Estate Planning
Red Rock Corporate Solutions is dedicated to providing
you and your family with the best advice and estate planning
that will give you the security and piece of mind you
need to live a healthier life. Whether you are looking
for a Family trust, Family Limited Partnership (or FLP),
Living trust (or Revocable Living trust), Irrevocable
trust, Life Insurance, Supplemental Need trust, Ethical
Wills, traditional Will, or consulting on estate taxes,
we are an estate planning and trust company here to guide
and direct you toward the most sensible solution for the
needs of yourself and your trustee.
We offer our clients the full spectrum of privacy, asset
protection, and tax savings; once you have completed your
Nevada Incorporation or LLC Formation we will help you
to protect your ownership interest in the Nevada Corporation
or LLC.
Estate Planning Tools
The decisions that you make about distributing your assets
in the event you should pass away are both imperative
and extremely personal. In order to conduct the decision
making process effectively, you must have access to the
right tools; wills, which are required to go through probate,
and trusts, which are not. Let our estate planning attorney
service supply you with the right tools for the job!
On this page you will find information that will be useful
in general, but you must take into consideration the laws
of the particular state, county, and city in which you
live when doing estate planning. Nevada based Red Rock
Corporate Solutions is an estate planning attorney and
trust company that offers vast experience and legal advice
no matter which state in the nation you live in. The new
head of the General Council Services Group, former State
Deputy Attorney General Donn M. Ianuzi and our team of
legal analysts will be by your side every step of the
way providing the best possible expert counseling and
legal advice.
Family Limited Partnership
The Family Limited Partnership (FLP) is by far one of the most effective asset protection structures available for estate planning. The FLP has several benefits when structured properly. It helps reduce estate taxes and income taxes, affords you the ability to manage your estate assets while denying creditors access to the assets of the estate and has a built in tax penalty for any creditor who receives a judgment against you. The structure of an FLP is made up of a General Partner (usually the owner of the estate) which has complete control and a Limited Partner (usually a Living Trust) which has no control. The law that applies to an FLP denies the creditor the right to take any interest in the partnership, and if structured properly can also provide privacy. Family Limited Partnerships are one of the most commonly used and effective domestic asset protection structures available.
Family Limited Partnerships are structured to protect real estate holdings, investment accounts, stocks and bonds, cash, jewelry and many other personal and business assets. The FLP has the benefit of being a tax neutral entity. Unlike corporate structures you can freely move assets in and out of an FLP without creating an adverse tax consequence.
Living trust (or Revocable Living Trust)
Proper estate planning starts with setting up a Living Trust, also known as a Revocable Living Trust. A Living Trust is a legal entity which holds title or ownership to your property and assets. When you create a Living Trust you transfer ownership of your assets to the trust. This is also known as funding the trust. When you fund the trust you DO NOT relinquish any control of the assets. You can still buy, sell or borrow and conduct day to day activities of your estate.
Land Trust or Real Estate Privacy Trust
A Real Estate Privacy Trust or Land Trust is a simple, inexpensive structure used for handling ownership of real estate properties. It is a legal arrangement by which the recorded deed of all or part of your property is held by a trustee. At the same time, you maintain all of the legal rights and conveniences of ownership as a beneficiary while your interest in the property is not public information.
Irrevocable trust
After you have gone through the process of setting up
an irrevocable trust, the assets that are in it are no
longer legally yours, and traditionally you will not be
able to make changes to it without the consent of the
beneficiary. The significant advantage to this type of
trust is that the appreciated assets that are in the trust
are not subject to any of the estate taxes that would
normally be incurred.
Supplemental Need trust (or Special-Needs trust)
Typically, a Supplemental Need trust would be set up in
order to provide the proper benefits for a person who
is disabled while continuing to maintain his or her government
assistance eligibility. What is vital is that none of
the assets will pass directly from the trustee to the
beneficiary. The trustee, who is not allowed to be the
beneficiary of the trust, can distribute the necessary
funds from the trust in order to cover the costs of expenses
that none of the government programs will cover.
Insurance trust
The insurance trust is an irrevocable trust that will
purchase a life insurance policy in your name. This will
remove it from being a part of your estate, and from your
estate taxes, while continuing to allow you to be the
one with legal control over the proceeds and how they
are spent.
Ethical Wills
An ethical wills is an essay or letter that allows you
to organize and communicate all of your thoughts and wishes
regarding the manner with which you will want your heirs
to live and use the estate. It is not considered to be
a legally binding document but it can assist your beneficiaries
to comprehend your plans in how you assign your estate(s).
