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Most people have two main objectives in estate planning: (1) have their assets pass to the right people under the right conditions; and (2) avoid probate court. These can be accomplished very easily by simply creating and funding a living trust.
As a seasoned attorney with over 30 years of experience, I believe there is an even better reason for estate planning to have your assets pass to your loves ones in a way they can be protected for life. You can figuratively give assets to your children or other beneficiaries in an iron-clad safe as opposed to cash in an envelope that is here today and gone tomorrow. You can very easily set them up so that whatever they inherit from you will forever be divorce-proof, creditor-proof and free from any government claims. Nothing they inherit from you can ever be attached by an adverse party or be used to disqualify them from Medicaid, disability claims or other benefits.
Very simply, instead of distributing assets directly to your beneficiaries, you can insteadcreate a trust for your beneficiaries within your living trust that gives them 100% asset protection throughout their lives. Nothing they inherit from you ever needs to go to an unfriendly or adverse party.
Your child gets divorced? No problem. Whatever he or she inherited from you is your childs separate property completely out of reach from his or her ex-spouse.
Your child has a business failure, a car accident, large medical bills, etc.? No problem. No creditor of your child can ever attach his or her inheritance from you held in his or her trust. Whats more, your child can be the trustee of his or her trust and maintain complete control over and use of the assets held in trust throughout his or her life.
Upon your childs death, whatever may be left in his or her trust can pass tax-free and free from any claims of creditors to his or her children or anyone else your child directs.
Schedule a free initial consultation with Robert L. Bolick, a Nevada estate planning lawyer with more than 30 years of experience. Mr. Bolick represents individuals, families, professionals and business owners throughout Nevada.
Contact our firm online or call our office today at702-690-9090.
