America is the land of opportunity, which in our litigious society means the chance for someone to take your assets away from you and your children. Asset protection planning will ensure your assets are protected from lawsuits, divorces, creditors, and long-term care issues, but it has to be set up in advance to work. We help clients set up irrevocable trusts and business entities to protect their “nest egg” funds and other assets.
Asset Protection for Your Children
If you're contemplating leaving your kids' inheritance to them outright, ask yourself if it's possible that they might:
- Be involved in a serious accident which would put their inheritance at risk?
- Get divorced and lose half of their inheritance to a disgruntled spouse?
- Start a business after being “downsized,” end up bankrupt, and lose their inheritance?
The manner in which you leave your property to your children will determine how much asset protection they will have. This may be especially important if your children are doctors, lawyers, landlords, or business owners, since these professions are subject to a larger proportion of lawsuits. We help clients create lifetime trusts for their children, so their children and grandchildren will be protected from divorcing spouses, accidental disinheritance, creditors, and lawsuits.
Protecting Your Assets for You and Your Loved Ones
What if you are a senior, a professional, a business owner or have accrued significant assets? Before you can leave assets to your children, you must first have something left to leave.
Are your assets protected if:
- If you are sued for malpractice?
- You cause a serious accident?
- Your business fails?
- You file bankruptcy?
- Someone gets hurt on your real property?
Many insurance policies will never pay if you are the cause of the incident that results in a claim against you. Also, many people cannot afford or qualify for long-term care insurance. Proactive planning can help you keep your hard-earned assets for you today and for your tomorrows.
Asset protection planning involves making prudent decisions today to protect yourself, your business, and your hard-earned assets from loss due to lawsuits, creditors or bankruptcies. Nevada has some of the strongest asset protection laws in the country. As a Las Vegas asset protection lawyer, Lizette employs several unique Nevada Asset Protection strategies, including the Nevada Series LLC and Nevada Spendthrift Trust (also known as the Nevada Asset Protection Trust.)
For certain clients, domestic asset protection is not enough. For example, we can set up offshore trusts, Bridge Trusts; Nevada Spendthrift Trusts, single or Series LLCs, corporations and limited partnerships.
An offshore trust, Bridge Trust and a Nevada Spendthrift Trust allow you to be both the income and the principle beneficiaries. While offshore trusts are ideal for liquid assets, many clients do not want to incur the immediate cost of maintaining an offshore presence unless there is an actual threat. A Bridge Trust provides the flexibility of maintaining assets domestically and as simple as maintaining a revocable trust until an actual threat arises warranting moving assets offshore and the related costs associated with offshore asset protection. Also, beneficial is combining a Nevada Spendthrift Trust with Nevada entities that can help protect real property and other assets located in Nevada. A thorough risk analysis will assist us in determining the appropriate level of asset protection for you.
Contact Sundvick Legacy Center to learn how to protect yourself and your family.