Nevada
Trust and Estate Attorney10,000 +
Trusts & Wills Prepared
1,000 +
Trust Administrations & Probates
Free consultations
If you are searching for information regarding trusts and estates, then you need to make sure you speak to a knowledgeable attorney who has experience practicing in the field of wills, trusts, and estates.
The lawyers at Vaksman Khalfin, PC will help you understand how trusts and estates work in the State of Nevada. We provide advice to those who are dealing with complex legal issues.
Nevada Trust & Estate Attorney: Expert Legal Advice for Your Assets
Nevada is known for its bustling tourism industry, but it is also home to a growing population of retirees and wealthy individuals. As people accumulate assets and plan for the future, they may require the services of a trust and estate attorney. These legal professionals specialize in helping clients manage their assets, plan for the transfer of wealth, and navigate complex tax laws.
A Nevada trust and estate attorney can provide a wide range of services to clients. They may assist with drafting wills and trusts, establishing guardianships and conservatorships, and creating powers of attorney. They can also help clients minimize estate taxes, protect assets from creditors, and plan for long-term care. With their expertise in estate planning and administration, trust and estate attorneys can help clients achieve their goals and protect their assets for future generations.
Practice Areas
Nevada Estate Planning
We specialize in Estate Planning services that shape the future you envision. Our team of experienced and dedicated attorneys ensures that our client’s assets and families are safeguarded.
Nevada Probate
Dealing with probate after a loved one’s passing can often be a complicated and distressing process. Our attorneys are dedicated to assisting clients by simplifying the process, offering meticulous legal advice, and helping resolve disputes regarding the division and administration of an estate.
Nevada Trust Administration
Effectively managing a trust or estate requires extensive knowledge, planning, and execution. Our experienced attorneys have successfully administered hundreds of trusts, ensuring that all assets are accounted for, and distributed correctly and that tax obligations are met.
Nevada Estate Tax & Asset Protection
Our law firm specializes in preserving your wealth through strategic planning to minimize estate tax liability and maintaining robust legal structures to safeguard your assets from potential threats or liabilities.
Understanding Nevada Trust Law
Nevada is one of the most popular states in the US for creating trusts, thanks to its favorable tax laws and asset protection provisions. It is important to understand the different types of trusts available in Nevada, as well as the rules for their formation, funding, and administration.
Types of Trusts in Nevada
Nevada law recognizes several types of trusts, including revocable trusts, irrevocable trusts, asset protection trusts, special needs trusts, and charitable trusts. Each type of trust has its own unique features and benefits. For example, a revocable trust allows the grantor to maintain control over the assets while alive, while an irrevocable trust provides greater asset protection and tax benefits.
Formation and Funding of Trusts
To create a valid trust in Nevada, the settlor must have legal capacity, create a written trust instrument, and transfer property to the trust. The trust instrument must contain certain essential elements, such as the identity of the settlor and trustee, the beneficiaries, and the terms and conditions of the trust. Funding the trust involves transferring assets to the trustee, who holds and manages them for the benefit of the beneficiaries.
Nevada Trust Administration
Once a trust is established and funded, it must be administered in accordance with Nevada law and the terms of the trust instrument. The trustee has a fiduciary duty to act in the best interests of the beneficiaries, and must manage the trust assets prudently and impartially. The trustee is also responsible for making distributions to the beneficiaries as directed by the trust instrument.
In conclusion, understanding Nevada trust law is essential for anyone considering creating a trust in the state. By knowing the different types of trusts available, the rules for their formation and funding, and the requirements for trust administration, you can make informed decisions about how best to protect and manage your assets.
Estate Planning in Nevada
Nevada residents who wish to plan their estates should consider the various tools available to them. Estate planning is the process of arranging for the management and distribution of one’s assets after death. It involves the creation of legal documents that dictate how a person’s property should be distributed, who should manage their affairs if they become incapacitated, and how their assets should be protected from taxes and other liabilities.
Wills vs. Trusts
One of the most common estate planning tools is a will. A will is a legal document that sets forth a person’s wishes regarding the distribution of their assets after death. It is important to note that a will must go through probate, which is a court-supervised process that can be time-consuming and expensive.
