Estate and Asset Protection

Protecting your estate and assets most often means the strong implementation of a trust. A well-managed trust ensures your assets will be taken care of in the manner you see fit.

Certain types of trusts provide estate tax and asset protection features; however, in most instances those trusts also require administration by an independent trustee.  While those trustees routinely accept guidance from the grantors and beneficiaries as to their wishes, the trustee must make independent judgments as to distributions and administrative decisions for the trusts.

When a trust maker dies, the appointed trustee has the job of administering the trust.

This means that the trustee will be responsible for managing the trust assets and distributing them according to the instructions contained in the trust agreement. The exact duties of the trustee vary greatly and depend on what type of trust is being administered. Every trust will have its own sets of rules, requests, and guidelines provided in the trust agreement that the trustee must adhere to.

A trustee’s job is not an easy one. Typically, they are responsible for many different tasks and functions like:

• Taking an inventory of any and all assets the trust may have;
• Examining each asset and determining the fair market value;
• Keeping assets secure until they can be distributed to the trustee/trustees;
• Keeping and maintaining a thorough banking and tax record for the trust;
• Ensuring the legitimate payment of any final debts and bills of the trust maker;
• Complete payment of any potentially due final income taxes and, if necessary, filing the proper federal and/or state estate tax returns as well as paying any state taxes;
• Managing the trust’s assets in a proper manner on behalf of the beneficiaries, which can include investing, selling, or reinvesting certain assets;
• And, after all legitimate debts, bills, and taxes are paid, handling distribution of the remaining trust assets to the appropriate beneficiaries in accordance with the instructions contained in the trust agreement;

Administering a trust can be a daunting task, and – more often than not – it’s helpful to have the assistance of an experienced attorney during the process.

In addition to the many functions required when administering and managing a trust, it’s also as important to understand what benefits a trust may provide and where they fall short.

Personnel at the Law Office of Kent P. Woods provides trustee services for dozens of trusts, ranging from simple to complex.  We also provide counsel to trustees who need assistance and legal opinions as to issues affecting their trusts.

More Information

• Utilizing Trusts, LLCs And Legal Entities For Asset Protection In Nevada
• Protecting Your Business: Key Considerations In Estate Planning For Entrepreneurs
• Securing Your Legacy: A Nevada Estate Planning Attorney’s Guide To Working With A Trust Administrator
• Estate Planning For Your Business In Nevada
• Features Of A Legacy Estate Plan In Nevada
• Legacy Planning In The State Of Nevada
• A Guide To Asset Protection Planning In Nevada
• Tax-Driven Approaches To Estate Planning