There are situations that require planning that goes beyond the solutions that a basic will and trust provide. When investigating your Las Vegas asset protection planning, there are two critical factors to keep in mind:
- Asset Protection is not one-size-fits-all
- Timing is everything
To the first point, asset protection trusts are often marketed to everyone the same way: set up a trust, throw your assets into it, forget about your problems. However, just like a business, your trust has to be operated correctly and formalities have to be respected to ensure the assets placed there are safe from creditors. Moreover, your circumstances are different than the next client. Consider the following common scenarios:
Real Estate Investors: In addition to protecting your properties from personal liabilities, you need a plan that will protect each of your properties from the risks and liabilities of one another.
Business Owners: Often your business is your biggest risk of exposure. You’ll want an arrangement that segregates potential business liabilities from personal assets. Strategies are available for business owners who don’t feel comfortable that the corporate veil is enough protection.
Doctors, Dentists, Attorneys, etc.: Certain professionals are in fields where a lawsuit is just a matter of when. You’ll need a plan that protects the wealth you built over time from a single litigant taking it all.
Potential Estate Tax Payers: For those whose estate exceed the available lifetime exemptions, you need a plan that maximizes your exemptions by freezing asset values and shifting them outside of your taxable estate. You will also want to ensure your estate is liquid enough to cover a future estate tax bill without sacrificing illiquid assets.
Effective planning requires a careful consideration of all of your circumstances to ensure a plan is established that is not only potent, but one that you can realistically maintain as well.
Las Vegas Asset Protection Attorney
No matter your circumstance, I will sit down with you to discuss your concerns and create a strategy using one or more of the tools described below to provide you the best protection and planning possible. We’ll examine your exposure and vulnerability, review lookback periods and their applicability to you, and employ a plan that works for you. When one of the most important factors to effective asset protection planning is timing, do not wait until it is too late to act.