TRUST AND ESTATE PLANNING IN LAS VEGAS & MISSOULA
ABOUT TRUST AND ESTATE SERVICES IN LAS VEGAS & MISSOULA
When creating a financial plan for the future it is very important in my opinion to also plan for the unexpected. There aren’t many guarantees in life but as we all joke with the saying, the two guarantees are taxes and death! Even though this is said a lot of the times in a joking manner, these are real concerns for many people. You have worked your entire life accumulating the assets you have and you have the right to make sure your assets go to the next generation, charity, or whomever you have chosen with no headaches. This is where our Las Vegas and Missoula Trust and Estate planning can help you.
WILLS IN LAS VEGAS & MISSOULA
The most basic estate planning tool is a will. In simple terms, a will allows a person to write down or speak their final wishes as to where and whom their assets are to go. The biggest problem with a will? A will goes through Probate and all assets become public information.
PROBATE IN LAS VEGAS & MISSOULA
Probate is derived from the Latin language meaning to prove. This is exactly what a will is for, you must prove in court the legitimacy of the document. We recommend to anyone who owns a home and has some assets that they should get a Trust done. You should seek the advice of an attorney when setting up a trust too. We are happy to make a recommendation for a few different attorneys who specialize in drafting Trusts to help you with the process.
WHY TRUSTS ARE IMPORTANT IN LAS VEGAS & MISSOULA
One common example of why a trust can be very important to have drafted is that many things we own do not allow you to have a beneficiary listed if you were to pass away. The most common asset you cannot put a beneficiary down for is a home. Owning your home in your family trust allows you to pass it along in the fashion you would like with avoiding the probate process for your family.
REQUIREMENTS OF A FINANCIAL ADVISOR
YOU MUST DECIDE WHO YOUR SUCCESSOR TRUSTEE WILL BE
After you have a Trust drafted, you’ll have a very important decision to make, who to name as your successor trustee. The Successor Trustee is the person or persons who you appoint to settle and handle your trust upon death or incapacitation. Very commonly a husband and wife will name an adult child they trust to handle this enormous responsibility. Let’s face it, we all do not have perfect families and maybe our adult grown children are not responsible enough, don’t want to do this, or we just don’t want to create a conflict and see greed among the adult children. In this case, naming a corporate trustee such as a bank or trust company is the safest way to go and prevents problems with the family.
WHAT ARE THE REQUIREMENTS TO BE A TRUST COMPANY?
Many trust companies for Banks require a significant net worth to take on that business and I have seen assets requirements north of 3 million just to name that bank as the Trust Company. Also, many banks do not have a local trust officer so that makes the process even more difficult. Securities America, who is our brokerage firm, owns a full-service Trust Company.
We Work Closely with a Trust Company
Premier Trust is a wholly owned subsidiary of Ladenburg Thalmann. Ladenburg Thalmann is a very prestigious investment bank who has been in business since 1876. Ladenburg Thalmann also owns the brokerage firm we work with and use for our clients. The reason we bring this up, if you are a client of mine we can still maintain your investment relationship, provide local trust services, and maintain peace of mind to your family everything you have done in your trust will be accommodated.
Choose Us to Be Your Trust and Estate Planning Partners!
We are not attorneys, but we do have a deep understanding of Trust and Estate Planning tools and concepts. Please speak to us further with questions and we can also point you in the right direction for legal advice. Please do not take the information written above as legal advice. Please contact us to discuss your planning needs.
Securities America and its representatives do not provide tax or legal advice. Please consult the appropriate professional regarding your specific situation.
If you are looking for something other than our Las Vegas and Missoula Trust and Estate Planning Services, please see the Services page.