448 Hill Street
Reno, NV 89501
(775) 322-8746
(775) 323-0709
Michael Gregg



Trusts Offer Privacy, Expert Management,
and Flexibility

Increasingly popular in recent years, today many people are creating revocable living trusts to which they transfer the bulk of their assets. Longer life expectancies and more complicated estates prompt many to arrange for expert management of assets as they advance in years. Others consider it more prudent to give children a stream of income rather than a sudden, large sum of money. Typically, they reserve the right to all the income from the trust as well as the right to change or revoke the trust during life. Generally these trusts are drafted to become irrevocable upon the death of the creator. Because trust assets are not subject to probate, privacy is assured, and some expenses and delays associated with the probate process may be avoided.

Gifts That Give Back

A primary estate planning objective for most of us is ensuring the financial security of our loved ones. Understandably, this objective sometimes seems to conflict with significant charitable objectives. Fortunately, there are a number of ways you can protect your loved ones' security and plan to support those charitable organizations that are important to you.

Planning for Tax Savings

Nothing is sure but death and taxes-and the taxes will be there after your death as well as before. Thus, as you plan for the distribution of your estate, it's prudent to consider alternatives that can lessen the tax bite.

What is a Trust?

A trust is simply a legal arrangement for the management of cash, securities and/or other assets by a trustee. The trust is managed for someone's benefit, such as yourself, a member of your family, a relative, a friend, a charity. The trustee holds title to the assets and carries out your instructions.

Types of Trusts

A Revocable Living Trust is a legal document that looks a lot like a Will. It includes your instructions for what you want to happen to your assets when you die-just like a Will. But, unlike a Will, a Living Trust avoids probate at death. It also prevents the court from controlling your assets if you become incapacitated. And it gives you (not the courts) control of the assets you leave to your minor children or grandchildren.

A Testamentary Trust is created under your Will and begins to function at your death. The Trustee administers and distributes your property as your Will directs.

An Irrevocable Trust is frequently used in tax planning. After it has been set up, you can not change it or remove assets that have been transferred into it.

If you have further questions or would like more information, please contact Michael S. Gregg.

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