One of the most important reasons for estate planning is to provide asset protection, preserving the wealth and property you have built on a lifetime of hard work. With knowledgeable legal guidance, you can pass along as much of this as possible to your loved ones or charitable organizations, protecting those assets from aggressive estate tax and the government.
At Escobar & Associates Law Firm, Ltd., our Las Vegas and Summerlin attorneys are experienced in crafting comprehensive and strategic estate plans that are customized to your financial plan, assets and portfolio. We take the time to fully understand not only your financial situation, but also your specific goals for the future and how your assets are to be passed.
Trusts are the foundation for many asset protection plans. Most commonly, this includes:
Irrevocable trusts: These trusts structure your assets to provide protection from certain creditors and lender situations following your passing. While this may limit the amount of control you have over the assets within the trust, they can minimize estate taxes. They are also critical to many plans for long-term care and Medicaid planning.
Revocable living trusts — Living trusts allow the individual a high degree of control over the trust’s assets and flexibility in changing the terms of the trusts. They are powerful vehicles that can be used to protect the individual in a broad range of circumstances, including:
Estate laws are complex and continually evolving. It is important that you have an attorney who understands these laws and the most recent developments to provide the highest degree of protection possible. Our Summerlin lawyers will continue to review your plan as laws change, to ensure that any necessary adjustments are made to protect your assets.