Protecting Wealth for Nevada Businesses and Families
Nevada is one of the best places in the US for protecting assets. It has a strong asset protection trust law and procedures that protect high-risk businesses and professionals such as doctors, developers, small business owners, attorneys, engineers, and architects. With the help of an experienced Las Vegas asset protection lawyer, residents can build a solid financial base and protect their wealth.
Legal Consultation for Asset Protection
Asset protection is a constant concern for wealthy individuals, property owners, businesses, and professional enterprises. The threats to assets come from commercial and personal activities including business litigation, injuries, and malpractice. Wealthy individuals face greater liability from ordinary activities like operating a boat, a recreational vehicle, and motor vehicle accidents. Business activities, board memberships, and roles as corporate officers also create potential liability. The need for a solid asset protection plan and well-thought position are facts of modern life.
The Nevada Asset Protection Trust
NAPT offers an exciting opportunity to consolidate wealth in a flexible and protected form. The settlor can be a beneficiary and a co-trustee to direct investment and use of the trust funds. After a two-year seasoning period, creditors cannot reach trust assets. The combination of insurance, estate planning, and legal asset protection make a powerful team approach. The below-listed items highlight the Nevada Asset Protection Trust:
- The trust is irrevocable, but the settlor (owner) can be a co-trustee and appoint the other trustee. The trust can hold nearly any asset including homes, income properties, and
- The NAPT cannot require distributions to the settlor; payouts are discretionary, but the settlor names beneficiaries, directs investments, maintains oversight.
- The two-year statute of limitations ensures that after the time passes that creditors cannot attach or garnish the transferred assets.
- NAPT cannot be touched by a divorcing spouse.
Legal Planning Should Begin Early
Asset protection is a great fore-thought and a troubling after-thought. Unexpected legal liability claims can end any opportunity to protect prized and hard-earned assets. Business assets are best situated in a business structure; personal assets belong in sound investment and financially secure arrangements. From millennials to seniors, there is no better time to start the important discussion about wealth and liability. Contact the law offices of Sean Tanko for an experienced Las Vegas asset protection lawyer that you need for a comprehensive asset review. Call or visit online today.