Engaging a Nevada asset protection attorney for Nevada asset protection is a form of insurance – buy it before you need it. Assets need protection under a variety of circumstances, these may include current and future asset such as preservation of income to the asset owner, transferal to an heir and/or inheritors upon the death of the owner, settlement of debts, payment of obligations, care of elderly or incapacitated individuals, as well as to take advantage of State, Federal and International tax obligations and incentives. Completing the proper documentation is easy when you work with a an asset protection lawyer. Nevada residents, business owners, doctors, dentists, factory workers, or anyone who seeks to protect their assets can take advantage of the laws, tax breaks and protections designated to those who are willing to do the leg work. Nevada asset protection lawyer Greg Smith can help.
Assets are defined as any thing which, by virtue of ownership or control, provides current and/or future financial benefits to the owner. Assets may be either tangible (such as real property, buildings and residences which are not movable, personal property that may be moved or readily transferred such as the contents of a residence or building, cash, stocks, bonds etc.), or intangible (such as patents and trademarks).
A prudent asset owner will seek asset protection strategies in order to ensure that the probate process goes smoothly, or to bypass probate altogether (as with a Trust arrangement). These strategies have as their goals not only asset protection, but also the payment of debts, collection of debts owed to the owner’s estate by others, transfer of ownership to another individual or organization, and assurance that all legal requirements are met in the event of the death of the asset owner.
The most common Nevada asset protection strategies and solutions include the creation of wills, trusts and corporate entities. Each asset protection strategy has pros and cons, individual circumstances will determine which type and combination of asset protection solutions is most beneficial. Asset protection strategies employed in estate planning provide numerous advantages that will accomplish the goals of the asset owner, avoiding the problems associated with an Intestate (No Will) estate.
One of the key features of estate planning and asset protection is to take full advantage of federal and state exemptions from various types of taxation, including inheritance, gift, income, franchise, capital gains and losses, and others that vary widely by jurisdiction.
The creation of business entities (see also Corporate Formation) is another Nevada asset protection strategy whereby Nevada legal entities may be created as vehicles within which assets may be held for the current and/or future benefit of the asset owner and their designated heirs or beneficiaries.
An asset-protection trust refers to any trust that holds funds on an optional basis. A typical Nevada asset-protection trust insulates asset beneficiaries from the legal title of the asset. One common asset-protection trust is a Spendthrift trust. In this, and several other types of asset-protection trusts, asset beneficiaries are protected from creditors. Meaning, assets are owned by the trust and are not the personal property of the beneficiary and are not subject to the debts of the beneficiary. An asset-protection trust helps to mitigate losses due to taxation, bankruptcy or divorce. All asset-protection trusts are required to be Irrevocable trusts.
Nevada asset protection lawyer, Greg Smith, will consider the size and composition of your assets, jurisdiction, tax, and other specific needs to help determine the best combination of asset protection techniques for your circumstances.
Call Greg Smith today at 702-318-5033 to accomplish your asset protection goals. We are open 8:00am – 5:00pm, Monday – Friday.