Why Trusts are created:

All Trusts are created to provide beneficiaries with income or principal (property). Property titled in a trust avoids probate. Trusts may be structured to:

  1. Protect the trust property from creditors and future ex-spouses of a beneficiary,
  2. Minimize or allocate tax load,
  3. Motivate a beneficiary to be productive, or refrain from destructive conduct,
  4. Assist a special needs beneficiary to qualify for state or federal benefits, or
  5. Prevent a beneficiary who is a spendthrift from becoming penniless.

Below is a list of trusts we assist in creating and administering:

  • Revocable trusts when they become irrevocable
  • Self-settled asset protection trusts (Nevada grantor beneficiary asset protection trusts)
  • Spousal Life Access Trusts (SLATS)
  • Grantor designated beneficiary IRA trusts
  • Life Insurance Trusts and Crummy Letters
  • Charitable remainder trusts (CRT)
  • Charitable uni-trusts (CRUT)
  • Qualified Terminal Interest Trusts for spouses and remainder beneficiaries (QTIP)
  • Generation Skip Transfer Trusts
  • Grantor Defective Trusts
  • Dynasty Trusts

Contact Us Today

Ask a Us a Question or Contact Us Today.

  • Tell Us About Your Situation?

  • This field is for validation purposes and should be left unchanged.

Commonly used terms for trust

If you are not familiar with trusts, these brief definitions will help you understand and give you a working knowledge of the terminology revolving trusts. If you are familiar with trust, then a quick review may also help you.Β  The definitions herein should be read to give you a working knowledge of terms revolving trusts. While we believe they are good, they are not legal authority.

Some considerations when creating a trust:

  • Family or beneficiary dynamics (other than the main purpose of the trust, this the most important consideration).
  • Competencies and propensities of individuals designated to serve as trustees.
  • Difficulty of administration of the trust (odd requirements).
  • Property to be titled in the trust.
  • Tax load and allocations.
  • State trust is created and will be administered.
  • Setting a beneficiary up for an unintentional felony.
  • Violations of state and US Constitutions.
  • Titling of odd assets to the trust such as crypto currencies, oil and gas, collectibles, marijuana and gaming businesses.

The following are typical matters to be addressed in a trust administration:

  • Determining when a trust comes into existence.
  • Determining when trustee duties come into existence.
  • Marshalling (finding and controlling) and determining status of trust assets.
  • Determining status of beneficiaries.
  • Providing notice of existence and terms of the trust to beneficiaries.
  • Providing an inventory of trust property to beneficiaries.
  • Establishing and funding sub-trust that may be created under the trust terms.
  • Determining tax reporting requirements and payment of taxes such as estate and income taxes.
  • Obtaining tax identification numbers.
  • Determining creditors, if any, providing notice for opportunity to file claim, and payment of legitimate claims.
  • Providing an accounting of financial transactions during the administration at regularly required intervals, and sub-trusts if applicable.
  • Identifying and installing the Trustee.
  • Calculate and prepare plans of distributions to beneficiaries.
Estate Planning
Probate Administration
Prenuptial Agreements
Healthcare Directives and Planning

Get Your
Consultation

We are legal, accounting, and business minds delivering exemplary service.

Call Us today