Escobar & Associates
813.875.5100
Speak to an attorney 24 hours a day free consultations

Nevada residents may want to consider trusts

Whenever someone sets out to begin the estate planning process, there may be more options on the table than they realize. Leaving assets behind for family members can be a complicated process in and of itself. One option that can give someone flexibility in how they leave funds behind is the option of creating trusts. Anyone in Nevada looking to update or start estate planning may be surprised by the versatility of creating trusts.

Trusts are ideal if someone does not want to leave a bulk amount behind for whatever reason. While this may be perfectly acceptable for some, others may find it detrimental. One way to ensure some sort of responsible use of a trust is to distribute amounts at set periods of time. Giving a payout at the age of 25, then 30, then 35, and so on, can give everyone peace of mind over the use and fate of money.

There are plenty of individual reasons why someone may choose to not leave a bulk amount behind. If a child or beneficiary has had issues with substance abuse, gambling or any other financial mishaps, stipulations can be placed on payments of a trust. For example, a trust can be drafted to be paid only after certain criteria are met.

In Nevada and elsewhere, trusts are appealing because the owner has a semblance of control and flexibility. Estate planning is highly personal, and the creation of a trust is one way to express that creativity and individuality. Taking the time to explore options and discuss decisions with beneficiaries is one way to make the process smoother, less contentious and less likely to cause fights or disruptions among family members.

Source: cnbc.com, "Heir tight: The do's and don'ts of creating rock-solid trusts", Jennifer Woods, May 28, 2014

No Comments

Leave a comment
Comment Information
  • Martindale-Hubbell | Top rated lawyer in Tampa | Richard Escobar | For Ethical Standards and Legal Ability | Martindale-Hubbell Top rated lawyer
  • Top Lawyers 2016 | Richard Escobar
  • Top Lawyers 2016 | Dino Michaels
  • Highest Possible Rating in Both Legal Ability & Ethical Standards | AV |AV Preeminent | Richard Escobar | 2016
  • Judicial Education | AV | AV Preeminent | Richard Escobar | 2016
  • CLIENT | DISTINCTION AWARD | Dino mike Michaels, Esq. | Recognized for Excellence | Quality of Service | Overall Value | Responsiveness | Communication Ability
  • 15 | YEAR | Anniversary | Proudly Serving | the Community | Since 2001 | Dino Mike Michaels

Office Location

Escobar & Associates
2917 W. Kennedy Boulevard
Suite 100
Tampa, FL 33609

Phone: 813-513-0274
Fax: 813.877.6590
Tampa Law Office Map