Nevada consumers who own a multitude of properties should learn more about the benefits of land trusts. In layman’s terms, the trust is an agreement between the property owner and a trustee. It allows the trustee to hold the title to the property by following provisions within the agreement. However, the property owner retains ownership during their lifetime.
Why Do You Need a Land Trust?
Land trust asset protection in Las Vegas, NV allows the property owner to protect the asset from creditors and agencies that wish to seize it. Essentially, the land trust transfers limited ownership to the trustee. The trust is beneficial for estate owners who want to give the property to a child as a form of inheritance.
What You Should Know
The owner has the authority to modify the trust at any time. However, the agreement is revocable. This implies that after the original owner dies, the trustee becomes the legal owner. Any changes the owner wishes to make to the land trust asset protection in Las Vegas, NV should be conducted as soon as possible. Once the trust is finalized, it is legal and binding. The original owner isn’t recognized visibly as the owner after finalization of the trust. Browse the website for more information.
Are There Any Exceptions?
Yes. The authority of any trustee that doesn’t follow the provisions of the agreement can be nullified. For example, if the property owner imposes restrictions on the use of the property in these provisions, he or she could remove a trustee who violates the restrictions. Common restricts that apply are maintenance, profits earned via the use of the property, and who is allowed to live on the property.
Land trust asset protection in Las Vegas, NV could reduce the probability of litigation by creditors. The total value of the estate is decreased and could become undesirable to these companies. Equally, property owners who have been diagnosed with debilitating illnesses could prevent nursing homes from seizing their assets. Nursing homes are notorious for filing a claim for the assets of seniors to cover the cost of care. To protect your assets more fully, contact Grant Morris Dodds today.
