Trusts aren't just for the wealthy | Las Vegas Estate Planning ...

When Las Vegas residents hear the financial term, "trust," they often think of the wealthy. But the wealthy are not the only ones who can take advantage of a trust. By creating an irrevocable living trust, an individual can save a considerable amount of time and hassle for loved ones.

The person who creates a trust is known as a trustor. This person places stock, real estate, cash or anything of value into a trust that is overseen by a trustee. Once these belongings are transferred to the trust, they no longer belong to the trustor.

Any value gained from these items over time is then distributed to designated beneficiaries. These beneficiaries are chosen by the trustor and payment plans can be outlined during the creation of the trust. Once dictated, they can be changed but the assets cannot be withdrawn from the trust because they no longer belong to the original trustor.

Trustees oversee the account after it is made. This will continue after the trustor passes away.

Any outlines made by the trustor will be followed by the trustee throughout the life of the trust. Benefits can be gained from a trust-depending on the size-for a long length of time.

Another benefit to trusts is that they can allow a trustor to move down in the tax bracket. Since the assets no longer belong to the trustor, they do not have to pay taxes on the value. Instead, the trust is docked for these taxes.

There are many people in Las Vegas who have been hit hard by the recession, and they are likely wondering if they will have anything to leave behind for future generations. Consulting a trust expert could be a good place to start in protecting assets for loved ones.

Source: San Francisco Chronicle, "How To Set Up A Trust Fund If You?re Not Rich," Tim Parker, Feb. 6, 2012

Source: http://www.lasvegasestateplanningattorneys.com/2012/02/trusts-arent-just-for-the-wealthy.shtml

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