In Nevada, estate owners take steps to reduce the impact of the probate process. It is during this process that creditors can apply a claim against certain assets for debt collection. Asset Protection Attorneys in Las Vegas, NV, introduce estate owners to strategies to reduce the impact of these actions.
Reducing the Size of the Estate
The first step is to reduce the size of the estate. The removal of key assets and property from the estate is vital for achieving full protection. The estate owner can set up a trust or foundation to transfer ownership. A foundation or trust set up as a non-profit could reduce the impact of tax implications.
Transferring Ownership of Properties
Estate owners could transfer ownership of property earlier. This gives their heirs immediate access to the property. It also reduces the volume of inheritance taxes applied at the time of estate owner’s death. The owner could transfer ownership of monetary assets as well.
Setting Up Trust Funds for Children
A trust fund is set up for a variety of purposes. These purposes could include providing the funds for college tuition or support for minors. The estate owner sets up provisions for these accounts to prevent fraud. They also apply restrictions to prevent heirs from using the funds unethically. The provisions assigned to the trust funds could restrict the value disbursed each year.
Reviewing Opportunities for Debt Settlement
Estate owners could set up a plan for debt settlement through these efforts. They could acquire an insurance policy connected to a mortgage loan. They could also set up a fund to settle any outstanding balances. The remainder of the fund is distributed to the estate owner’s family after debts are paid off. This prevents a lengthy probate policy.
In Nevada, estate owners work with an attorney to acquire protection for their assets and property. They create a plan to prevent seizure of their assets after their death. The attorney helps them set up provisions to protect their estate for their heirs. Estate owners who need to hire asset protection attorneys in Las Vegas, NV, should contact Grant Morris Dodds or click here for more information now.