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Craig's Corner - Wealth Planning Insights

Sunday, June 18, 2017

Protecting Your Real Estate Investments with an Irrevocable Trust

What are the benefits of forming irrevocable trusts to protect my assets?

For high net worth individuals, especially those with significant real estate investments, irrevocable trusts have long served as a vital estate planning tool.  One significant benefit of an irrevocable trust is that it will allow your assets to escape the federal estate tax.  However, with the elimination of the federal estate tax looming, some may be wondering whether irrevocable trusts still have value.  When you consider all of the other significant benefits to creating an irrevocable trust, it becomes clear that this form of trust will continue to be an estate planning staple for years to come.

Tax Planning Options

Tax laws are ever changing, but irrevocable trusts will always provide clients with tax planning flexibility.  Irrevocable trusts can shield appreciating real estate assets from hefty tax consequences and will guard against the federal estate tax if it is reinstated in the future.  

Asset Protection

One of the greatest advantages of an irrevocable trust is that it will shield the real estate or other assets within it from creditors.  While tax laws may shift, the litigious nature of our society is not likely to change.  Irrevocable trusts cannot be seized by creditors, including claims stemming from the divorce of heirs.  This makes an irrevocable trust a critical tool for preserving your assets against potential legal claims.

Nevada Offers Trust Benefits

Nevada is considered a trust-friendly state due to its favorable rules regarding trusts.  Nevada has specifically passed laws in recent years to allow for greater flexibility with irrevocable trusts, including more options for decanting a trust, or distributing the assets in an existing trust to another trust.  An irrevocable trust in Nevada will also benefit from minimal state income taxes.  

There are many options when it comes to forming irrevocable trusts in Nevada.  Clients with significant real estate holdings should consult with a Nevada trusts and estate planning lawyer who will guide them towards creating a comprehensive estate plan that protects their assets and their heirs.  With proper estate planning, you can ensure you leave a lasting legacy for future generations.  


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S. Craig Stone II of Stone Law Offices, Ltd. serves clients throughout Clark County, Southern NV, Las Vegas, Henderson, Boulder City, North Las Vegas, Summerlin, Carson City, Reno, Washoe County, and Nye County. Also serving clients with asset protection nationwide.



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