A trust is another estate planning tool that can be used to manage assets during a person’s lifetime and after death. A trust can be revocable or irrevocable and can provide for the management of assets in the event of incapacity. Unlike a will, a trust does not go through probate, which can save time and money.
Estate Tax Planning
Nevada residents should also consider estate tax planning. The federal estate tax is a tax on the transfer of property at death. In 2024, the federal estate tax exemption is $12.06 million per individual. Nevada does not have a state estate tax, but it is important to consider federal estate tax implications when planning an estate.
Durable Powers of Attorney
Another important estate planning tool is a durable power of attorney. A durable power of attorney is a legal document that allows a person to appoint someone to act on their behalf if they become incapacitated. This document can be used to manage financial affairs, make medical decisions, and perform other important tasks.
Overall, estate planning in Nevada requires careful consideration of a variety of legal tools and strategies. Residents should work with an experienced trust and estate attorney to ensure that their wishes are properly documented and that their assets are protected.
Probate and Estate Administration
Probate Process in Nevada
Probate is the legal process of administering the estate of a deceased person. In Nevada, the probate process is overseen by the district court in the county where the decedent resided. The process typically involves the following steps:
- Filing a petition with the court to open probate and appoint a personal representative.
- Notice to creditors and beneficiaries.
- Inventory and appraisal of the decedent’s assets.
- Payment of debts and taxes.
- Distribution of assets to beneficiaries.
The probate process can be complex and time-consuming, but an experienced Nevada Trust & Estate Attorney can help guide you through the process and ensure that your loved one’s estate is properly administered.
Estate Settlement
Estate settlement is the process of distributing the assets of a deceased person to their heirs and beneficiaries. In Nevada, the estate settlement process can be done through probate or through a trust. The process typically involves the following steps:
- Identification and valuation of assets.
- Payment of debts and taxes.
- Distribution of assets to beneficiaries.
An experienced Nevada Trust & Estate Attorney can help you navigate the estate settlement process and ensure that your loved one’s wishes are carried out according to their estate plan.
Asset Protection Strategies
Nevada Trust & Estate Attorneys offer clients a variety of strategies to protect their assets from potential creditors. Two commonly used strategies are Homestead Laws and the use of LLCs and Corporations.
Homestead Laws
Nevada has some of the most favorable Homestead Laws in the country, which allow homeowners to protect their primary residence from creditors. The Homestead exemption applies to up to $605,000 of equity in the property. This means that if a homeowner has a mortgage of $400,000 on a home worth $1,000,000, they would have $600,000 of equity in the property. The Homestead exemption would protect $605,000 of that equity, leaving only $5,000 exposed to creditors.
Use of LLCs and Corporations
Another strategy used by Nevada Trust & Estate Attorneys is the use of LLCs and Corporations to protect assets. By creating a separate legal entity, clients can protect their personal assets from potential creditors of the business. This strategy is especially useful for clients who own rental properties or operate their own businesses.
LLCs and Corporations can also provide tax benefits to clients. By electing to be taxed as an S-Corporation, clients can avoid double taxation and reduce their overall tax liability.
Overall, Nevada Trust & Estate Attorneys offer a variety of asset protection strategies to clients. Homestead Laws and the use of LLCs and Corporations are just two examples of the many strategies available to clients looking to protect their assets.
Robert B. Vaksman, Esq.
Founding Partner
“Some cases are easier than others, but this doesn’t matter at Vaksman Khalfin, because we have the resources to help our clients no matter what is at stake, especially if it’s hard."
ALAN D. KHALFIN, ESQ.
Partner & Managing Attorney
"People call me when they need to plan, but also when something terrible has happened and they need help. It is personal to my clients, so it is personal to me. We have to help — no matter what."
What You Can Expect
Free Consultation
We will begin with a no-obligation free confidential consultation. This free session provides an opportunity to understand your unique trust and estate planning needs, discuss your concerns, and establish how we can assist you towards achieving your goals.
Flexible Pricing
Everyone's financial situation is different. To meet your trust and estate planning needs, we offer flexible pricing structures to ensure that quality legal services are accessible to all. Our goal is to provide exceptional value, at a cost that makes sense for your circumstances.
SAFE ACCESS TO YOUR DOCUMENTS
It is crucial that your estate planning documents should be easily accessible when you need them. We provide safe and easy access to your files at any time in order to ensure the security of your trust and estate documents.
