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A variety of trusts is available to meet your unique financial needs, including:

• Irrevocable life insurance trusts
• Nevada Asset Protection Trusts (NAPT)
• Special needs trusts
• Revocable living trusts
• Irrevocable living trusts
• Charitable trusts
• Trust Administration

Which Type of Trust Is Right for You?

Choosing the right type of trust is a critical decision in estate planning, and several factors will influence this choice. At Bowler Twitchell LLP, our experienced Las Vegas trust attorneys can help you understand these factors and select the trust that best suits your unique financial needs and goals.

You may want to consider the following factors when choosing a trust:

Control Over Assets

Revocable Living Trusts:
If you want to retain control over your assets during your lifetime, a revocable living trust may be the best option. This trust allows you to modify or revoke it as your circumstances change, providing flexibility and ensuring smooth management of your assets if you become incapacitated.

Irrevocable Living Trusts:
For those looking to minimize estate taxes and protect assets from creditors, an irrevocable living trust is ideal. This type of trust removes assets from your taxable estate and shields them from legal claims, although it cannot be altered or revoked once established.

Tax Considerations

Irrevocable Life Insurance Trusts:
If minimizing estate taxes is a priority, an irrevocable life insurance trust (ILIT) can be beneficial. This trust holds life insurance policies, ensuring that the proceeds are distributed according to your wishes and are free from estate tax liabilities.

Asset Protection

Nevada Asset Protection Trusts (NAPT):
For robust protection against creditors and lawsuits, a Nevada Asset Protection Trust offers significant advantages. This trust allows you to transfer assets while retaining some benefits, safeguarding your wealth from potential legal claims.

Beneficiary Needs

Special Needs Trusts:
If you have a beneficiary with disabilities, a special needs trust can provide financial support without affecting their eligibility for government benefits like Medicaid and Supplemental Security Income (SSI). This trust ensures the beneficiary has access to additional resources to enhance their quality of life.

Testamentary Trusts:
If you wish to provide for minor children, manage assets for beneficiaries who are not ready to handle them, or support a surviving spouse, a testamentary trust may be appropriate. Created through a will, this trust takes effect upon your death and provides long-term asset management.

Charitable Intentions

Charitable Trusts:
For those looking to support charitable organizations or causes, charitable trusts offer tax advantages and the ability to make a meaningful impact. Charitable remainder trusts (CRTs) and charitable lead trusts (CLTs) each offer different benefits depending on your philanthropic goals.

Choosing the right trust involves a thorough understanding of your financial situation, family dynamics, and long-term objectives. Our knowledgeable Las Vegas estate planning lawyers can guide you through the process, helping you evaluate these factors and create a tailored solution to protect your assets and ensure your wishes are fulfilled.