It’s no secret that Americans love to sue one another. Losing one lawsuit can wipe out everything one has acquired in a lifetime. Businesses aren’t always successful, sometimes they fail. Ask anyone who’s been through a bankruptcy; there once was a time that they were riding high, without a worry. To quote that great philosopher, John Lennon, “Life is what happens while you are busy making other plans.”
What is Asset Protection?
Asset protection means to guard one’s wealth by using legal means to insulate assets from potential creditors. To be most effective, it should be put into the place long before the problem actually occurs. Both individuals and businesses are able to take advantage of these legal strategies. Those who are particularly concerned about lawsuits, such as contractors and obstetricians, have been using Asset Protection Services Las Vegas NV for years, but others realize that they could also benefit. There are many possible asset protection strategies, but two strategies that are used often are family limited partnerships and asset protection trusts.
Asset Protection Services Las Vegas NV will not replace professional or liability insurance, but supplements the insurance. If there’s a lawsuit, let the insurance company handle it; after all, that’s why the premiums were paid.
At all Costs, Avoid Getting into Trouble with the Fraudulent Transfer Act
It’s critical to strictly abide by the rules of debtor-creditor law. Pre-planning allows for significantly more flexibility than waiting until the crisis hits. While late planning is possible, unless it is structured very carefully it can backfire, leaving everyone worse off. Asset protections plans are not about concealing assets; that is illegal and could result in the reversals of fraudulent transfers or charges of bankruptcy fraud or tax evasion.
Some of the best asset protection plans are relatively simple, such as the creation of an irrevocable trust to benefit the children. If the plan becomes so complicated that it could not be explained in a debtor deposition, it will make a judge suspicious, possibly resulting in dismembering the plan.
Nevada has excellent asset protection laws. The attorneys at Grant Morris Dodds in Las Vegas NV have a wealth of experience with asset protection. They understand what is needed for an asset protection strategy that will work when it’s most needed. Schedule a free one hour consultation to discuss Asset Protection Services Las Vegas NV.
Click here for more information.