NEVADA ASSET PROTECTION
Why Should I Choose Nevada to Protect My Assets?
Why should you choose Nevada as the jurisdiction for your Asset Protection Planning? There are a number of very good reasons why we believe that Nevada is the best jurisdiction from which to base your Asset Protection Plan.
The first big reason to want to come to Nevada is to take advantage of its Asset Protection Trust Law (the Nevada Spendthrift Trust Act) that is designed to afford maximum protection of the assets that are held in the Nevada Trust. Among the many reasons why you should seriously consider ultilizing a Nevada Asset Protection Trust are the following:
1) The Nevada Asset Protection Trust Law (a/k/a: Nevada Spendthrift Trust Act – NRS 166.010 et seq.) specifically enables individuals to plan in advance to protect assets that are held in the Nevada Trust from the individual’s future personal judgment creditors or other risks.
2) The Nevada Asset Protection Trust Law has very protective provisions built in the Nevada Trust Law itself.
3) The Nevada Asset Protection Trust Law specifically enables you to stay in control of the assets of the Trust and of the Trust itself, while still explicitly enabling the protection (you don’t have to give up all of the control to a 3rd party).
4) The Nevada Asset Protection Trust Law specifically states that the person creating the Trust does not have to be a Nevada Resident to establish a Nevada Spendthrift Trust. (the Nevada Asset Protection Trust may be utilized by individuals that do not live in Nevada)
5) The Nevada Spendthrift Trust Act specifically allows a Trust that was created in another state to change its place of Domestication to Nevada. This allows you to preserve the original funding date, among other benefits. ( Click Here for more information about Changing Trust Jurisdiction to Nevada )
6) The Nevada Spendthrift Trust Act specifically allows Trust decanting (which allows a Trust to create or settle another Trust)
7) The Nevada Spendthrift Trust Act severely limits the bases for future creditors to bring an action to recover assets from the Trust. (NRS 166.170 essentially limits the basis for any creditor to bring an action to pierce the trust to a case demonstrating “clear and convincing evidence” of a fraudulent transfer – and the time to bring such an action is limited). [In order to bring a successful action, the plaintiff must demonstrate that what was “transferred to” the Trust “from the Settlor” was fraudulent as to that specific creditor at the time of the transfer (no other creditor can piggy back on another creditors successful case); or that the transfer to the Trust violates a valid legal obligation owed to the claimant under a contract or valid court order].
8) The Nevada Asset Protection Trust Law enables virtually any type of Assets Protection (you can protect homes, real estate, stocks, bonds, bank accounts, investment accounts, business ownership interests and business income streams, jewelry, personal property, etc.)
9) The Nevada Trust enables maximum anonymity to enable privacy of the assets held in the Trust (Trusts are not publicly recorded in Nevada).
10) You can hold your business ownership interests in the Nevada Asset Protection Trust – which allows you to shield your business income in the Trust
11) You can use multiple Nevada Asset Protection Trusts to hold various assets or business interests for separation of liabilities (an individual may establish an unlimited number of Trusts in Nevada)
In addition to the many advantages of the Nevada Asset Protection Trust, the Nevada LLC, Nevada Corporation and Nevada Family Limited Partnership laws further enable maximum asset protection – especially when these entities are used in conjunction with a Nevada Asset Protection Trust.
To schedule your free in office or telephone consultation to further discuss specifically and to analyse how you may benefit the Nevada’s Asset Protection Trust Laws, CLICK HERE to contact us now.