Hello and welcome to the trusted podcast. Trust Attorney Las Vegas I am your host, Blake Johnson. And we talk about, um, uh, all things that involve trusting others, especially other attorneys. And, uh, today we’re going to talk about the different types of trusts that there are out there. Now I get asked all the time, hey Blake, what areas of law do you practice? I practice estate planning. That’s it. Um, you know, that involves a lot of business stuff as well. Business Succession Planning, business set up to help with asset protection and those kinds of things. But I do estate planning and someone says, well, how are you busy enough that you, you know, do that? Don’t you get bored? Is it not very enough? Um, you know, why don’t you do other areas of law? And really estate planning can be very complicated. There’s a lot to learn. And just to give you some, uh, some proof of that today, I just am going to go over all the different types of trusts that I can think of and I’m sure I’ll miss him.
Um, but here we go. We’re just going to start listing them off. And maybe giving a little explanation. So a living trust, um, a revokable trust, they’re two different names, kind of mean the same things means it’s a changeable thing. You have an irrevocable living trust, you have the marital trust, you have an ab trust that’s an estate tax planning strategy within a living trust that says that, you know, upon the first spouse die, we divide the trust in half to make sure we take advantage of the first person to dies. Federal Estate Tax exemption. Um, you have a q-tip that’s a qualified terminable interest property trust. Um, you know, a lot of times we’ll see that, um, you know, with second marriages or spouses that are not a US citizens Trust Attorney Las Vegas, uh, you have, uh, irrevocable life insurance trust. You have, we’re going to go through, these are now health care, uh, planning trusts.
So we have special needs trusts. Those can be for a third party or for yourself. You have a medicaid trust. Somebody who’s trying to qualify for Medicaid because they need longterm care. Medicaid has a five year look back before you can get any benefits. Um, and you can only have $2,000, Channing. So that’s something that’s a longterm planning thing. Uh, gun trusts, uh, to protect, um, you know, your guns. If you have a class three weapons, you don’t want your kids to get arrested just because they own them when you pass away. That’s, you know, a planning one, not really healthcare, but Trust Attorney Las Vegas, um, the other healthcare planning one is a VA trust and veterans, um, association trust. So VA is similar to Medicaid except for they only have a three year look back period. Um, so you know, if you were a service member, you may qualify for what’s called the aid and attendance benefit.
Uh, if we can get your assets under a certain amount. So, you know, we set up the trust, transfer your assets to it and get it out of your name and then, uh, after three years you can apply and you get that benefit for your longterm care. Health, uh, asset protection types of trusts. We have the offshore trust, like it says, it’s offshore. Out of the u s you have an onshore trust. So here in the u s you have a self settled spendthrift trust Trust Attorney Las Vegas That’s s s s t domestic asset protection trust. Uh, here in Nevada we call it the Nevada domestic asset protection trust. That’s adapt DAPT or an n. D a. P. T you have, um, now the estate tax planning side, you have the spousal limited access trust. That’s a splat. You have a grantor retained annuity trust, a grant, a grantor retained a unitrust.
It’s a grit, a intentionally defective grant or trust. Um, sometimes referred to as an [inaudible] ing and I, once again in Nevada, ours is specific laws where we call it a mean and Nevada intentionally defective grant or trust. You have the credit shelter trust, you have a qualified personal residence trust. So you want to get the house out of your estate for estate tax planning purposes, but you want to still be able to live there. That’s what that is. A generation skipping trusts. So having assets, Gip, you know your kids and go straight to your grandkids. We have to set it up a certain way. Otherwise, there is a generation skipping tax that may be imposed there. Um, we just did an episode about, uh, charitable trusts. There’s a CRT which is a charitable remainder trust. There is a cra t a crat charitable remainder annuity trust.
There is a crut that’s a charitable remainder unitrust. There is a Klatt charitable lead annuity trust. There is a co a Crut, um, or a Saturday to that one, uh, a clot, a charitable lead unitrust. Um, so those are all charitable trusts and you can listen to the charitable planning side to hear more about that. Um, basically the differences are, is you know, when the charity gets money, Trust Attorney Las Vegas is that when you die or is it during the lifetime and, and how that all works. Um, there is a retirement built up trust. There is an IRA trust. Um, then you have things like, uh, it’s under the term constructive trusts in that would be, um, things like, uh, you know, constructive is the court sets it up. So a testament, Terry Trust. So in your will, it sets up a trust for your kids. Sometimes also referred to as a minor trust.
Or if there’s a settlement and maybe set up into a trust that you get it over time, there is land trust. That’s actually how Walt Disney acquired the land for a Disney world. Didn’t want everybody knowing the, he was trying to get that. And so he set up different trusts to buy each of the different properties. So it looked like a different buyer for, for each different type of property. So we didn’t pay, you know, the excess for people holding out thinking, oh, somebody, this guy’s trying to get mine and I’m the last one. So pretty cool idea there. Um, and I think, yeah, that’s, that was really fast, but that is, um, all the different types of trusts that I can think of just, you know, in a five minute period. And so that’s why a state tax planning estate planning in general is very complicated.
And that’s why I spend all of continuing education, um, in this field other than, um, you know, the, the other requirements I have for the state of Nevada to, to keep up with, um, my attorney license, um, things like, uh, substance abuse. And then we also have to do ethics. Um, you know, a certain number of hours each year. But the rest of the time I am in, in continuing education solely on a state planning solely on trusts and wills and power of attorneys because there’s so much here to make sure that we get things done the right way so that you know, your tax liability is reduced. Trust Attorney Las Vegas So that goes to the right people so we can structure it and protect it from creditors. And that’s what a state planning is. And so hopefully that gives you an idea of the type of work that I do and that you really, if you need a state planning, you need to work with someone who knows what they’re doing.
Who is an estate planning focus person? We can’t say specialists in our field unless you have a special designation from the state. Most states don’t even have designations for the type of law you practice. Um, so that is where you really want to, um, make sure you, you work with somebody who does estate planning, not, you know, it’s part of their thing. They’re, they’re really a family law attorney. Um, but they do some estate planning or, um, you know, their personal injury attorney, but they’ll set help set up your trust. You want somebody who knows what they’re doing, who can help you get the right trusts with the right verbiage, um, to make sure to accomplish your goals. So that’s, you know, an idea of what, um, different types of things I deal with on a daily basis. Hopefully that helps you out. And as always, you know, we’re open to questions or comments, so please, um, let me know if you have any of those. And thank you for listening.