Personal support
A dedicated attorney and case manager will ensure a personal and concerted approach to your case. This focused support provides a direct point of contact, personal attention to your case, and ensures we can solve any concerns or issues that you may have.
What Our Clients Say
“I learned about Vaksman Khalfin from a family friend who advised me to schedule a free consultation. My experience taught me that the staff and attorneys at VK value their clients and treat them with respect. I have learned so much about my legal rights, and I value having sought out legal representation for my estate planning needs.”
“When I had to deal with a family tragedy I did not know where to turn for help. One day I was searching for estate planning attorneys in Nevada and I came across the Vaksman Khalfin website. The legal assistants, paralegals, and attorneys at Vaksman Khalfin took my case seriously, and they provided me with regular case updates which made me feel confident that I had chosen the right trust & estate attorneys in Nevada.”
Charitable Giving and Trusts
Charitable giving is an important aspect of estate planning, and Nevada Trust & Estate attorneys can help clients develop strategies that benefit both charitable organizations and their own financial planning goals. Trusts are a common tool used in charitable giving, and there are several types of trusts that can be used to support philanthropic causes while also providing tax benefits to the donor.
Charitable Remainder Trusts
A Charitable Remainder Trust (CRT) is a type of trust that allows the donor to receive income from the trust during their lifetime, with the remaining assets going to a designated charity upon the donor’s death. This type of trust can provide significant tax benefits, as the donor can receive an income tax deduction for the present value of the charity’s remainder interest. Additionally, the donor can avoid capital gains taxes on appreciated assets that are transferred to the trust.
Philanthropic Strategies
Nevada Trust & Estate attorneys can also help clients develop philanthropic strategies that go beyond traditional charitable giving. For example, some clients may be interested in creating a private foundation or donor-advised fund to support specific causes or organizations. These types of philanthropic vehicles can provide greater control over the use of donated funds and can allow for more personalized giving strategies.
Overall, charitable giving and trusts can be powerful tools for both estate planning and philanthropy. By working with a knowledgeable Nevada Trust & Estate attorney, clients can develop strategies that meet their financial goals while also supporting causes that are important to them.
Business Succession Planning
When it comes to business succession planning, a Nevada Trust & Estate Attorney can help business owners prepare for the future by creating a plan that ensures a smooth transition of ownership and management. There are several strategies that can be used to accomplish this, including family business trusts and buy-sell agreements.
Family Business Trusts
One way to ensure a smooth transition of ownership is by creating a family business trust. A family business trust is a type of trust that is specifically designed to hold and manage a family-owned business. By transferring ownership of the business to the trust, the business owner can ensure that the business will be managed according to their wishes after they pass away. This is especially important when there are multiple family members involved in the business, as it can help prevent disputes and ensure that the business continues to operate smoothly.
Buy-Sell Agreements
Another strategy for business succession planning is to create a buy-sell agreement. A buy-sell agreement is a legal contract between business owners that outlines what will happen if one of the owners dies, becomes disabled, or decides to leave the business. The agreement typically includes provisions for how the business will be valued, how the departing owner’s interest will be purchased, and how the purchase will be financed.
By creating a buy-sell agreement, business owners can ensure that the business will continue to operate smoothly in the event of an unexpected departure. It can also help prevent disputes between owners and ensure that the business remains in the hands of those who are best suited to manage it.
In summary, business succession planning is an important part of ensuring the long-term success of a family-owned business. By working with a Nevada Trust & Estate Attorney, business owners can create a plan that meets their unique needs and ensures a smooth transition of ownership and management. Whether through a family business trust or a buy-sell agreement, there are several strategies that can be used to accomplish this goal.
Trust and Estate Litigation
Trust and estate litigation refers to the legal disputes that arise during the administration of trusts and estates. These disputes can be complex and emotionally charged, and it is important to have an experienced Nevada Trust & Estate Attorney to help you navigate these issues.
Will Contests
Will contests are disputes that arise over the validity of a will. These disputes can be based on a variety of factors, such as allegations of undue influence, lack of capacity, or fraud. If a will is found to be invalid, the court may either declare the will void or reform it to reflect the testator’s true intentions.
