LIVING REVOCABLE TRUSTS
Are a very viable goal setting solution to asset protection, estate tax planning, probate avoidance, and testamentary decisions. You should not let a lifetime of effort be wasted through mismanagement of the estate at death. The living trust will provide this peace of mind in preserving one’s assets by:
Maintaining control of assets
Retaining use and enjoyment of property
Avoiding probate and pass more assets on to family and loved ones
Defining the timing of the distribution to heirs
Typical types of revocable trusts Callister Law drafts for their clients:
Trusts for Minors
In many Trusts individuals leave money for their children or their grandchildren. Mostly to ensure there is funds for the children’s benefit to support education and medical expenses etc. When children reach a certain age or some milestone, for instance, graduating college, they may receive money from the Trust to use for a variety of expenses.
Special Needs Trusts
When contemplating what may happen to someone in your family who has disabilities and may need care after you are gone a Special Needs Trust allows for a better quality of life for this individual. Fortunately, the government has created rules allowing assets of the settlor to be passed on to their disabled loved one without disqualifying those individuals from the essential benefits of Supplemental Security income or SSI. At Callister Law we can create this trust and preserve the benefits of the trust without disallowing your loved one from all the advantages of the SSI program.
Nevada Asset Protection Trust
A great estate planning tool unique in Nevada is a NAPT or a Spendthrift Trust. This type of trust was created to for settlors to protect their assets from creditors while retaining benefit from the trusts. This trust allows for the settlor to serve as the trustee and the beneficiary of the trust, therefore not allowing creditors to make claims against the assets covered by the trust.
Spendthrift Trusts are exempt from all Nevada personal and corporate income tax as well as income taxes in other states. This trust is defined very clearly in Nevada, not allowing courts much room for interpretation. The invulnerability of a NAPT is a great benefit in establishing a trust in Nevada.