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.
Set up a living trust to:
- Simplify the probate process
- Designate a trustee to manage your assets and finances
- Change or amend the trust at any time
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.)
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.
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).