Create A Trust

WHAT IS A LIVING TRUST? WHAT IS A REVOCABLE TRUST?

A living trust, also known as a revocable trust, is similar to a will in that it defines your wishes for assets, property, guardianship and health care in the event you are incapable or pass away. A trust is a valid and legal relationship between you and an appointed trustee. The trustee holds all property and assets for the benefit of another person, known as a beneficiary. You can appoint a family member or relative as the beneficiary or you yourself can be the beneficiary of your own trust. You can also set up different types of trusts, like a special needs trust and an irrevocable trust. Setting up a trust with a Las Vegas trust attorney, like Brian C. Tanko, may be the best way for you and your family to avoid probate after your passing.

  • Simplify the probate process
  • Designate a trustee to manage your assets and finances
  • Change or amend the trust at any time

IRREVOCABLE TRUSTS

An irrevocable trust is a trust that cannot be changed or amended after the trust has been signed. A living trust can also be designed so that it becomes irrevocable after the passing of the trust maker or after a specified event occurs. The primary benefit of an irrevocable trust is to reduce the amount of taxes paid by the beneficiary after the death of the trust maker.


Start an irrevocable trust to:

  • Reduce estate taxes after your death
  • Protect assets from creditors
  • Start planning a charitable estate

SPECIAL NEEDS TRUST

With a special needs trust you can set aside money or property for the benefit of a child or an adult living with a disability. Such trusts are frequently used to receive an inheritance or personal injury settlement proceeds on behalf of the disabled person. They are created from the proceeds of insurance settlements, litigation or compensation from criminally-inflicted injuries.


Special Needs Trust can:

  • Protect the assets of the physically or mentally disabled family members
  • Preserve their government benefits
  • Help meet their long-term cash flow needs
  • Enhance their quality of life (education, recreational activities, custom living arrangements, etc.)

MEDICAID PLANNING TRUST

A Medicaid Planning Trust, often called a Medicaid Asset Protection Trust (MAPT), is an irrevocable trust designed to shield your assets so you can qualify for government-funded long-term care without having to spend your life savings first.


Start an Medicaid Planning Trust trust to:

  • Protect Your Life Savings from Nursing Home Costs
  • Secure Your Medicaid Eligibility
  • Pass On a Guaranteed Inheritance to Your Family

START YOUR TRUST TODAY

The last thing you want to do while planning your estate is to procrastinate. Brian C. Tanko is a Las Vegas trust lawyer with two decades experience in setting up different types of trusts. Contact the Law Offices of Brian C. Tanko today to schedule a free consultation. Fill out our contact form and tell us how we can help you.

brian tanko

MEET BRIAN C. TANKO

Brian opened the doors of his law office in Las Vegas, Nevada in 1995 and has been helping Nevadans and their families with trusts, wills, estate planning, trust administration, probate, elder law, guardianship, asset protection, corporations, limited liability companies, and business planning services, among other areas.


“I have trusted Brian Tanko, Esq. for over 14 years for the preparation and execution of my estate planning needs. He has prepared and guided my family trust in a professional fashion. I find him to be honest, ethical, compassionate and understanding with my sensitive financial information. He will be my attorney for the long term.”



– LD, Client

Brian is a member of the Nevada State Bar, Montana State Bar, Clark County Bar Association (Nevada), Northwest Montana Bar Association, Southern Nevada Estate Planning Council, Nebraska Society of CPAs, National Association of Fraud Examiners, National Academy of Elder Law Attorneys (NAELA), and is a Graduate Estate Planning Council Member (GEPC).

Asset Protection Strategies for Clients

We make sure our clients are aware of their asset protection options before they make a decision about what they believe is right for them. Every client is different and one strategy does not fit all situations. Some of the different planning strategies we tell our clients about include the following:

These partnerships are formed by families to protect family assets and limit creditors of the partners from a sale of his or her interest. These types of partnerships can be excellent tools for long-term manage of family properties or businesses.

Not all Trusts are created equal. Irrevocable Trusts can offer more protection from creditors than revocable Trusts. However, if these are not properly set up, even an irrevocable Trust may not adequately preserve assets. Some types of Trusts can protect assets from creditors, Medicaid, estate taxes and litigation if properly drafted. For this reason, it is important to have experienced legal counsel assist you assist in the formation of Trusts.

Also called a “Spendthrift Trust,” these Trusts allow a person to benefit from the assets held in the Trust, but limit a creditor's ability to attach to the Trust assets. Montana does not have statutes that allow for the creation of this type of Trust. Only a few states allow for this type of Trust to be created. Nevada is one such state and at Tanko Law we have legal counsel licensed in Nevada and relationships to help you implement this kind of Trust.

LLCs are a popular tool in an estate planning attorney’s tool box. These types of entities offer limited liability, minimize taxation, streamline family and business operations, and protect assets from personal liability. Some may think just creating an LLC online is easy and it affords you all the protections you seek, but nothing could be further from the truth. In today’s complex world where entities are subject to multiple state and federal filings for reporting, the targets for unsuspecting litigation, it is crucial that you work with experienced attorneys when implementing LLCs.

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Contact Tanko Law Office

Call Tanko Law today or use the online contact form to schedule a consultation to find out how we can help you protect your most valuable assets and minimize your administration costs. Our experienced attorneys are standing by!