Domestic Asset Protection Trusts
Las Vegas Domestic Asset Protection Trust Attorney
In terms of sound estate planning, it is vital that you do everything possible to safeguard your assets and ensure that your wishes come to fruition. If you form what is known as a domestic asset protection trust (DAPT) or use a Nevada on-shore trust (NOST), there will be far less likelihood that your assets and estate plan will be the subject of litigation or disputes down the road. Las Vegas attorney Roger Giuliani can assist you in making the most of this tremendous estate planning tool.
There is no doubt that the use of a domestic asset protection trust, alternatively referred to as an onshore trust or a self-settled spendthrift trust, can aid those engaged in high-risk business enterprises or professions in protecting their assets from unwanted litigation in the future. Self-settled spendthrift trusts can be perfect for individuals such as contractors, physicians, attorneys, and others who wish to create a broad-based estate plan that incorporates asset protection strategies.
As provided by NRS section 166, Nevada residents have the ability to establish just this type of trust and also be the beneficiary of the instrument. Before this statute was passed, Nevada residents could not establish a trust for their own benefit and which would also safeguard included assets from the reach of creditors. As a result, lots of people created offshore trusts to achieve the desired outcome. But now, it is possible to create just such a trust without having to look elsewhere.
To establish a trust of this sort, an individual is required to meet the criteria set forth in NRS 166. As such, two years following the transfer of assets into this type of trust, creditors will be unable to reach them, and neither will any other parties. Generally speaking, even if an outside party wins a judgment against the settlor of the trust or their business enterprise, any assets already put into the trust will be protected. Domestic asset protection trusts made the most sense for those who may be vulnerable to professional liability claims and those with substantial assets that need protection for use during retirement. The key is to engage in this type of strategic planning well in advance of any potential claims being made on the assets.
The process of estate planning and asset protection is a complicated undertaking, but it must never be ignored. Our legal team stands prepared to offer the guidance and insights you need to create a strategy that meets your very specific needs. Contact us today to schedule an initial consultation.
The Law Office of Roger A. Giuliani, P.C.
500 N Rainbow Blvd #300, Las Vegas, NV 89107