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Asset Protection Attorney in Las Vegas, NV

When it comes to protecting the Nevada assets you have worked hard to build up, you want to know that you are in control of the situation. Asset protection is more than signing a will or hiring a skilled Las Vegas asset protection lawyer after a loved one passes.

It entails knowing which type of trust is going to work for your circumstances, whether it is an irrevocable trust, an asset protection trust, or another binding document that can help ensure your asset protection now and into the future. Your attorney helps you create an asset protection strategy that is right for you. Working with a legal professional can help you understand what does asset protection mean for your specific financial future.

At Lobb & Plewe, Attorneys at Law, our estate planning attorneys make sure our clients have the information and resources they need to protect the future of their loved ones.

Lobb & Plewe: Your Las Vegas Asset Protection Attorneys

Our legal team at Lobb & Plewe, Attorneys at Law, can work closely with you and your financial situation to help you plan now. By making arrangements ahead of time, you can avoid putting your loved ones through the probate process while making sure trust administration goes smoothly. If your estate or the estate of a loved one must go through probate, we can fight fiercely to defend your family legacy during the process of estate litigation. Our firm also provides access to a reliable Las Vegas estate planning lawyer to ensure all your testamentary documents are in order.

Our lawyers have years of experience working both in and out of the courtroom to ensure long-term asset protection. Start planning now to protect your family and keep your legacy strong long after you are gone.

Important Considerations Regarding Estate Planning

Whether you are just starting your career or easing your way into retirement, estate planning is something that everyone should seriously consider. Estate planning is a way to make sure your assets, including property, vehicles, stocks, and bank accounts, are passed on legally to those you care about.

Proper estate planning gives you the control you need to exercise your wishes of how your money will be spent after you are gone.

Here are some key things to keep in mind about estate planning:

Consider what your goals are. Before initiating any legal processes or drafting documents, it’s important to know what you want out of estate planning. For you, this may look like passing down your inheritance to your children or making sure your business thrives for generations to come.
Take inventory of assets and liabilities. To properly plan for your estate, you will need to determine exactly what your estate is. You can do this by logging all of your stocks, bonds, bank accounts, retirement accounts, property, and expensive items. In addition, you will need to take note of liabilities, such as outstanding mortgages or credit card debt. By doing this, you can get a general valuation of your estate.
Pick someone to distribute your assets for you. After you pass away, someone that you deeply trust, otherwise known as your executor, will have the responsibility of carrying out your wishes according to your will and other legal documents.
Think about taxes. After you are gone, remember that your estate will be taxed. While there are no estate taxes in Nevada, your estate will be subject to federal taxes. Work with a professional to figure out how you can minimize these expenditures. Consulting with a skilled Las Vegas tax lawyer is often the best way to navigate these federal requirements.
Consider your future healthcare plans. A healthcare power of attorney is an option that can allow someone you trust to make decisions on your behalf when you are no longer capable of doing so.
Set up a trust. Don’t leave the partitioning of your estate up to chance. A trust can allow you to secure the safe passage of your assets to people or organizations that you care about.
Go over your estate plans regularly. Financial circumstances and personal wishes change. Therefore, you should be sure to update your estate plan regularly based on conditions such as new property acquisitions or changes in marital status.

According to one poll, only 13% of Americans have a trust. The only way to be sure your assets will be protected from lawsuits or predatory creditors is to start planning now. The more time and thought you put into your estate plan, the better chances you have that your wishes are going to be carried out when your estate plan is filed with the Clark County Eighth Judicial District Court.

Types of Nevada Trusts

Nearly 4% of employees in Las Vegas are self-employed in their own incorporated business. Many trusted business owners and entrepreneurs are eager to set up their estate plans in Nevada due to the lax trust laws and absence of state estate taxes. Trusts are essential tools of asset protection for many different types of people.

Some of the different kinds of trusts you can set up in Las Vegas, Nevada, are:

Revocable trusts. The conditions of these trusts can be altered or completely canceled by the person granting the estate, otherwise known as the grantor. This trust gives you control over your assets, but also means they can be more easily seized by creditors.
Irrevocable trusts. To establish an irrevocable trust, extensive planning must be carried out. With an irrevocable trust, the grantor can more effectively protect their assets, but the conditions cannot be changed, nor can the document be revoked after it is instituted.
Nevada asset protection trusts. An asset protection trust is a kind of irrevocable trust that wards off legal battles and aggressive creditors. This is also called a self-settlement spendthrift trust, which has been possible since the Spendthrift Trust Act of Nevada was enacted in 1999. As the grantor, you can also name yourself the beneficiary. Like other trusts, you name a trustee and place assets into the trust with guidelines for distribution. It is wise to learn about Nevada asset protection trust requirements to see if this structure fits your financial goals.
You don’t legally own or control the assets except through the trustee and the specific ways you are able to use the assets. It could limit what assets creditors can take from you.
Spendthrift trusts. While the beneficiary of this kind of trust does not have much access to these assets, this can safeguard the money from being taken by creditors.
Charitable trusts. These trusts are specially dedicated to either a charitable cause or a specific organization by the grantor. The advantage of giving money through a charitable trust is that the grantor can receive tax benefits.
Special needs trusts. These trusts are perfect for grantors who have loved ones with mental or physical disabilities. This ensures they are going to be taken care of after the grantor passes and maintain the possibility for the beneficiary to receive government benefits like Social Security.
Dynasty trusts. Through a dynasty trust, a grantor can ensure the wealth and success of their family through generations to come.

Having different estate planning options is ideal, but it can be difficult to determine which trust or specific plan might be right for your circumstances. A dedicated Nevada trust lawyer can help you plan your future with the legal tools that fit your wishes and needs. An attorney is also crucial to ensure you create a trust properly and without further financial risks.

FAQs

How Much Does an Asset Protection Trust Cost in Nevada?

The cost of an asset protection trust in Nevada can be high, as you need to consider the funding of the trust, legal costs, trustee fees, costs of compliance, and maintenance fees. These trusts are costly, but could end up saving you significantly in the future by thoroughly protecting your assets from creditors and claims. You should weigh the benefits with the costs, and know the importance of the investment you are making and of ensuring you are legally compliant.

How Can You Make Your Assets Untouchable?

One of the most effective ways to protect your assets and make them nearly untouchable is through an irrevocable trust that only allows the beneficiary to take assets out for specific reasons and prohibits transfers to third parties. This can limit the likelihood of creditors securing those assets during your life or after you have passed the assets on to the beneficiary. However, there are still ways the assets could be seized.

What Is a Major Disadvantage of an Asset Protection Trust?

A major disadvantage of an asset protection trust is that you will not have direct access to the assets once you place them in an irrevocable trust. While you can access assets through your appointed trustee, you will not have personal control over them. Another major disadvantage of an asset protection trust is that there is no foolproof way to protect assets. Even in these trusts, creditors may be able to use court rulings to secure assets.

What Are the Benefits of an Asset Protection Lawyer in Las Vegas?

It’s important to hire an asset protection lawyer in Las Vegas to ensure that your asset protection trust or other strategy meets your needs and aligns with your financial goals.

Creating a strategy requires a personalized and informed understanding of state and federal law, the options for asset protection, and how those interact with your unique income, assets, and equity. An attorney is on top of legal changes, helping you create a strong plan that changes with the laws.

Hire an Asset Protection Lawyer in Las Vegas

Don’t gamble away your future. Contact us at Lobb & Plewe, Attorneys at Law to get in touch with one of our knowledgeable Las Vegas asset protection attorneys. We listen to your concerns and vision for the future, providing you with legal guidance and action to help you secure the future of your loved ones.