Navigating the complexities of estate planning can be daunting, especially when considering how to protect your loved ones without the lengthy probate process. By understanding the nuances of Nevada probate laws and exploring alternatives like living trusts, you can create a plan that minimizes delays and maximizes protection for your family. We will delve into the implications of probate laws, the benefits of living trusts, various estate planning strategies, common mistakes to avoid, and how Nevada estate planning attorneys can assist you in this process.
Nevada probate laws govern the process of administering a deceased person's estate, which can significantly impact family members left behind. Understanding these laws is crucial for anyone looking to protect their loved ones from the potential pitfalls of probate. The probate process involves validating a will, settling debts, and distributing assets, which can be time-consuming and costly.
The historical evolution of the probate system underscores its broad jurisdiction over both real and personal property, highlighting the comprehensive nature of this legal process.
Probate in Nevada is a legal process that validates a deceased person's will and oversees the distribution of their assets. It can take several months to over a year, depending on the complexity of the estate. Avoiding probate is often desirable because it can lead to significant delays in asset distribution, increased legal fees, and public disclosure of personal affairs. By planning ahead, you can ensure a smoother transition for your family.
Nevada probate laws can have profound implications for spouses and children. For instance, if a will is contested, it can lead to disputes among family members, causing emotional strain. Additionally, without proper planning, children may not receive their intended inheritance promptly. Understanding these impacts can motivate families to seek alternatives to probate, such as living trusts or other estate planning strategies.
Living trusts are powerful tools in estate planning that can help you avoid the probate process altogether. By transferring assets into a trust, you can ensure that they are managed according to your wishes without the need for court intervention upon your death.
A living trust is a legal entity that holds your assets during your lifetime and specifies how they should be distributed after your death. This arrangement protects your family by allowing for a seamless transfer of assets, avoiding the delays and costs associated with probate. Additionally, living trusts can provide privacy, as they do not become public records like wills do.
Further insights into the legal framework of trusts in Nevada highlight their role in asset protection and the specific requirements for their establishment.
Creating a living trust in Nevada involves several key steps:
By following these steps, you can establish a living trust that effectively protects your family from the probate process.
There are various estate planning strategies available to protect your assets from probate in Nevada. These strategies can help ensure that your loved ones receive their inheritance without unnecessary delays or expenses.
In addition to living trusts, several legal instruments can help avoid probate:
While various instruments can help bypass probate, it's important to acknowledge that practical considerations and other estate planning goals sometimes take precedence over solely avoiding probate.
Tailoring your estate plan to meet the specific needs of your spouse and children is crucial. Considerations may include:
By customizing your estate plan, you can ensure that your loved ones are adequately protected.
Avoiding probate requires careful planning, and there are common mistakes that individuals often make that can jeopardize their efforts.
To ensure compliance with Nevada laws, consider the following:
Engaging a Nevada estate planning attorney can provide invaluable assistance in creating a comprehensive estate plan that protects your family.
A Nevada trust attorney specializes in estate planning and can offer personalized advice tailored to your unique situation. They can help you understand the intricacies of Nevada probate laws and recommend strategies to avoid probate effectively. Their expertise ensures that your estate plan is legally sound and aligned with your goals.
During an estate planning consultation, you can expect:
Understanding common questions about probate avoidance can provide clarity and confidence in your estate planning journey.
Probate in Nevada can take anywhere from several months to over a year, depending on the complexity of the estate. While it cannot be entirely eliminated without proper planning, establishing a living trust and using other probate avoidance tools can significantly shorten the process and ensure a smoother transition for your heirs.
Several legal documents can specifically protect children from the probate process:
By understanding these documents, you can take proactive steps to safeguard your children's future. Contact The Jeffrey Burr Law Firm today for peace of mind.
Estate planning for blended families requires careful customization to address the unique dynamics and potential conflicts that may arise. This involves open communication, tailored trusts, clear beneficiary designations, and potentially prenuptial agreements, all designed to ensure fairness and clarity in asset distribution and guardianship arrangements. At The Jeffrey Burr Law Firm, our estate planning attorneys bring over 40 years of experience helping Southern Nevada families create trusts, update beneficiary designations, and establish strategies that ensure fairness, clarity, and peace of mind.
Key strategies for customizing estate planning in blended families:
Discussing your wishes and concerns with all family members, including children from previous marriages, is crucial to avoid misunderstandings and potential conflicts.
