Asset protection is an area of law that involves protecting the assets of individuals and businesses from future creditors, claims, and lawsuits. Though it may seem that asset protection is an option just for business owners, the elderly, or high-risk individuals, anyone at any stage of life can benefit from some level of asset protection. Having a plan ready in advance can help you protect your assets both during, and after your lifetime. At Heritage Law, our team can help you avoid the loss or waste of an asset, as well as help you with preserving the asset for your legacy and offering assistance in accessing valuable resources for your asset protection case.
Contrary to what some may believe, the ideal time to start an asset protection plan is actually when things are calm and there are no known claims or debts standing. Unfortunately however, there are no guarantees in asset protection planning. Heritage Law has distinct expertise in arranging the finances, real property, and other assets of our clientele in a manner that minimizes our client’s exposure to potential creditors. Years of experience have given our team the skills and knowledge to help our clients create their best asset protection plan, and achieve the highest level of confidence and security for their future.
LEVELS OF ASSET PROTECTION
Your first line of defence in an asset protection case is provided by Nevada’s statutory law. Though there are some limitations, the following are generally protected by Nevada State Law:
the equity in your home
your take-home pay
and other smaller assets
In the United States, however, personal asset protection laws typically only protect assets during your lifetime, and will not provide protection against collection after your passing.
Insurance is the next line of potential defense in an asset protection plan, and is comparatively a inexpensive option to protect you from potential claims. Common insurance policies which may aid you in asset protection include:
long-term care insurance
and/or an umbrella policy
Entities, such as corporations or LLCs', are a must for any business owner. Entities not only provide business owners asset protection, but can also prove very beneficial under the tax code. Entities like corporations and LLCs' protect activities made outside of a business from the activity within a business and vice versa.
IRREVOCABLE NEVADA TRUSTS
Nevada is one of best states for establishing asset protection trusts, which can be self-settled or for the benefit of a third party. Assets protected under a properly structured protection trust are most often not subject to claims against their beneficiaries. In Nevada, a protection trust can prove to be an invaluable tool for protecting your assets.