We work hard for what we have. If we’re lucky we will have more than debt to pass on to our children when our mortality comes to an end. During our life’s journey we realize the world is full of financial predators, pitfalls and reverses. If you have it, someone seems to want it. Taxes, over extended credit and debt and we are all subject to possible litigation. So, you got stuff, worked for it and kind of like to keep it; what do you do?
Will VS Living Trust Difference
We never know when we will pass, but as the years go by our mortality becomes self-evident. But through accident and misadventure we subject to meet our mortal end at any juncture in the road. The first step is a will. Over eighteen, you need a will. A will is not a standing, cast in stone document. As we mature, and grow older our economic condition changes, and we need to update our wills. The downside, is a will has to be sent to probate. A will is a document, not an entity like a Living Trust, LLC or corporation, it is a document that only has life at your death, and must submitted to probate to carry it out. Wills become a public document, a Living Trust maintains privacy. To save grief and difficult decisions, like life support that will not end well, we need to preserve our family’s exposure to debt. A Living Will removes the life and death decision out of our loved ones hands and allows the will to dictate the conditions of our living. A family trust or LLC, a trust allows that your estate will not be subject to probate and that your assets can be apportioned according to your will. Probate fees can be avoided removing another headache from your passing. A living trust has the following actors:
• Trustee(s), usually you and your spouse.
• Successor Trustee(s), is the person that steps in, administers the trust on your passing, incapacitation or resignation. The Trustees and Successor are identified and recorded.
• Life Time Beneficiaries are yourself if your single with no spouse or progeny. Joint trusts allow you and your spouse to be Life Time Beneficiaries.
• Death Beneficiaries are those who your property is to be distributed too. The who gets what list.
Asset Protection Trusts
Asset Protection Trust is a irrevocable trust unlike a Living Trust. The Settlor (you the grantor/creator) becomes the discretionary beneficiary of the trust. Once written there only very limited amendments allowed, and only if there is an amendment clause allowing any change. Basically, an Asset Protection Trust is ‘set in stone’, but the Settlor retains broad discretionary powers, can appoint and replace a trustee, serve as a co-trustee, direct investments, and execute managerial powers. Distribution has to be discretionary not mandatory.
Asset Protection Attorneys in Las Vegas, Nevada
A trust protector floats out watching out the trust making sure everything is being effectuated in the client’s interests, the trusts guardian angel. After the asset is transferred to the APT there is a seasoning period of two years where a creditor can show fraudulent transfer. In Nevada any asset that survives the two-year seasoning period is secure. An APT has never been pierced in 15 years. Contact a professional and secure your hard-earned assets. Kajioka & Associates Attorneys at Law can work with you to plan an asset protection and preservation strategy to protect your investments.