Trust structures that divide assets into two sub-trusts, such as a Survivor’s Trust (marital trust) and an Exemption Trust, can provide ongoing support for the surviving spouse while also ensuring that the remaining assets ultimately pass to the intended beneficiaries, including children from prior relationships..
Regularly review and update beneficiary designations on life insurance policies, retirement accounts, and other assets to reflect your current wishes and ensure assets are distributed as intended.
These agreements can help define separate and marital property, protecting assets for children from previous marriages and clarifying financial expectations.
Consider using life insurance to provide immediate financial support to specific beneficiaries, potentially bypassing probate and ensuring funds are available for their needs.
Carefully consider who will be appointed as guardian for minor children, taking into account the relationships between step-siblings and biological children.
Estate plans should be reviewed and updated regularly, especially as family circumstances change or as laws evolve.
Consulting with an experienced estate planning attorney can help ensure that all aspects of your plan are properly addressed and legally sound.
By taking these steps, blended families can create an estate plan that is both fair and effective in meeting the needs of all family members.
By working with The Jeffrey Burr Law Firm, you can create an estate plan tailored to the needs of a blended family while complying with Nevada law. Our attorneys provide guidance on trusts, beneficiary designations, guardianship arrangements, and tax-efficient strategies designed to protect your legacy and reduce family conflict. Contact us today to schedule a consultation at our Henderson or Las Vegas office.
In Nevada, assets acquired during marriage are generally considered community property. For blended families, this can complicate inheritance if prior children are not properly provided for. An experienced Nevada estate planning attorney can structure trusts or agreements to clearly separate assets and avoid disputes.
Many blended families benefit from creating a Survivor’s Trust and an Exemption Trust. These structures provide financial support for the surviving spouse while ensuring that children from previous marriages remain protected as beneficiaries.
Blended families should review their estate plan every 3–5 years or after major life events such as remarriage, the birth of a child, or significant financial changes. Regular updates ensure beneficiary designations, guardianship arrangements, and trusts remain aligned with current Nevada laws and family circumstances.
Estate planning attorneys guide you through preserving your wealth, protecting loved ones, and avoiding probate delays by crafting wills, trusts, and powers of attorney that match your family’s needs and Nevada’s laws. Asking targeted questions about experience, documents, processes, fees, state regulations, life events, and ongoing support ensures your plan is robust and tailored. This article covers seven critical areas: evaluating attorney qualifications, understanding essential documents, walking through the planning process, clarifying costs, leveraging Nevada’s advantages, updating for life changes, and securing long-term counsel. By the end, you’ll know exactly how to vet an estate planning attorney and schedule a consultation with The Jeffrey Burr Law Firm for personalized guidance in Southern Nevada.
Assessing an attorney’s background ensures you partner with someone equipped to handle complex estates, tax planning, and creditor protection strategies that fit your goals. Focus on tenure, specialization, credentials, and real-world successes to gauge expertise.
A minimum of 5–10 years practicing exclusively in estate planning indicates familiarity with evolving statutes, complex family scenarios, and sophisticated planning tools. Attorneys with four decades of combined firm experience anticipate challenges, streamline trust administration, and navigate probate effectively. Their tenure yields efficiency, risk mitigation, and confidence in the outcome.
Specialists devote 100% of their practice to wills, trusts, guardianships, and probate administration rather than dividing time among general practice areas. This focused approach means deeper knowledge of asset protection structures, Nevada onshore trust advantages, and court procedures. Choosing a specialist translates into faster document drafting, proactive tax strategies, and reduced complications.
Credentials such as LL.M. in Taxation, Masters of Business Administration, Certified Public Accountant, or certification from the American Academy of Estate Planning Attorneys demonstrate advanced financial and legal acumen. These additional qualifications enable strategic gifting, sophisticated trust funding, and integrated wealth transfer plans that minimize taxes and preserve your legacy.
Knowing each document’s purpose, function, and benefit empowers you to decide which plan components suit your circumstances. Wills, trusts, powers of attorney, and healthcare directives work together to manage your estate both during life and after passing.
A will is a legal declaration that becomes effective upon death, directing asset distribution through probate. A trust is a living arrangement that transfers assets immediately to a trustee for distribution to beneficiaries, often avoiding probate and offering creditor protection. Understanding these differences helps you choose the right mechanism for privacy, cost savings, and continuity.
A Durable Power of Attorney grants a trusted agent authority to make financial and legal decisions on your behalf if you become incapacitated. It prevents court-appointed conservatorship, ensures bill payments continue uninterrupted, and preserves your financial autonomy through life’s uncertainties. Including this document safeguards your assets and avoids family disputes over control.
