What You Need to Know About Nevada Asset Protection
After working your whole life to provide for your family and future, it is only prudent to want to protect your assets as much as you can. One effective option for this is an asset protection trust in Nevada. This is an instrument that allows the grantor, the person who owns the assets, to establish the trust and to have the power to decide how the trust will be set up and the assets distributed. They also become the beneficiary of the trust.
How does a person benefit from this asset protection trust? With a Nevada asset protection trust, there is a Nevada statute that limits when a creditor can make a claim against you. If the creditor does not make a claim within the time period, the claim is barred. In Nevada, this time period is two years. This means that after you have established the trust for two years, you will enjoy significant protection from some of the most financially devastating events in your life, such as a lawsuit or divorce. This protection is possible, because the assets are in the trust and are not the personal property of the beneficiary.
Do not be caught up in thinking that domestic asset protection trusts are only for the extremely wealthy. They can serve individuals and families of a wide range of asset levels. The main thing to keep in mind about domestic asset protection trusts is that you should only put aside the money that you will not need to rely on spending for daily needs because it can be time-consuming to secure a distribution.
Finding an Experienced Lawyer for Nevada Asset Protection
Before you commit to using a particular attorney to set up a domestic asset protection trust in Nevada, make sure that you are working with a Las Vegas asset protection attorney who has the requisite experience to fully protect your wealth. If you are found to be out of compliance with the state law or using the trust for a disallowed purpose, then your trust could be meaningless and all of your assets subject to execution by creditors. This is an avoidable outcome with sound legal advice at the outset of your asset protection planning.
We gladly accept walk-in appointments at the Law office of Sean M. Tanko. If you are not able to come in and meet with us in our offices, we are happy to schedule an appointment at your home at a time that is convenient for you. Call us right away at 702-463-8700 to get started with a plan to protect your Nevada wealth and assets.