Nevada Asset Protection Trust Attorneys Las Vegas & Henderson
For persons who are serious about asset protection, the Nevada Asset Protection Trust, Domestic Asset Protection Trust (”DAPT”), or Nevada onshore trust, as they are sometimes called, should be the linchpin of the plan. Since 1999, the Nevada asset protection trust statute (found at NRS 166) has been tweaked and improved to arguably make the Nevada Asset Protection Trust the best in the United States. Click here, to learn why Nevada is one of the best states for setting up an asset protection plan.
At present there are about thirteen states that recognize the validity of these types of trusts and the law continues to evolve in such a way as to suggest that these types of trusts are effective and will continue to find a proper place in most properly designed estate plans.
Proper Nevada Asset Protection Trust Structure…
Every proper Nevada asset protection trust should be designed and funded as follows:
- The Grantor, or in other words the person who funds the trust, must create the Trust in writing;
- The Grantor can be a limited trustee and even a beneficiary of the trust, but cannot authorize himself or herself to take distributions from the trust;
- At least one of the Trustees must be either an individual who is a resident of Nevada, or a Bank or Trust company with offices in Nevada;
- The Trust cannot be established with the intent to hinder, defraud, or delay creditors from collecting what is justly theirs; and
- Assets transferred to a Nevada Trust will not be protected until two years have passed from the time of funding, and proper notice should be provided through a pubic recording.
While other rules certainly apply and should be considered, these points establish the basic framework for a Nevada Asset Protection Trust. Combining the Nevada DAPT with a Nevada limited liability company, or with the many Nevada exemptions, a formidable asset protection structure can be put into place which will make it difficult for a future judgment creditor to successfully attack our clients’ hard-earned estates.
In order for legitimate claims to be paid, we suggest that our asset protection clients have an “umbrella” insurance policy in place to cover such claims. The asset protection plan will prevent treasure hunters from earning a life of ease from the assets a person has set aside for their retirement and old age.
For more information on the Domestic Asset Protection Trust or to schedule a one hour free consultation, call the asset protection attorneys, Grant Morris Dodds at 702-938-2244 or click here to contact us online.
Click here to read about domestic asset protection trusts in Spanish.