Las Vegas Asset Protection Attorney
Home / Asset Protection
Las Vegas Asset Protection Lawyer
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. 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.
Asset protection is more than signing a will or hiring a lawyer after a loved one passes. It entails knowing which type of trust is going to work for your situation, whether it is an irrevocable trust, an asset protection trust, or another binding document that can help ensure your Las Vegas, Nevada asset protection.
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.
In the case that 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 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 that you 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.
- 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 situations and personal wishes change. Therefore, you should be sure to update your estate plan regularly based on conditions such as new property acquisitions or change of marital status.
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.
Types of Nevada Trusts
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.
Some of the different kinds of trusts you can set up in 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.
- 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.
- Asset protection trusts. An asset protection trust is a kind of irrevocable trust that wards off legal battles and aggressive creditors.
- 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 situation. A dedicated Nevada trust lawyer can help you plan your future with the legal tools that fit your wishes and needs.
Nevada Asset Protection Lawyers
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.