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. We also offer evening and weekend appointments.
Attentiveness, flexible meeting times, promptness.
Everyone was professional, friendly and helped us get our Will and Trust updated just as we needed.
Very professional, flexible scheduling, thorough, responded immediately to inquiries, excellent price for services rendered.
Extremely keen knowledge of probate and trust administration.
Rebecca Haines was very professional. We both felt our experience with her was in both of our interests.
Very professional manner in dealing with me. Thorough. Competent. They listened to my input and followed my wishes. Suggested excellent improvements to my previous Washington State will.
Friendly, courteous, helpful in answering questions and most importantly, trustworthy. Mr. Hatch and his paralegal are the nicest people I have ever dealt with. I would recommend them to anyone I know.
They were able to resolve my issue with the IRS completely that I had attempted to do many times prior.
"Very professional on preparing my trust"
"Not feeling rushed. Derek did a great job clearly explaining everything asked of him."
"Helpful and made it easy, very caring about our needs and wants."
"5-star rating in my book. I could never have done it without your office staff."
"Professional staff, listened to requests, answered ALL questions, made sure I understood."
"Handled with the best ease under the circumstances. Very compassionate, however, straightforward, thorough handling of paperwork."
"The staff at Jeffrey Burr were exceptional. They were outstanding and compassionate. I would recommend the firm to others. Thank you for all your help."
"Everybody was friendly and explained things in simple terms."
"I had the feeling that my family and my wishes were important. I'm so happy to know everything is taken care of."
"Revised documents as necessary and was thorough in explaining."
"So nice, yet professional—we are so pleased with your staff and service. Thank you."
"Very competent, friendly, Ms. Haines even stopped by my condo to notarize a statement for Bank of America, saving me a long drive to your office."
"Early on discussion of what to expect. All questions immediately addressed as well as genuine care for my situation."
Amid the challenges presented by COVID-19, the Law Firm of Jeffrey Burr is still here to protect your family and your estate. We are continuing to take appointments through Zoom video conferencing, Facebook Messenger, and FaceTime. Contact us at 702-478-3381 today to schedule your consultation.