Any small business owner is aware of the importance of asset protection planning. One of the tools that might be recommended to you is a Nevada asset protection trust. The purpose of this strategy is to shield your personal assets from creditor claims as well as any lawsuits. Other professional business entities like a limited partnership, a limited liability company or a corporation could protect a business owner, his or her assets could still be attached to spousal claims in divorce proceedings or lawsuits. In addition, liability insurance may not provide enough coverage to help mitigate this risk. The benefits of these trusts are not well-known to many individuals in Nevada but any individual outside of Nevada can still take advantage of this. In order to protect your assets in this way the assets cannot be owned by you directly. An NAPT gives you the potential to preserve your wealth since the trust will actually maintain ownership of the assets. These assets typically can be protected from child support, alimony lawsuits and creditor claims as long as the trust is put together before any claims arise. This is an excellent way to approach long-term asset protection planning. You should consult with your asset protection planning attorney to learn more.
In addition, liability insurance may not provide enough coverage to help mitigate this risk. The benefits of these trusts are not as well-known to many individuals in Nevada, but any individual outside of Nevada can still take advantage of this.
In order to protect your assets in this way, the assets cannot be owned by you directly. An NAPT gives you the potential to preserve your wealth since the trust will actually maintain ownership of the assets. These assets typically can be protected from child support, alimony lawsuits and creditor claims as long as the trust is put together before any claims arise. This is an excellent way to approach long-term asset protection planning. You should consult with your asset protection planning attorney to learn more.