Las Vegas Asset Protection Attorneys
More and more individuals are looking to Nevada for asset protection and this is for good reason. Boasting some of the most progressive laws in the country and a highly favorable tax structure, many people choose to conduct their estate planning in Nevada. In particular, the Nevada Asset Protection Trust is a highly valuable option for preventing unwanted access of assets by beneficiaries or possible creditors. Even better, you do not need to be a Nevada resident to utilize the state’s asset protection options.
At John Park Law, we help our clients protect their assets and create an estate plan that optimizes their wealth. We counsel individuals regarding how Nevada estate law can be leveraged to work for them. If you have assets, it is imperative to protect them as fully as possible. Call us today at 702-857-7879 to start the process of Nevada asset protection.
Why Should I Protect My Assets In Nevada?
Given its laws and tax structure, Nevada has historically been considered a favorable state to establish an estate plan. A major component of estate planning is asset protection, which refers to the legal strategies that are used to protect property from situations like divorce, lawsuits, creditors, or long-term care. More often than not, these events are unexpected and can carry significant financial consequences.
While there are several Nevada asset protection strategies, trusts are likely the most common. This is because trusts allow an individual to safely hold assets on behalf of a beneficiary or beneficiaries. Using a trust, a person can more carefully control and distribute their wealth as they see fit.
There are several advantages to establishing a trust in Nevada, such as:
- No state taxes on income of trusts, estate, or inheritance
- Nevada is one of only two states that include zero exemption creditors, which is particularly valuable in the event of divorce
- Decanting provisions that allow a trustee to distribute assets from one trust to another
- Trust protector legislation allows for further safeguards on how assets are used and distributed
- Virtual representation allows competent adults to speak on behalf of beneficiaries who cannot, under law, speak for themselves (e.g. young children)
- The ability to establish a Nevada Asset Protection Trust
There are countless benefits to establishing a trust in Nevada and an experienced attorney at John Park Law can help tailor a unique trust strategy that benefits you.
What Is The Nevada Asset Protection Trust?
When discussing asset protection in Nevada, it is prudent to mention the Nevada Asset Protection Trust (NAPT). Chapter 166 of the NRS provides for the creation of the “spendthrift trust,” which allows trustees to set aside assets for a beneficiary, but does not allow that beneficiary to access or transfer these assets.
Nevada is unique from other states in that it allows an individual to establish an asset protection trust for their own benefit. In Nevada, individuals can establish a trust and name themselves as the beneficiaries. These are called self-settled spendthrift trusts. There are a few considerations to account for that are involved in self-settled spendthrift trusts:
- The trust must be irrevocable
- The trustee or at least one co-trustee must be a resident of Nevada or a financial institution with an office in Nevada
- Assets are protected from creditors after the two-year statute of limitations passes. For pre-existing creditors, the statute of limitations is reduced to six months after the creditor discovers or should have reasonably discovered the transfer
The Nevada Asset Protection Trust is one of the most valuable and powerful strategies that an individual can employ to secure their assets. Moreover, both domestic and international individuals can utilize the NAPT, assuming they identify a Nevada financial institution to serve as an independent trustee.
Protecting Your Nevada Assets With John Park Law
Selecting which state to establish a trust is a strategic decision that can be used to optimize your assets, if executed correctly. For decades, Nevada has remained as a top choice for individuals looking to safeguard their wealth. At John Park Law, we expertly leverage Nevada legislation and regulations to protect our clients’ assets.
Do not leave your assets vulnerable to exorbitant taxes and greedy creditors. Call us at 702-857-7879 to speak with an experienced estate planning attorney and begin the process of protecting your assets today.