Trust Disputes
Trust disputes can arise when beneficiaries or trustees disagree over the terms of a trust or how it is being administered. These disputes can involve issues such as breach of fiduciary duty, mismanagement of assets, or disagreements over distributions. A skilled Nevada Trust & Estate Attorney can help resolve these disputes through negotiation, mediation, or litigation.
Fiduciary Litigation
Fiduciary litigation involves disputes between fiduciaries, such as trustees, executors, or guardians, and the beneficiaries they serve. These disputes can involve allegations of breach of fiduciary duty, fraud, or mismanagement of assets. A Nevada Trust & Estate Attorney can help protect the interests of beneficiaries and hold fiduciaries accountable for their actions.
In conclusion, trust and estate litigation can be complex and emotionally charged. It is important to have an experienced Nevada Trust & Estate Attorney who can help you navigate these issues and protect your interests.
Legal Guidance and Representation
Nevada Trust & Estate Attorneys provide legal guidance and representation to clients in various areas of estate planning, probate, and trust administration. Their expertise in the field allows them to provide clients with comprehensive legal advice and representation that is tailored to their unique needs.
One of the primary services offered by Nevada Trust & Estate Attorneys is estate planning. They work with clients to develop comprehensive estate plans that include wills, trusts, powers of attorney, and other essential documents. These plans are designed to ensure that clients’ assets are distributed according to their wishes and that their loved ones are protected in the event of their incapacity or death.
In addition to estate planning, Nevada Trust & Estate Attorneys also provide representation in probate and trust administration matters. They assist clients with probate court proceedings, including the distribution of assets, payment of debts, and resolution of disputes. They also provide guidance and representation in trust administration matters, ensuring that trustees fulfill their fiduciary duties and that beneficiaries receive their rightful share of the trust assets.
Overall, Nevada Trust & Estate Attorneys provide clients with the legal guidance and representation they need to navigate the complex world of estate planning, probate, and trust administration. With their knowledge and expertise, clients can rest assured that their affairs are in good hands.
Nevada Trusts and Estates Law
Attorneys who specialize in the law of trusts and estates must understand numerous legal principles related to family law, property law, and the Nevada Probate Code. Individuals seeking legal advice may have legal questions regarding how real estate may be transferred to a trust. It is necessary for you to understand that you have the right to decide who will control your assets if you get sick and who will receive property as your heir upon your death.
It can be difficult for some clients to face these questions, so they put off creating an estate plan. Unfortunately, if you do not have an estate plan then your assets may be subject to probate administration, and one of the most attractive features of estate planning is its ability to allow clients to avoid probate. Individual family members lose time and money when they have to go through probate.
Dealing with questions regarding assets such as real property means that you often must consider others and how your decisions will affect their lives. Therefore, you need to establish a positive relationship with your trust and estate attorney in Nevada so you can be honest, forthright, and truthful with your attorney.
Wills and Trusts: Is One Superior?
Prospective clients may wonder if it is better to possess a will or a trust in the State of Nevada. Every jurisdiction may look to the Uniform Probate Code for guidance, but ultimately the laws regarding trusts and estates are unique to each state. Both wills and trusts are used to help clients achieve different goals. For example, wills are typically used to distribute a decedent’s assets in accordance with their wishes. However, a will must be probated, and this process is time-consuming and financially draining.
A will must be signed by the testator and attested to by two witnesses. A testator may be any person eighteen (18) years of age and of sound mind.
Trusts are legal instruments which help clients avoid probate while keeping the client’s financial assets out of the public record. A trust features three parties: the settlor, the trustee, and the beneficiary. A settlor creates the trust and places the assets in the trust corpus. The trustee then manages the assets for the benefit of the beneficiary. Oftentimes a single event will trigger the disbursal of the assets to the beneficiary. Under Nevada law, the settlor may be named the trustor.
Who Needs a Trusts and Estates Attorney?
Individuals with personal wealth and large real estate portfolios are not the only people who create trusts. Any person who owns real property, or manages assets, should take the time to think about the benefits which come from creating a trust or an estate.
Prospective clients from all walks of life can learn something from speaking with a trusts and estates attorney. The transfer of assets is an important aspect of wealth generation. You may want to learn more about securing your grandchild’s college tuition fund, or maybe you want to donate a gift to your alma mater. An experienced attorney can provide you with a clear explanation of Nevada law.
