Domestic Asset Protection Trust
After September 11, 2001, the United States enacted regulations that required all holdings and offshore trusts for U.S. citizens or resident aliens to be reported to the Internal Revenue Service (IRS). Part of the reason off-shore trusts are used as part of an asset protection strategy is to keep assets protected from litigation in the United States court system. An appeal was made to the United States government to protect the holding of assets onshore in the United States (domestic asset protection).
A few states developed Domestic Asset Protection Trust (DAPT) laws to safeguard assets from lawsuits and financial disputes. The State of Nevada responded to citizens and created Nevada’s laws for the protection of domestic assets. Nevada is one of the few states that have created laws protecting domestic asset trusts in a similar manner as those held in offshore trusts. To distinguish Nevada’s laws for domestic asset protection trusts from other states, a domestic asset protection trust created in Nevada is called a Nevada Asset Protection Trust or NAPT. Nevada’s domestic asset protection trusts provide the highest level of protection for all onshore trusts in the United States. Learn more about the Nevada Asset Protection Trust.
Self-settled Spendthrift Trust
A Domestic Asset Protection Trust is also known as a self-settled spendthrift trust or on-shore trust. Individuals with high-value assets in high-risk professions or businesses use domestic asset protection trusts as one of many tools in an integrated estate plan to protect their assets from future legal disputes.
Las Vegas Domestic Asset Protection Trust Lawyer
Attorney and CPA, Gregory S. Smith of Smith & Shapiro is ready to help all high-value asset holders with an integrated estate plan that may include a Domestic Asset Protection Trust, if appropriate for the circumstances. Smith & Shapiro are available at both our Henderson and Las Vegas locations, 8:00am to 5:00pm, Monday through Friday. Contact us today to schedule an appointment.