A Living Will or Advance Directive specifies medical treatments you consent to or refuse if you cannot communicate. It appoints a healthcare proxy to make decisions aligned with your values, ensuring medical care honors your wishes. This directive provides clarity to family members and medical providers, reducing emotional strain during crises.
Understanding each step ensures you set realistic timelines, prepare necessary information, and remain engaged throughout the planning journey. A clear roadmap fosters collaboration and prevents surprises.
The estate planning process typically involves an initial consultation, plan design, document drafting, review, execution, and ongoing review. Regular updates are recommended every 3–5 years or after major life events.
Attorneys align structures, such as grantor-retained annuity trusts for tax-efficient gifting or special needs trusts for vulnerable beneficiaries, with client priorities. They analyze your assets, family relationships, and philanthropic desires to craft a strategy that balances control, tax minimization, and legacy preservation.
Review your plan every 3–5 years or after major life events like marriage, divorce, birth of a child, or significant financial transactions. Regular updates incorporate changes in Nevada and federal tax laws, adjust beneficiary designations, and ensure trust provisions reflect current intentions.
We guide trustees through the entire trust administration process from preparing initial documents & legal notices, asset inventories & appraisals to the preparation of the final accounting and distribution of assets.
Post-planning support includes guiding trustees through asset distributions, handling beneficiary disputes, submitting accountings to the court, and managing creditor claims during probate, if necessary. A responsive attorney ensures a smooth transition and upholds your legacy commitments.
Estate planning costs vary depending on the complexity of the plan and the attorney's fee structure. Attorneys may charge flat fees, hourly rates, or a hybrid of both.
Most estate planning attorneys, including The Jeffrey Burr Law Firm, provide three billing models:
Choosing a model that matches your needs balances predictability and flexibility.
Basic packages generally cover consultation, drafting of the initial documents, transfer of assets, and the signing appointment.
Probate fees can include court filing fees, personal representative commissions, publication costs, and hourly legal services. Proactive trust funding and comprehensive planning with a trust at the outset often reduces the expenses of a probate.
How Can Estate Planning Help Minimize Taxes and Protect Assets?
Strategic use of lifetime gifting, generation-skipping trusts, and qualified personal residence trusts can reduce estate and gift tax exposure. Nevada’s favorable asset protection statutes allow onshore trusts that shield assets from creditors while preserving flexibility for beneficiaries.
Nevada’s statutes offer unique advantages for privacy, asset protection, and tax planning that differ significantly from other states. Leveraging these benefits requires a local attorney familiar with state-specific nuances.
Nevada permits self-settled spendthrift trusts with short domestic asset protection trust (DAPT) waiting periods, rapid creditor shields, and no state income tax on trust income. These features maximize wealth preservation and enhance privacy for high-net-worth families.
Nevada offers unique advantages in estate planning, including no state estate or inheritance tax. Nevada also permits self-settled spendthrift trusts.
Nevada’s simplified probate process involves filing a petition, but depending on Probate Court timelines, typically within 12 months. Fully funded living trusts bypass probate altogether, enabling confidential, efficient asset transfers without court involvement.
Nevada imposes no state estate or inheritance tax, so planning centers on federal exemptions. Federal portability and annual gift-tax exclusions let Nevada residents transfer substantial wealth without state-level burdens, making timing and asset selection critical.
Local attorneys understand Clark County court procedures, regional real estate considerations, and community dynamics. The Jeffrey Burr Law Firm combines over 40 years of Southern Nevada experience with personalized service, ensuring your plan aligns with local practices and values.
Certain milestones and changes can render existing documents outdated, risking unintended consequences. Timely updates preserve your intentions and protect beneficiaries.
Marriage may require adding a spouse as a beneficiary, while divorce often triggers automatic disinheritance without updates. The arrival of a child necessitates guardianship designations and trust provisions for minor care and financial management.
Entrepreneurs must plan for succession, key-person buy-outs, and continuity agreements to prevent operational disruption. Tools like family limited partnerships and buy-sell agreements ensure smooth transition and protect business value.
Blended families benefit from trusts that guarantee support for current spouses while preserving inheritances for children from prior relationships. Special needs trusts protect beneficiaries’ government benefits and maintain quality of life.
Designate a digital executor and include instructions for online accounts, cryptocurrency wallets, and social media profiles. A comprehensive digital asset directive grants access credentials and specifies disposition preferences, preventing loss of critical electronic property.
Estate planning is an evolving process that benefits from continuous counsel, proactive adjustments, and seamless collaboration with other advisors.
