When it comes to estate planning and asset protection, you want to take every precaution and to make sure your plan is designed to maximize your asset protection. By developing a domestic asset protection trust (DAPT) or Nevada on-shore trust (NOST), you can safeguard your assets from future lawsuits and financial disputes. At the Las Vegas Law Firm of JEFFREY BURR, our lawyers will help you utilize this special trust to your advantage.
A domestic asset protection trust (also referred to as a self-settled spendthrift trust or "Onshore Trust") is a great way for individuals in high-risk professions and persons in high-risk businesses to protect their assets from future possible legal disputes. Doctors, lawyers, contractors, and others often use self-settled spendthrift trusts as part of an overall asset protection and integrated estate plan.
As authorized by Nevada Revised Statute (NRS) 166, Nevada is one of the few states where you can create a self-settled spendthrift trust. This special type of domestic asset protection trust allows you to be the creator and beneficiary of the same trust. Prior to the passage of NRS 166, it was impossible to create a trust in Nevada for one's own benefit that was free from creditor attack. Many people went offshore, because that was the only option. Now, you can create your own Nevada onshore trust for asset protection.
In order to create a domestic asset protection trust, you must meet all the requirements of NRS 166. Two years after you transfer assets to a self-settled spendthrift trust, the assets should no longer be available to creditors, predators, and other parties. In most cases, even if these parties obtain a judgment against you or your business, they cannot go after the assets placed in your asset protection trust. We recommend domestic asset protection trusts for people at risk for professional or business liability lawsuits and individuals with high-value assets to protect for their retirement. It is vital that this planning be done before liability is incurred, not after.
Deciding the best method to protect your assets is an important but complex decision. Our attorneys are ready to help you find out more about asset protection, and after understanding your needs, can work with you to select the best method to keep your assets safe. With two Las Vegas office locations, we are available 8:00 a.m. to 5:00 p.m. from Monday through Friday.