Protecting assets for professionals with high risk careers or individuals with a high net worth requires a special type of estate planning. This page discusses some potential strategies that could be employed to protect and preserve wealth.
Asset Protection in Nevada
“Asset protection” is a powerful tool created by lawmakers to allow individuals to protect personal property from creditors and law suits and is an important part of estate planning. Asset Protection in Nevada allows you to make certain decisions today that will protect you, your family, your business and your hard earned assets in the future.
This type of legal planning is particularly important for business owners and professionals as their property could be more significantly at risk.
It is not pleasant to think that one accident or verdict could potentially take away all that you have worked so hard for. However, we all know how the number of lawsuits, bankruptcies and divorces is staggering.
To protect against these possibilities and to protect a lifetime of hard work, creating an asset protection plan in Nevada can give you a safety net you can rely on. Proper risk management strategies should be carefully considered. Asset protection strategies can include the following:
- Use of a Nevada domestic asset protection trust
- Limiting your legal liability through Nevada business entity creation
- Transferring risk with insurance
Lawyers Plus can help you mitigate risk through proper asset protection planning. To sit down with a qualified attorney to discuss your options, please call (702) 518-7949.
Nevada Domestic Asset Protection Trusts
High-risk professions such as attorneys, architects, doctors, engineers, developers and small business owners can benefit greatly from creating this type of trust.
When a Nevada asset protection attorney creates an DAPT for a client, assets that are placed into the trust are protected from all creditor claims after two years.
Nevada’s asset protection laws also protect against ex spouse’s claims for alimony and child support when the APT is paired with a Nevada Limited Liability Company (LLC) and Nevada Limited Partnerships (LPs).
Additionally, Nevada has the added benefit of not having a state fiduciary income taxes on trust income which allows for greater planning flexibility.
If you are in a high risk profession, a Nevada Domestic Asset Protection Trust might be the right strategy for protecting your assets. Call Lawyers Plus at (702) 518-7949 to set up your free consultation to discuss your options.
Utilizing Estate Planning Limits Liability
for Nevada Business Owners and Professionals
If you operate a business as a sole proprietor, you could be subjecting yourself to significant personal legal risk and loss. Many know this, however, they choose not to form a Nevada Corporation or Nevada Limited Liability Company many times because of the perceived cost of legal fees to create and maintain a legal entity.
There are many different advantages when creating to legal entity for your business. Of the many benefits, risk management is at the top of the list because of the significant need to assure that you can keep your hard earned personal property regardless of a potential lawsuit.
Various Other Asset Protection Tools
There are many other tools that can employed to protect an individual’s property. Some are as follows:
- State and federal statues
- Different kinds of insurance
- Gift giving via irrevocable trusts
- Foreign offshore trusts
- Gifts or transfers of your property
Each option provides its own level of effectiveness, flexibility and cost. Determining whether one of these options are right for you requires a professional analysis of your current situation combined with an analysis of your future goals.
If you interested in speaking to one of our Las Vegas and Henderson estate planning attorneys please schedule a complementary consultation by calling 702-518-7949.