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a i c i f e n eB Business Planning Fo r perso ns who are serio us abo ut asset pro tectio n , the Ne vada Asse t Pro t e ct io n Trust , Do mestic Asset Pro tectio n Trust (â€?DAPTâ€?), o r Nevada o nsho re trust, as they are so metimes called, sho uld be the linchpin o f the plan. Since 19 9 9 , the Nevada asset pro tectio n trust statute (fo und at NRS 16 6 ) has been tweaked and impro ved to arguably make the Nevada Asset Pro tectio n PDFmyURL.com
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At present there are abo ut thirteen states that reco gnize the validity o f these types o f trusts and the law co ntinues to evo lve in such a way as to suggest that these types o f trusts are effective and will co ntinue to find a pro per place in mo st pro perly designed estate plans. Every pro per Nevada asset pro tectio n trust sho uld be designed and funded as fo llo ws: 1) The Granto r, o r in o ther wo rds the perso n who funds the trust, must create the Trust in writing;
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2) The Granto r can be a limited trustee and even a beneficiary o f the trust, but canno t autho rize himself o r herself to take distributio ns fro m the trust; 3) At least o ne o f the Trustees must be either an individual who is a resident o f Nevada, o r a Bank o r Trust co mpany with o ffices in Nevada; 4) The Trust canno t be established with the intent to hinder, defraud, o r delay credito rs fro m co llecting what is justly theirs; and 5) Assets transferred to a Nevada Trust will no t be pro tected until two years have passed fro m the time o f funding, and pro per no tice sho uld be pro vided thro ugh a pubic reco rding. While o ther rules certainly apply and sho uld be co nsidered, these po ints establish the basic framewo rk fo r a Nevada Asset Pro tectio n Trust. Co mbining the Nevada DAPT with a Nevada limited liability co mpany, o r with the many Nevada exemptio ns, a fo rmidable asset pro tectio n structure can be put into place which will make it difficult fo r a future judgment credito r to successfully attack o ur clients’ hard-earned estates. In o rder fo r legitimate claims to be paid, we suggest that o ur asset pro tectio n clients have an “umbrella” insurance po licy in place to co ver such claims. The asset pro tectio n plan will prevent treasure hunters fro m earning a life o f ease fro m the assets a perso n has set aside fo r their retirement and o ld age. Fo r mo re info rmatio n o n the Do mestic Asset Pro tectio n Trust o r to schedule a o ne ho ur free co nsultatio n, call us no w at 7 0 2-9 38-224 4 o r click here to co ntact us o nline .
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Published on May 23, 2013
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