Kalispell, Montana, Trusts Attorney
Some types of trusts that Tanko works with include:
- Revocable/Living Trusts: This type of Trust is the most common. The property owner puts the assets into a Trust, but still maintains control of the assets. Revocable Trusts may be modified or amended at any time.
- Irrevocable Trusts: In an irrevocable Trust, the property owner places property in a Trust, and no longer controls the asset. This type of Trust cannot be modified or amended after creation. Special types of irrevocable Trusts exist, including:
- Life Insurance Trusts
- Testamentary Trusts
- Special Needs Trusts: These Trusts allow disabled persons to retain eligibility for government assistance programs, while still having money set aside to improve their quality of life. Special Needs Trusts may be either revocable or irrevocable.
Nevada presents its own challenges to those who want to protect their assets in a Trust. The majority of Trusts in Nevada are creditor friendly, meaning creditors often have the ability to reach the Trusts’ assets. One notable exception that exists in Nevada is:
- Nevada Asset Protection Trusts: This type of Trust is sometimes called a spendthrift Trust. Clients can take assets they own and put it into this type of irrevocable Trust. The client will then be a co-trustee, capable of management of the assets in the Trust. This means that the client retains control of the asset, and may do things such as buy and sell stock. However, the client may not take assets out of the Trust on his or her own. Because the client cannot take assets out of the Trust carte blanche, assets in the Trust remain out of the reach of creditors.
Under certain circumstances, residents of Montana may be able to take advantage of the special protections offered by Nevada Asset Protection Trusts. Contact Tanko Law Office to find out more or have him draft a Trust for you.
Contact the Firm
Tanko Law Office maintains flexible hours to accommodate its clients in both Montana and Nevada. Call 406-257-3711 or use the online contact form to schedule a free initial consultation with a lawyer at a time that is convenient for you.