The Jeffrey Burr Law Firm recommends a review every 3-5 years or after major life events. Regular maintenance sessions ensure compliance with legal changes and alignment with your shifting priorities.
Integrated planning extends to tax advisors, CPAs, investment managers, and insurance brokers. We collaborate with your team to synchronize strategies, optimize tax outcomes, and maintain a unified approach to wealth transfer.
With clear explanations, empathetic listening, and streamlined procedures, the firm removes legal complexity and anxiety. Personalized care, transparent communication, and educational resources ensure you and your family feel supported at every step.
Estate planning requires informed questions and a trusted advisor who navigates complex laws, documents, and life changes. By vetting experience, unpacking essential instruments, understanding fees, leveraging Nevada’s benefits, and securing ongoing support, you build a plan that endures. The Jeffrey Burr Law Firm stands ready to craft a customized estate strategy that matches your unique goals in Southern Nevada. Contact us today to schedule your consultation and take confident control of your legacy.
When selecting an estate planning attorney, consider their experience, specialization, and client reviews. Look for someone who focuses exclusively on estate planning and has a proven track record in handling cases similar to yours. Additionally, assess their communication style and willingness to answer your questions. A good attorney should be approachable and able to explain complex legal concepts in a way that you can understand, ensuring you feel comfortable throughout the planning process.
To make the most of your initial consultation, gather relevant documents such as financial statements, property deeds, and existing estate planning documents. Prepare a list of questions regarding your goals, concerns, and any specific family dynamics that may impact your estate plan. Being organized and clear about your objectives will help the attorney provide tailored advice and create a more effective estate plan that aligns with your wishes.
If you die without an estate plan, your assets will be distributed according to state intestacy laws, which may not reflect your wishes. This can lead to delays, increased legal costs, and potential disputes among family members. Additionally, without a designated guardian, minor children may be placed in the care of someone you wouldn’t have chosen. Having an estate plan ensures your preferences are honored and provides peace of mind for you and your loved ones.
To keep your estate plan relevant, schedule regular reviews—ideally every 3 to 5 years or after significant life events such as marriage, divorce, or the birth of a child. Changes in laws, financial situations, or family dynamics can impact your plan. By proactively updating your documents and discussing changes with your attorney, you can ensure that your estate plan continues to reflect your current wishes and circumstances.
Trusts offer several advantages, including avoiding probate, maintaining privacy, and providing asset protection. They allow for the management of assets during your lifetime and can specify how and when your beneficiaries receive their inheritance. Trusts can also help minimize estate taxes and protect assets from creditors. By incorporating trusts into your estate plan, you can create a more flexible and efficient strategy for wealth transfer and legacy preservation.
Open communication with your family about your estate plan is crucial to prevent misunderstandings and conflicts. Consider holding a family meeting to discuss your intentions, the reasons behind your decisions, and any specific wishes you have for your assets. Providing clarity can help alleviate concerns and ensure that your loved ones understand your goals.
Effective estate planning empowers you to protect your assets, ensure your wishes are honored, and provide for your loved ones. By understanding essential documents, evaluating attorney qualifications, and leveraging Nevada's unique laws, you can create a tailored plan that meets your family's needs. Don't leave your legacy to chance; take the next step by consulting with The Jeffrey Burr Law Firm for expert guidance. Reach out today to secure your peace of mind and safeguard your future.
Estate planning is the best way to build, protect, and preserve your legacy. By utilizing Wills, trusts, and powers of attorney, you can craft a plan tailored to your unique needs. At the Las Vegas Jeffrey Burr Law Firm, we've been assisting individuals and families throughout the community for over 40 years, offering customized solutions to protect your family and assets.
Crafting Your Legacy with Precision
Crafting the perfect estate plan is more than just a legal process – it's a reflection of your life's work and your hopes for the future. Our dedicated team understands the importance of this journey. With our decades of experience and legal expertise, we're here to guide you through every step of the process, ensuring your legacy is preserved according to your wishes.
Guidance for Optimal Tax Efficiency
At the Jeffrey Burr Law Firm, we recognize that minimizing tax consequences is a critical element of any comprehensive estate plan. That's why our estate planning attorneys are either CPAs or hold advanced degrees in taxation and are dedicated to ensuring your plan addresses tax concerns most efficiently and effectively possible. Whether it's structuring trusts or implementing strategic tax-saving measures, we work to protect your assets and maximize your benefits.
