Until recently, only professionals were concerned about asset protection. However, with the unstable economy, anyone could be the target of a lawsuit. That is why many people are planning asset protection. Several states have laws that allow individuals to protect their home and pension from judgment collectors. Experts say Nevada was on the forefront of legislation aimed at shielding assets. Furthermore, it was one of the first states to allow a domestic asset protection trust. And Nevada has no state income, estate or inheritance taxes.
Visit a lawyer if you are interested in asset protection law in Las Vegas, NV. Indeed, visit the website of Grant Morris Dodds to learn more. Nevada’s domestic asset protection trust is known as the NAPT. There are no limits on assets that can be transferred into this trust. Trusts are a virtual entity, like a corporation. Also, the trust can purchase your property in exchange for a promissory note. The individual makes periodic payments on the note and the payments go into the trust. Basically, it is a payment from yourself to yourself. On the other hand, new businesses can be put in the trust’s name. As the business makes money, the value goes into a trust.
Another form of asset protection law in Las Vegas, NV, is a special power of appointment trust, or a SPA. The SPA allows the settler (the trust creator) to take money out of the trust. However, the settler is still not named as a trust beneficiary. Another alternative is establishing a Family Limited Partnership, or FLIP. In this trust, parents are general partners and children are limited partners. Assets are transferred into the FLIP and the parents manage the trust. Over time, the parents transfer ownership of the assets to the children.
Nevada is also known for the Nevada, LLC. Any property transferred to the LLC is protected from creditors thanks to charging order protection. Basically, a creditor can only levy on money that is transferred from the LLC to the owner. In essence, if nothing is transferred, the creditors get nothing. To further protect assets, ownership of the LLC is transferred like the FLIP. If your assets are at risk, consider one of these options. Visit the website for more information.