In Nevada, estate owners should evaluate the opportunities available to them to protect their assets in order to prevent a financial loss for their beneficiaries. They could also prevent seizure of key properties through the probate process. An asset protection company in Las Vegas, NV helps these estate owners make use of these strategies.
Lowering the Total Value of the Estate
The most effective strategy for protecting the assets is to move them out of the estate. The estate owner could transfer ownership of select properties to a family member or business associate so as to reduce the total value of the estate as well as the time in which it is processed through probate.
Setting Up Trust Funds
A trust fund allows the estate owner to transfer large sums of money out of their estate. The funds become the property of the individual identified as the owner of the trust or account. Once the money is deposited into these accounts, it isn’t connected to the estate. This strategy allows the estate owner protect larger sums of their financial assets.
Setting Up Options to Settle Outstanding Balances
Insurance policies are a vital option for settling outstanding balances owed by the estate owner. The policies pay their creditors if they die before the debt is settled. This is beneficial for mortgage loans as it prevents the beneficiaries from losing the property once the estate enters probate.
The administrator of the estate owner’s will manages these requirements and transfers the funds to the creditor. This allows them to settle the debt with the policy instead of any money or properties included in the estate. The family then can keep all monetary awards identified in the estate owner’s will without a lengthy probate process.
Nevada estate owners must evaluate all opportunities when protecting their assets. These options could include strategies for lowering the value of the estate. The estate owner has the right to set up these provisions through a will, trust, or transfer of ownership. Estate owners who need to consult an asset protection company in Las Vegas, NV should contact Grant Morris Dodds or visit the website today for more information.