Your Trusted Partner in Estate Planning Excellence
We understand that estate planning can feel overwhelming, but you don't have to navigate it alone. Our team is here to provide the guidance and support you need to make informed decisions about your future. From creating Wills and trusts to advanced estate planning, we're committed to helping you build a secure legacy that withstands the test of time.
Don't overlook the hidden tax deductions within your estate plan. Schedule a consultation with us today and let's embark on a journey to maximize your legacy for generations to come.
"There is an important lesson I have learned during my over 40 years as an estate planner.
That lesson is that estate planning is not an event, it is a process."
So many practitioners focus on the creation of the documents necessary to create a plan. However, they fail to understand that an estate plan is fluid and necessarily needs updating over time. In addition, often not enough attention is paid to all of the ancillary work that is necessary to carry out a proper estate plan such as titling of assets, keeping separate property separate, designing a plan that provides asset protection, keeping current on tax laws that may affect the plan as well as choosing the right individuals or trust company as Trustee.
As you are aware, at Jeffrey Burr, we pay close attention to all of the tasks and laws that cause an estate plan to be effective and relevant for our clients and their families. If you are reading this, you are already aware that we send out semiannual newsletters to keep you informed of important estate planning issues such as law or tax changes, and to give you ideas to strengthen and enhance your plan. We also send out communications as necessary to inform you of urgent pending law changes and resultant planning opportunities.
Part of the process of estate planning is also to assist you in funding your trust and the other entities that are created. We take great care in assisting you with the proper titling of your assets to avoid problems in the future.
During the interview process, we make every effort to ascertain if our clients have separate property as well as community property. Special planning is often necessary when this is the case. In Nevada, any gifts or inheritances you leave to your loved ones become the sole and separate property of that loved one, unless he or she commingles it with a spouse. Care should be taken to ensure that what you leave to your heirs is left in a manner that facilitates that property remaining their separate property. Likewise, your trust can be designed to shield the assets you leave to your loved ones from their spouses in the event of divorce and creditors. In addition, many of our clients have blended families which usually calls for specialized planning.
As part of the estate planning process, we make every effort to help you choose what type of trust fits your needs the most. For example, if you are involved in a high-risk profession or have significant assets, you may choose to create an asset protection trust in addition to your revocable living trust.
Lastly, unfortunately, we all eventually pass on. At Jeffrey Burr, we have an excellent Trust Administration department to help your successor trustees and heirs navigate their way through the administration of your estate and ensure your heirs are informed every step of the way.
Hopefully you agree with me that proper estate planning is a process and not an event. The attorneys, paralegals and staff at Jeffrey Burr are committed to helping you through this process in a competent and caring manner. We thank you for allowing us to be part of your estate planning process.
Choosing colors, cakes, decorations, and invitations can seem daunting, but once the big day is over, there are other important considerations. Whether or not it’s your first walk down the aisle, it’s important to nail down particular aspects of your estate planning during this pivotal time.
Estate planning isn’t just for those with more experience under their belt. Estate planning is for everyone—especially those who are married. This article is geared towards first-time marriages and will overview estate planning documents newlyweds should have. Creating an estate plan can be a bit costly up-front but will save time and money later. It’s beneficial to begin your life together on the right foot. Compared to planning a wedding, your estate planning is a piece of cake. As promised, here are 10 estate planning tips for newlyweds.
While the above tips for your newlywed estate planning may seem a little daunting, the process can be made quite simple with guidance from your estate planning, insurance, and investment professionals. Contact them shortly after you return from your honeymoon to begin this process.
At Jeffrey Burr, LTD., our focus is providing excellent estate planning and tax guidance. We provide services to local Nevadans, as well as U.S. and non-U.S. residents outside Nevada. We offer a complimentary 30-minute consultation for potential estate planning clients. Contact us today to set up a consultation with one of our experienced attorneys.
Our office recently sent a letter to our clients who could potentially be affected by proposed changes to Section 2704 of the Internal Revenue Code, which may eliminate valuation discounting for gift and estate tax purposes. It is not too late to schedule an appointment to discuss the implications on your estate plan if this new regulation is implemented.
As a brief background, the US Treasury has recently issued Proposed Regulations that could have a dramatic impact on your estate planning by eliminating valuation discounts. For wealthy people looking to minimize their future certain estate tax, this is critical.
If you are concerned about protecting a family business, family investment assets, or real estate from having to be sold in order to pay the federal estate tax at your death, then it is worth investigating this.
