Las Vegas Living Trust Attorney
What is Asset Protection and how does it work?
A Las Vegas living trust is unlike any other trust. Created under NRS 166, the trust actually
â€śownsâ€ť the assets inside the trust, while the â€śmanaging trusteeâ€ť controls what assets are inside the
trust, if or when they come out of the trust, and what the assets do while inside the trust.
It was only recently that Nevada state law changed to make it possible for the person who created the
trust to also be the â€śmanaging trustee.â€ť Now, when you set up a trust, you no longer have to lose
control of your assets. You control them but you do not own them.
When you set up an asset protection trust, it is an empty shell. You fund it by moving your assets into
the trust. Setting up bank accounts in the name of the trust, investment accounts, company interests,
inheritance, real estate, vehicles, cash, jewelry, and artwork are all examples of things you can put into
What do I need to protect?
We all know that we can be sued by anyone, at any time, for any reason. Even if you may not think you
have assets to protect, we can look at your situation and recommend whether or not your assets need
to be protected.
â€śNaked assetsâ€ť are those assets that are not protected by state law. Some examples of exempt assets
that are protected are: retirement plans, life insurance, annuities, and your primary residence (if
homesteaded and depending on the homestead laws in each state). For a full list of assets that are
exempt from execution in Nevada CLICK HERE.
The day after the asset is transferred into the trust, it belongs to the trust. You no longer own it. If
someone were to ask you what assets you own, you would truthfully and lawfully be able to exclude
What does it protect against?
As per NRS 166, no legal action can be brought against any asset inside the trust two years after the
transfer of that asset and 6 months after discovery (which means recording). That means any predator
or lawsuit i.e foreclosure, creditors, divorce, nursing home, and probate (to name a few) is unable to
hold claim to any asset that was transferred and recorded in the trust over 2 years prior.
The only things that the trust does not protect against are the IRS and bankruptcy.
Why Nevada is the best state for forming asset protection
There are 3 reasons why no other state can hold a candle to the Las Vegas living trust.
1. It has shorter time frames. There are only 13 states in the US that have asset protection trusts.
Out of those, Nevada is the ONLY state that has a 2 year statute of limitations. The other states
have between 3-6 years.
2. In Nevada there are no exception creditors. Even after the assets have been in the trust for the
designated time frame, some states let certain creditors break through their asset protection
trusts like divorcing spouses, child support, or preexisting torts. Nevada does not have any of
3. Nevada has a history of asset protection friendly jurisdiction. The trend has been that asset
protection strategies have been very successful in this state.
What is a distribution trustee and how much power does he have?
We also sometimes refer to the distribution trustee as the blocker trustee. The blocker trustee is what
makes this trust so impenetrable. He is like the guard protecting your castle.
Your blocker trustee should be someone you trust. However, your trustee will never know what is inside
your trust or have any power over the assets inside. The blocker trustee authorizes your withdrawals
from the trust and keeps creditors away from your assets. At any point in time, you may fire your
blocker trustee and designate someone new.
What does it mean that it is â€śIrrevocable,â€ť what if I want to make changes?
The common irrevocable trust is difficult to change and manage. The Las Vegas living trust is an
irrevocable trust but is as far from the traditional irrevocable trust that you can get. You can absolutely
make changes to your Las Vegas living trust. You can change your trustees, your beneficiaries, your distribution, your assets inside the trust, etc. any time you want.
Step 1: Pre-appointment
Your first consultation will be complimentary if you are willing to do 2 things to help us prepare for your
appointment. We will email you a short video and a confidential questionnaire that needs to be
completed and returned 2 days prior to your appointment.
Step 2: Consultation and Design
We are accustomed to in-office or phone appointments, whichever you prefer. You will be meeting with
Gary Fales and no other attorney. We do ask that your spouse/partner be present. Your meeting may
take 45 minutes to 1 hour. When you are ready Gary will design your trust.
Step 3: Sign the Las Vegas living trust
The drafting process typically takes 2 weeks. Upon completion, you will meet with our Client Concierge to sign your Las Vegas living trust. If you have any further questions she will be your liaison to Gary and to the rest of the
legal team. In the case of any specific questions for Gary, she will relay his counsel or set an
appointment for you to speak with him directly.
Step 4: Fund the Las Vegas living trust
Once the trust is signed, it is ready for funding. It is your responsibility to fund the trust. Our Funding
Coordinator is here to help you with any specific questions about transferring assets into the trust.
Step 5: Record the Las Vegas living trust
When an asset is transferred into the trust, it needs to be recorded. You will work with our Funding
Coordinator to record the assets in the trust. After providing our office with the necessary information
we will be able to record the assets in the county which the assets are located.
Our Membership Maintenance Program is designed to help you with everything you need after you set
up the trust. To read more about the Membership Maintenance Program CLICK HERE.
What if I want to take everything out of the trust later?
The real question is why would you want to? It is safe in there! However, if you ever decide you no
longer want the use of the trust, you simply write yourself a check from the trust bank account and
transfer everything back into your name. You should already have on file an authorization form from the
blocker trustee. You can take anything out of your trust any time you want. The trust does not dissolve
but is left as an empty shell.
If you ever want to use the trust again, you can re-fund it at any point. Upon transfer of each asset back
into the trust, however, a new two (2) year period begins.
How do we differ from other firms
Gary is very protective of the professional relationship he forges with his clients and will only take on
clients that he thinks are a good fit for our firm.
The Membership Maintenance Program we offer is unique to our firm and something we are very proud
of. We understand that changes are inevitable (when the law changes or you change your mind). For no
more than most attorneys charge as an hourly fee, you basically put us on retainer for the entire year to
answer any of your asset protection related questions and make simple changes to your trust. As part of
our program, we also have educational workshops, bookkeeping lectures, and guest speaker events for
your education and enjoyment. We have a members only website, newsletter and more. For a full list of
the benefits of our Membership Maintenance Program CLICK HERE.
Your first year on the Membership Maintenance Program is complimentary. After that it is optional.
Planning for your business/professional practices
Las Vegas living trusts are often used to plan for investments and business interests. The best
plans use the Las Vegas living trust hand-in-hand with a LLC but each situation is unique and your best options
will be laid out for you in your consultation.
Why your living trust wonâ€™t protect you
Living trusts are designed to protect your estate from going through Probate Court. Many of them also
provide planning for disability and incapacitation. Even at its finest, living (or family) trusts are only
designated to do three things:
1. Minimize estate taxes
2. Avoid probate
3. Distribute assets properly
The Las Vegas living trust was created to protect your assets from being seized during your life.
You can also extend the planning to survive the lives of your children and grandchildren as well so that
your assets cannot be seized once they have been passed on to future generations.
For answers to our Frequently Asked Questions like the ones listed below, CLICK HERE
When is an asset protected?
When does the two (2) year seasoning period begin?
When does the six (6) month discovery period begin?
Does this Las Vegas living trust protect me against bankruptcy?
My trust states irrevocable. Can I make changes to my Las Vegas living trust?
How do I file taxes for this Las Vegas living trust?
When do I receive my original Las Vegas living trust documents?
What assets are naturally protected by state law?
How do I transfer my assets into the Las Vegas living trust?
Who is responsible for transferring assets into my Las Vegas living trust?
Does your office transfer assets to the Las Vegas living trust?
Why do I need to open up a bank account in the name of the Las Vegas living trust? Who will be listed on the bank
Do I need to record my Las Vegas living trust?
How often should I record?