Here at Team Emanuele we believe in finding the right solutions to meet our clientâs real estate needs. We want to earn your business and strive to go above and beyond to meet the individual needs of our clients.
During the upheaval of buying a new property and moving sometimes important things are overlooked. With home ownership, the need to take action to protect one's assets becomes even more critical. An important step in this process is the creation of a sound estate plan, the key element of which is a living trust. Here are five reasons why a revocable trust is important for you and your family:
It allows you to pass on assets privately, quickly and efficiently: A revocable trust maintains your privacy, as it will not be filed with a probate court and will never become a public document, which is very different from a will. In addition, when you transfer property into your revocable trust during your lifetime, it will avoid the expense and delays of probate. It also benefits you during your lifetime if you become incapacitated, the trustee of your choosing can manage the assets in your revocable living trust without the need for a court-appointed guardian.
It helps preserve your assets for heirs and charities: You can change your revocable living trust at any time, but when you die it becomes irrevocable, and the provisions referring to the disposition of assets to your heirs and charities must be administered according to the terms set forth in your trust. Unlike a will, a revocable living trust can also include language allowing the trustee to protect assets from creditors of, or a legal judgement against, one of your beneficiaries.
It allows you to retain control over distributions: Your trust can specify when distributions of income and principal will be available to beneficiaries, such as, for example, children and grandchildren. Your trust can include distributions for specific purposes like education or health care expenses. You can also set it up so that distributions to beneficiaries are made at specific ages, such as a quarter of the principal at age 30, half at 35 and the remainder at 40.
It allows you to distribute retirement accounts efficiently: When your trust is the beneficiary of your retirement accounts (IRAs, retirement plans, etc.), the trustee can limit withdrawals to the retirement account's minimum required distributions based on the life expectancy of the oldest beneficiary. This stops a beneficiary from liquidating the retirement account thereby creating a large income tax obligation.
It helps keep assets in the family: When a surviving spouse remarries, the concern arises that a new spouse's children could inherit assets and reduce what children of the first marriage might receive. In this case, a special trust provision can provide income to the second spouse while he/she is alive, then distribute the assets to the children of the first marriage after his/her death.
We always recommend that you consult with the attorney of your choice to draft the right estate plan to meet your individual needs. Even if you already have a revocable living trust, an important life event, such as buying a new home, is usually a great time to review it. As life changes, your estate planning needs change with it. Once your estate plan is complete, make certain to title your property in your trust.
For all of your real estate needs please reach out to us by phone 702-572-4227 or text or email Kurt@TeamEmanuele.com for assistance with all of your real estate needs and "expect excellence"!
Author:Kurt Brackob Phone: 702-572-4227 Dated: December 4th 2018 Views: 1,416 About Kurt: Kurt Brackob has lived in Las Vegas for over 10 years. A graduate of the University of Illinois, he ...
View our latest blog posts in your RSS reader. Click here to access.
Team Emanuele was established in 2009 by Richard Emanuele. He hand picked a select group of Real Estate professionals that have made it their mission to consistently offer excellent service while helping buyer's and sellers with all of their Real Estate needs. They continue to be a top producing Real Estate firm throughout the Las Vegas Valley, Henderson, and North Las Vegas areas. We have the experience and expertise to help you with Probate Sales, Short Selling, Divorcee Sales, or listing a home that's in an equitable position. We work with first time home buyers, buyers looking relocate locally or from out of state, Investors who are buying and flipping or buying and holding,both residential,commercial and land development.
We are a full service Real Estate firm.
We look forward to earning your business. Are motto is " Expect Excellence"
Five Reasons You Need a Living Trust!Here at Team Emanuele we believe
"I recently moved to Vegas and decided to check out the LV strip. I grabbed a bite, and Wariya was referred to me by the Restaurant Manager. I called Wariya the next day and told her I was looking for a house to purchase. Wariya immediately found houses and was very knowledgeable about the locations that would be safe for me! I really liked that she was personable and as I'm Typing this.....I'm going through escrow now on the home of my dreams that she helped me find!! Thank you Wariya and I'll be sending you referrals soon! :)"