Advantages of a Nevada Asset Protection Trust. Tanko Law :: (702) 367-6636
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Advantages of a Nevada Asset Protection Trust

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In an article published by Forbes entitled, “You Don’t Have to Move Your Money Offshore to Get Asset Protection,” the author warned readers that they can forget about hiding their money from the IRS offshore unless they want to risk the penalties and threat of prosecution that thousands of Americans now face. However, the wealthy and those who have a lot to lose to litigants or hungry creditors still want to protect their assets, but are instead looking on the home front for other viable solutions. While offshore trusts are still an option, it’s far less attractive now that the reporting requirements have become stricter and some U.S. judges are incarcerating people who fail to turn over their offshore assets.

The good news is that in a handful of states domestic asset protection is a favorable alternative that can protect one’s money from unforeseen creditors, and in the case of Nevada, it can even protect your money from ex-spouses and child support creditors. These days a lot of our wealthy clients no longer want their trusts offshore, especially since Nevada receives a significant amount of trust business and has the most pro-debtor laws out there.

We are not talking about garden-variety trusts that you set up for the benefit of your heirs, we are talking about “self-settled” trusts in which you put money into and you can benefit from it. If you file bankruptcy, a federal court does have access to assets that you’ve transferred over the previous ten years if the court considers that the transfers were done to stiff creditors (this is considered fraudulent conveyance). However, outside of bankruptcy, Nevada gives past and future creditors a very short time period to access trusts that have been put into a trust. Some of the benefits of a Nevada asset protection trust include:

  • Nevada, the most debtor-friendly state allows creditors just two years to access assets once they are put in a trust.
  • Unlike other states, Nevada doesn’t give special rights to an ex-spouse for alimony, property settlements or child support.
  • Assets in a trust can be virtually impenetrable, forcing creditors to settle.
  • You don’t have to live or do business in Nevada to have a Nevada trust.

At The Law Offices of Brian C. Tanko, our founding attorney has more than 18 years of experience utilizing Nevada’s laws to afford his clients the greatest asset protection. The Nevada asset protection trust is an incredible tool, especially for professionals such as physicians, attorneys, real estate investors and others who are subject to professional liability and expensive lawsuits. If you are interested in protecting your wealth, contact us today at (702) 420-7793.

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