Experienced Legal Guidance For Irrevocable And Revocable Trusts
One of the most effective tools in estate planning is a trust. Trusts allow you to control how your assets are distributed during and after your lifetime. However, choosing between irrevocable and revocable trusts can be complex. This makes it vital to work with an experienced estate planning attorney to help you determine which trust best suits your financial goals and long-term plans.
Kerr Simpson Attorneys at Law has been providing estate planning services in Nevada since 1989. Based in Henderson, Nevada, the attorneys have a deeply understanding of state laws and how they affect your trust options.
What Is A Revocable Trust?
A revocable trust allows you to modify or revoke the trust at any time. This makes it a flexible option if you want to retain decision-making power. This type of trust is beneficial for:
- Avoiding probate while keeping assets accessible
- Planning for incapacity by appointing a successor trustee
- Making adjustments to beneficiaries as circumstances change
For example, you may establish a revocable trust to pass your home to your children without going through probate while still having the ability to make changes if needed.
Understanding Irrevocable Trusts
Unlike revocable trusts, irrevocable trusts cannot be modified once they are created. You may choose an irrevocable trust to:
- Protect assets from creditors or lawsuits
- Reduce estate taxes for high net worth individuals
- Provide for a loved one with special needs without affecting government benefits
For example, as a business owner in Henderson, you might create an irrevocable trust to transfer ownership of your company while minimizing estate taxes and shielding assets from future liabilities.
Choosing between a revocable and irrevocable trust depends on your specific financial situation and goals. A lawyer can help you assess your needs and recommend the best course of action.
Protect Your Legacy
Kerr Simpson Attorneys at Law is dedicated to helping Henderson, Nevada, residents create comprehensive estate plans that protect their wealth and provide peace of mind.
Call 702-608-0835 or contact us online today to schedule a free consultation and start planning for your future. We speak Mandarin Chinese, Portuguese and Spanish.
