Preserve Your Assets in Las Vegas
Las Vegas Asset Protection Attorney!
It is said winning a lawsuit is the second best way to win copious amounts of money behind winning the lottery. About 150 lawsuits are filed every minute, and some people may find it beneficial to discuss with an attorney how they can legally protect their hard earned assets. Certain assets are automatically protected in the State of Nevada, such as retirement plans, life insurance, annuities, and a person's primary residence. The Las Vegas probate attorneys at Roland Law Firm have the knowledge to help clients create certain types of trusts may be used to protect assets are not protected by state law from a lawsuit or creditor's claims. Contact our firm today to learn more about asset preservation trusts!
Nevada Asset Protection Trust
A Nevada asset protection trust protects assets from creditor attacks and lawsuits. To fund a Nevada asset protection trust, or an NAPT, a person must move assets into the trust, and may set up bank accounts in the name of the trust. The person may also put other items in the trust, such as inheritance, real estate, vehicles, cash, and a myriad of other assets.
The day after a person transfers an item into a trust, the trust has ownership of the object, and after two years from the date the assets have been transferred into the trust, the assets cannot be claimed by lawsuits or creditors. To create a NAPT, one of the trustees of the trust must be a Nevada trustee, and the Trustee must maintain trust records, prepare tax returns, and administer the trust in Nevada. The trust must be irrevocable, and cannot mandatorily require the trustee to make distributions to the trusts' creator, though discretionary distributions are allowed.
Henderson and Las Vegas Probate Lawyer
Only 13 states in the United States have asset protection trusts, and out of the 13 states, Nevada is the only state with a two year statute of limitations. The rest of the states have between a three to six year statute of limitations, making a person wait longer for asset preservation. There are no exception creditors from a NAPT, which means divorcing spouses, child support, or any pre-existing torts cannot claim assets in the trust.
If you wish to protect your assets, or need assistance in any other area of probate law, please contact our Henderson probate attorneys at Roland Law Firm as soon as you reasonably can!