Also, those who have unique family and business relationships can especially benefit from consulting with a trusts and estates attorney. California is a populous state, and the laws in such a large state are complex. Therefore, you should consider speaking to a Nevada Trusts and Estates attorney if you have questions about your legal rights.
How it works
Complimentary consultation
Complimentary phone or Zoom meeting with our law firm to answer any questions and discuss our process.
Working with a Legal team
Work with us through an easy and secure process to design your custom plan.
Confirm and sign your documents
We draft your plan for your review. Once confirmed, we’ll provide you a binder with final documents for you to sign.
Nevada Trust And Estate
Frequently Asked Questions
The cost of setting up a trust in Nevada can vary depending on the complexity of the trust and the specific services provided by the attorney or firm assisting with the process. It’s advisable to consult with a legal professional or a trust company in Nevada to get an accurate estimate based on your individual needs and circumstances.
Yes, it is possible to set up a trust without a lawyer in Nevada. There are various resources available that can guide individuals through the process of creating a trust. However, it is important to consider the potential complexities and legal implications involved in trust creation, so seeking professional legal advice is often recommended to ensure the trust is properly structured and executed.
In Nevada, for a trust to be considered valid, it must meet certain legal requirements. These typically include having a competent grantor who creates the trust with intention, a designated trustee, identifiable trust property, and clear beneficiaries. Additionally, the trust document must comply with Nevada state laws regarding trusts. It is advisable to seek legal counsel to ensure that a trust is valid and legally enforceable in Nevada.
Settling a trust in Nevada typically involves the following factors: 1. Legal compliance: Ensure compliance with all Nevada state laws and regulations governing trust administration 2. Tax filings: Fulfill any necessary tax obligations, such as filing final income tax returns and estate tax returns 3. Accounting: Keep detailed records of all transactions and activities related to the trust 4. Distribution: Follow the terms of the trust document to distribute assets to beneficiaries as outlined 5. Inventory and Valuation: Gather and assess all trust assets 6. Notification: Notify beneficiaries and heirs of the trust’s existence and provide them with relevant information Keep these steps in mind as you seek out legal representation.
In Nevada, a trust generally does not need to be filed with a government agency or made public. Unlike a will, which may need to go through probate and become a matter of public record, a trust can often allow for the private transfer of assets to beneficiaries without the need for court involvement or public filing. However, there may be certain circumstances, such as disputes or legal challenges, where the trust document may need to be presented to a court. It’s advisable to seek legal guidance to understand the specific requirements and implications related to trusts in Nevada.
Under Nevada law, a trust generally does not need to be recorded or filed with a government agency for it to be valid or legally effective. Unlike real estate deeds or other documents that may need to be recorded with the county, trusts generally do not require public recording. However, there may be specific circumstances where recording the trust document could be beneficial, such as providing notice to creditors or clarifying the trust’s existence and terms. It is advisable to consult with a legal professional for guidance on whether recording the trust is advisable in a particular situation.
In Nevada, a trust can typically last for a long time, as the state has enacted the Uniform Statutory Rule Against Perpetuities, allowing trusts to continue for an extended duration. Nevada also allows for trusts to last for up to 365 years, making it a favorable jurisdiction for long-term trust planning.
Assets that are often held in a trust include real estate properties, investment accounts, bank accounts, valuable personal property, business interests, and life insurance policies. Intellectual property rights and specific types of retirement accounts may also be placed in a trust.
Placing bank accounts in a trust may offer several potential benefits, such as facilitating the efficient transfer of assets to beneficiaries upon the grantor’s passing and potentially avoiding probate. Additionally, having bank accounts in a trust can provide a level of asset protection and privacy, as the trust document is typically not a matter of public record.
The decision to establish a trust is not solely determined by net worth, as trusts can serve various purposes beyond wealth management, such as incapacity planning, privacy, and control over asset distribution. While higher net worth individuals may find trusts particularly beneficial for estate planning, asset protection, and tax efficiency, individuals with more modest estates can also benefit from trusts for specific purposes such as providing for minor children, managing assets in the event of incapacity, or ensuring specific wishes are carried out after passing.
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