Act Now: Time is of the essence. Once the Proposed Regulations are effective, which could be as early as year-end, the ability to purposely structure discounts on assets of your estate might be substantially reduced or eliminated, thus curtailing your tax and asset protection planning flexibility. Properly planning with this technique takes time to structure the various steps of the transaction. It is important to start as soon as possible in order to complete the planning before the regulations are finalized.
Please call our office today at 702-433-4455 to schedule an appointment to review your estate plan.
Even if you are not a celebrity or self-made millionaire, failing to plan properly will leave a huge mess for your family.
Some ways to make sure that your family is not scrambling to find assets upon your passing or spending thousands of dollars in court and attorney fees to transfer those assets to your beneficiaries are:
1. Make sure you at least have a simple Will.
The Will tells a court who you would like your Executor to be, or person that you would like to manage and oversee the probate process. If you fail to nominate someone, the court will nominate someone for you. A Will also directs the court to distribute assets to your named beneficiaries in accordance with the terms you lay out. If you do not have a Will, the state substitutes its own estate plan for yours by distributing your assets according to the state’s intestacy statutes – which may inadvertently disinherit those who you actually wanted to leave your assets to.
2. Determine if a Living Trust is good for you.
Living Trusts enable you to bypass the court probate process entirely. They enable for a smooth transition of assets from you to your beneficiaries after you are gone. Another benefit of the Living Trust is that it can provide for means to take care of you if you are ever incapacitated.
3. Title your Assets Properly.
If you have a Living Trust, it is important to “fund” the Trust with your assets. This means that you must transfer title of bank accounts, investment accounts, real property and vehicles into the name of the Trust. Otherwise, your family will have to probate the assets left in your individual name. Life Insurance and Retirement Plans should have updated beneficiary designations, which can include your Trust.
4. Keep an Updated Asset Inventory.
One of the most difficult parts of distributing a person’s assets after they are gone is figuring out exactly what that person owned before they passed away. Keeping an updated asset inventory will enable your family to effectively take over without having to scramble to figure out if or where you held investment accounts, stock, real property, etc.
While it may seem counter-intuitive, investing in setting up an estate plan now with an experienced estate planning attorney will save your estate (and your family) money in the long run. So to prevent a mess for your family, even if you are not a celebrity or self-made millionaire, take the time now to meet with an estate planning attorney and determine the best estate plan for you.
Many clients feel that once their children or grandchildren reach a certain age, they will have obtained a financial maturity that will enable those beneficiaries to make good financial decisions and not spend their inheritance in one visit to a casino.
Thus, in many estate plans beneficiaries are entitled to receive their inheritance all at once when they reach a certain age, or to receive portions at certain ages. While a beneficiary at age 25 or 30 may very well be financially mature, there are dangers besides a beneficiary’s propensity to spend money to consider when crafting an estate plan.
When a beneficiary is entitled to an outright distribution, those assets may become subject to more than a beneficiary’s spending habits; a judgment creditor can seize an inheritance to satisfy a claim, a bankruptcy court can seize an inheritance to pay creditors and costs of the bankruptcy proceeding, a divorce court may award some or all of an inheritance to that beneficiary’s soon-to-be ex-spouse, or if the beneficiary fails to create his or her own estate plan and something happens to him or her, the inheritance may become subject to a probate. If a minor is the beneficiary of an outright distribution, they will receive a check when they are 18, with no limitations in place for how they can spend it.
To avoid those potential dangers, among others, you can direct through your estate plan documents that a beneficiary’s inheritance be held in trust for their benefit,with distributions to be made in the discretion of the trustee. By making distributionsto a beneficiary discretionary rather than mandatory, the inheritance is protectedbecause the money is not in the beneficiary’s pocket to spend or give away. Allowing the inheritance to stay in trust will also allow the assets to grow, enabling your beneficiary to receive more than what they were originallyentitled to over time.
At JEFFREY BURR, LTD. our attorneys have worked with many clients and their families to determine the best estate plan for the preservation of their legacies and protection of their beneficiaries. To discuss the best estate plan for your family, contact us today.
At the law offices of JEFFREY BURR, we help clients with their estate planning. But having the plan, a Will or Trust, is only part of the process. I found an interesting graphic on social media and I thought I would plagiarize the idea. The graphic discussed preparation of a “death dossier” – the files and documents that are helpful to gather in planning for your death. I thought of a few other names for this as listed in the title.
Here’s a summary of the documents or categories of documents that are helpful to gather and keep with or nearby your estate planning paperwork:
Taking care of these details can really help streamline the administration of your estate. Call us today at 702.433.4455.
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