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Email Us NowProtecting Your Personal Assets with the Creation of a Comprehensive Asset Protection Plan
As you probably already know, we live in a litigious society. Asset protection planning is a way to help avoid losing everything if you were to get sued and lose. If you are a Las Vegas doctor, lawyer, or CPA, you are especially exposed to this type of risk and would benefit substantially from asset protection strategies.
Asset protection can also be put in place to make sure that the assets you worked so hard for aren’t wasted by your kids and grandkids when you pass. Through a trust, you can specify that they only get a monthly amount, have to work until retirement before they get anything, or anywhere in between. We can also keep the assets in the trust name so that if your heirs get divorced or sued, your significant assets will not be used to satisfy the divorce or lawsuit.
What is Nevada Long-Term Care Planning?
Is your Nevada family predisposed to a long-term illness? By doing asset protection planning, you can help ensure that your money doesn’t have to be completely depleted before you get any government assistance. Most people, when they hear of Medicaid, think of the indigent. Medicaid for long-term care is actually part of the Social Security Act and is something that you have paid into your whole working life. This is like buying an insurance policy and the company saying we will insure you after you use all of your own money first. By doing correct asset protection planning ahead of time, you can qualify for that benefit you paid into and still have assets to use for better care or to leave as a legacy.
If you are a veteran who served our wonderful country during a time of war, you may also qualify for the VA Aid and Attendance benefit for long-term care. Just like with Medicaid, with proper asset protection planning, you can take advantage of this benefit and preserve your assets for things other than basic care.
Can Asset Protection Attorneys Assist with Asset Protection Trust Creation?
Another way asset protection can be done is through a Nevada Asset Protection Trust or NAPT. This is the most flexible of the irrevocable asset protection trusts and is sometimes referred to as a Domestic Asset Protection Trust, DAPT, Self-Settled Spendthrift Trust, or SSST. The basics of this are that you can put assets in this trust (we recommend no more than 50%), and if you don’t get sued for two years, those assets are untouchable in future lawsuits. You can be one of the Trustees and then have at least one trustee who is a Nevada resident. The only restriction on the co-trustee is that they cannot be a spouse, but they could be a child or friend. It doesn’t have to be a company or an independent third party. This Nevada Asset Protection Trust is one of the many reasons Nevada is considered one of the most favorable states for asset protection.
Is the Creation of a Limited Liability Company a Good Asset Protection Strategy?
Outside of trusts, business entities can be a great way to protect your assets. If you have a business you are running as a sole proprietor (no formal business entity set up), you are at great personal risk. LLCs, Series LLCs, Limited Partnerships, S-Corps, and C-Corps are all great ways to limit your liability and provide asset protection to your other assets. These companies just need to have some sort of legitimate business operation and meet the minimum state standards to qualify. We will take care of all of the set-up process and annual maintenance of the company for you, so it doesn’t become a big headache or extra work.
Schedule a Free 30-Minute Consultation with Our Las Vegas Asset Protection Lawyers Today
There are several Nevada asset protection tools available to Las Vegas residents interested in ways to safeguard their hard-earned assets. If you have any questions or concerns about how to keep your assets safe, please contact an asset protection attorney at our Las Vegas law firm. We will review your goals and specific needs to help develop legal ways to protect your assets from taxes, liabilities, debts, creditors, litigation, medical malpractice claims, etc. Every asset protection lawyer on our legal team has extensive knowledge of Nevada’s asset protection laws. So, if you want to protect your assets, contact an experienced asset protection lawyer at our Las Vegas law firm for a free, no-obligation case evaluation today.
To learn more about our legal services, we encourage all potential new clients to schedule free consultations with our Vegas legal staff. In your initial consultation, we will review the potential risks you face and how to protect and secure your wealth with a thorough Nevada asset protection plan.
Contact the extremely knowledgeable wealth protection attorneys of our Las Vegas law firm today at 702-664-8858.