If you have assets, you want to make sure of several things.
First, you want to make sure that your assets are secure. No one expects to be subject to car accidents, business reversals, or lawsuits, but these things can happen. And when they do, they can result in seizures of your assets. Nevada law provides mechanisms to protect those assets, whether by placing them in trusts, creating corporations, limited liability companies, or otherwise.
Second, you want to make sure that your assets are distributed according to your wishes. A will can express your wishes, but is subject to legal attack. A trust can also be effective in ensuring that your wishes are followed.
Nevada trust law is different from the laws in other states. Nevada law provides greater protections to all Nevada trusts than most other states. Beyond that, Nevada law recognizes a type of trust called an "Asset Protection Trust," or "Onshore Trust." A Nevada Asset Protection Trust provides a level of protection to assets placed in those trusts that goes even beyond the protections afforded by those other states that do recognize Asset Protection Trusts. These are some of the reasons why Estate Planning attorneys from other States across the country recommend that their clients set up trusts in Nevada.
Everyone's financial resources, goals, needs, and risks are different. Contact our offices for a personalized evaluation of your needs. Mitchell Posin has the experience, knowledge, and commitment to help you achieve your estate planning goals.