Accumulating assets over a lifetime differs for each Nevada resident. Some individuals may have a minimalist approach to the assets they accrue and maintain, and others may acquire considerable wealth and property that they hope to leave to their loved ones. In the latter case, asset protection may be an essential goal for these individuals as they work to create a legacy for future generations.
Fortunately, various options exist for protecting assets, and a family trust may be one avenue worth considering. This trust allows a grantor to create terms that would allow family members to benefit from the trust for years to come. These beneficiaries could include a spouse, children, grandchildren, siblings, more distant relatives or any family member the grantor sees fit.
Some of the benefits of setting up this type of trust include:
- Setting specific terms for how and when assets should be distributed
- Protecting assets from creditors or lawsuit settlements
- Allowing loved ones to continue receiving government benefits, such as Medicaid
- Preventing irresponsible spending by heirs
- Avoiding the costs of probate
In addition to asset protection, a family trust could also afford individuals and their families more privacy. Trust information and the distribution of assets from a trust do not go into the public record, which keeps personal details away from prying eyes. If Nevada residents want to protect their assets for the benefit of future generations, gaining more information on trusts and other planning options may be valuable. Creating a personalized protection plan could give interested parties more control over leaving the legacy they hope to achieve.