City trusts attorney can assist with setting up and administering a variety of different types of trusts, such as:

• Revocable trusts. A revocable trust is a living trust used in estate planning to transfer assets. It is used to avoid probate and manage and distribute assets.
• Irrevocable trusts. An irrevocable trust is often used to reduce estate taxes for beneficiaries. You typically cannot change an irrevocable trust once it’s created. Assets are transferred out of an estate and into the trust.
• Charitable trusts. A charitable remainder annuity trust can be used to leave money to a charity. It can be set up with a primary beneficiary, such as your children, to receive benefits first, and then a charity to receive the remaining assets.
• Special needs trusts. A special needs trust is often created for a child or family member who has a disability. These are typically designed to provide additional income for someone who is eligible for government benefits.
• Asset protection trust. An asset protection trust is typically used to protect assets from creditors.

Hire a Trusts Lawyer

If you need estate planning advice and want to set up a trust, it is important to hire a trusts lawyer. They can help you make informed decisions about protecting your assets and avoiding expensive oversights. Nevada has specific laws that govern trust administration, and an experienced attorney can guide a trustee through these legal requirements.

An attorney’s knowledge of state and federal tax regulations, along with Nevada’s probate process, can help with your estate planning. Your trust attorney can:

• Advise you about the type of trust you may need
• Draft trust documents
• Transfer assets into the trust
• Administer the trust
• Adapt the trust to adhere to new regulations or laws

FAQs

How Much Does It Cost to Set Up a Trust in Nevada?

The cost to set up a trust in Nevada depends on the type of trust and its complexity. Revocable trusts usually cost less than a more complex irrevocable trust. The cost also depends on your attorney’s hourly rate and any additional fees, such as the recording fee for property deeds.

How Much Does a Lawyer Charge to Manage a Trust?

The amount that a lawyer charges to manage a trust depends on the type of trust and how complex the administration duties are. Some attorneys charge a flat fee, while others charge a percentage of the assets. Some trusts are more active, requiring more time. A passive trust will have lower administrative costs than one that requires tax filing, distributions, investment management, and regular communication with beneficiaries

What Is the Downside of a Trust?

While trusts offer many advantages, there are a few downsides to consider. Setting up a trust means you give up some control over the assets you place in it, and it can limit access to those assets, even in an open, revocable trust. It takes time to file the paperwork needed to access money from the trust. The cost of setting up a trust may also be a downside for some people.

Who Is the Ideal Person to Set Up a Trust?

The ideal person to set up a trust is an experienced trusts attorney familiar with trust laws in Nevada. An attorney can draft the legal documents needed for complex estates and make sure they are legally sound to help avoid probate. An attorney can make sure the Nevada trust requirements are met.

Contact a Trusts Lawyer at Surratt Law

Finding a trusts attorney who can take the time to understand your unique needs can make the difference between a smooth experience in your trusts case and a complex experience. Contact Surratt Law today to work with attorneys with proven experience, local knowledge, and a dedication to every client.

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