Sunday, May 12, 2013
Las Vegas Living Trust
It seems every single year the government finds new ways of claiming a portion of your money. These new laws don't stop pursuing your estate in the event of your death. In fact, some of the largest expenses against your estate can happen when you fail to have a plan of action for what will happen with your estate when you pass on. At a bare minimum having a will is a must. To really keep your family in the best possible place and to protect your estate you should think about setting up a trust to guard your belonging from a hungrier and hungrier government.
There are many different instruments you can utilize to ensure the safe passage of your assets to the proper beneficiaries as you see fit. Speaking with a competent Las Vegas attorney that is trained in, and has experience in, probate, wills and trust law is paramount to your success.
A Las Vegas living trust could be the answer to your situation if you are looking for estate planning that includes being able to make changes later on should your financial situation change as you get older. Anthony L. Barney, Ltd. and his team of qualified professionals are ready to help you with clear answers to some of life's hardest questions.
Through Nevada's Domestic Asset Protection Trust laws their team will draft a plan that will stand up in probate court. They will show you how to structure your DAPT in a way that will ensure the highest percentage of your hard earned assets will transfer over to your heirs.
By using a wide range of tools such as a Qualified Personal Residence Trust, or QPRT, the law office of Anthony L. Barney, Ltd. will show you that it is possible for you to transfer either your main residence or a second residence into the QPRT in order to avoid costly estate taxes. Most people are unaware of their ability to do this legally.
With a QPRT you can still live in the home for a length of time you set when creating the trust called the "retained income period". During this period you will still claim deductions on the home as you normally would have done before setting up the trust.
After the retained income period has expired the home will be tranferred to the preset beneficiary you had chosen when you created the trust. At that point you can still continue to live in the home by paying fair market rental value. The home will be taxed as a gift at the value the home was appraised for when setting up the trust. Through gift tax exclusions a considerable percentage of gift tax can also be avoided further reducing the amount taxes will play into your asset transfer.
Don't hesitate to call on Anthony L. Barney to discuss your personal situation and to formulate a plan that is built around your needs. When you want a Las Vegas lawyer you want Anthony L. Barney.