Nevada Asset Protection Trusts — Do They Really Work?
Nevada is well known for having some of the best and strongest asset protection laws in the country. Perhaps the strongest weapon in our arsenal is our asset protection trust. Attorney Robert Bolick has been creating Nevada Asset Protection Trusts (NAPTs) since they’ve been around in 1999 and has drafted well over 1,000 since then.
The following are FAQs regarding Nevada Asset Protection Trusts (NAPTs):
Won’t my living trust provide asset protection?
No, living trusts don’t offer any asset protection. As a revocable trust, your creditors can access any of your assets held in your living trust.
Can I really achieve asset protection?
Absolutely. Nevada has the strongest asset protection trust in the nation. Forbes Magazine gives Nevada trusts the only A+ rating in the country.
Must I be a Nevada resident?
No. Anyone, anywhere in the country can take advantage of Nevada laws to protect their assets.
To receive the benefit of Nevada’s very powerful asset protection laws, you simply need a person in Nevada to perform very limited and nominal functions, similar to a registered agent for a corporation or LLC. We can offer these services for as little as $200 per year.
Is it legal?
Yes. All you have to do is comply with the statutory requirements. The key is to get your asset protection trust in place well before a liability or claim arises.
How does the trust work?
You can be the trustee of your trust and maintain control over all trust assets throughout your life. You can buy, sell, trade or reinvest assets at any time without the knowledge or consent of anyone else.
The trust is not recorded or filed. No one even knows that your trust exists. All assets and transactions are strictly confidential. You can distribute assets to yourself at any time. If your trust is properly created and funded, no creditor can attach any assets held in trust for at least two years, nor can any creditor attach or lien any distributions from your trust.
When do the asset protection features become effective?
Asset protection begins after the assets have been held in your trust for two years. After two years, no creditor can penetrate or attach any assets in your trust. Similarly, you cannot be forced to distribute any assets.
What assets can I hold in my trust?
Your trust can hold your home, any other real estate, investments, cash, securities and any other asset whether located in Nevada or elsewhere. Most people hold their rental properties or businesses in an LLC, which in turn is held in their NAPT.
Is a NAPT expensive?
No. Not having a NAPT can be. Creating a NAPT is a one-time expense. There are no annual administration costs or maintenance fees.
Why Doesn’t Everybody Create An Asset Protection Trust?
With all of the uncertainties of life, bizarre outcomes of lawsuits and exorbitant jury awards, you can never be too safe. You can realize huge dividends by arranging your affairs now to protect yourself from the unforeseen. Nevada law affords you this excellent protection. Why not take advantage of it?
Do You Feel Properly Protected?
Learn more about how you can protect your future. Robert L. Bolick is an accomplished asset protection trust attorney with more than 30 years of experience representing professionals, business owners, and the general public in Las Vegas and throughout Nevada.