Asset Protection

Las Vegas Asset Protection Lawyers

Asset Protection Planning Keeps You and Your Beneficiaries Safe

Many clients who have completed their living trusts and other estate planning documents sometimes come back later and say: 

“My living trust will avoid probate and make it much cheaper and easier for my children to administer my estate after I’m gone, but it really doesn’t do anything for me here and now.” True

“My living trust won’t help my kids at all if the bad guys take everything from me now.” Good point.

“I’m much more concerned about protecting my assets now than I am about making my kids rich when I die.” Agreed

“Is there anything I can do now to protect my assets now?” Absolutely

Fortunately there are very simple, cost-effective steps you can take here and now to ensure that no one can take your assets from you.

Some popular tools you can easily and quickly set up include LLCs and NAPTs.

Is Asset Protection Necessary?

A good, lawyer-like answer is, “it depends.”  If you are confident that nothing bad will ever happen to you and you can guarantee that you will never incur any liability or claim or out-of-left-field lawsuit ever in your life, then the answer is, ”No.”  However, if you don’t have complete confidence in that answer, keep reading.

A client of our firm whose husband, age 64, recently passed away unexpectedly didn’t have health insurance to “save money.” He was in the hospital for 10 days.  She was sent a hospital bill for $900,000.  They offered her a payment plan of $20,000 a month, which of course, she doesn’t have.  

She’s 63 and retired, living on a fixed income.  She’s dipped into savings and has paid $20,000 in smaller medical bills, trying to keep all the creditors at bay. She’s worried that her creditors will clean out all her savings and take her house.  She’s moved in with her son.  This isn’t the kind of retirement that she was expecting.

Another client recently told me that his wife accidentally “hit” a lady on a bicycle as she was driving her car.  Neither was going fast.  The lady got a skinned knee.  Nevertheless, she was shipped off in an ambulance to a local hospital. 

Shortly thereafter, they were sued for $4,000,000.  Ridiculous?  Of course.  Their attorney got them down to $3,000,000, then $2,000,000.  They’re still doing battle.  With an insurance policy of $300,000 in place, they still have a way to go.  I hope they make it.

Unfortunately there are people out in the world who are looking to make a quick buck however they can, and filing ridiculous lawsuits has become common practice.  Yes, bad things can happen to good people. The sad fact is that her situation could have been avoided with some advance planning. 

It's not just unexpected medical expenses or a car accident that can wipe you out. You may be in an accident and actually injure someone.  If the injuries exceed your policy limits, you’re personally liable for the difference. And, as above there are situations where bogus claims are made.  People fake injuries and seek outrageous judgments. Whereas baseball used to be the national pastime, you can now make the case that spurious lawsuits are gaining ground for that distinction.  If you have assets, there are in fact people out there who are looking to you as their retirement plan.  

You’ve no doubt seen billboards everywhere offering services to “injured” (real or imagined) people for attorneys to come after you and take you for as much as they can possibly get.  Hint: There’s a reason why paying for expensive billboards makes a handsome income for these attorneys. There are attorneys out there who see you as a payday.

A stepson of another client hit a lady in a crosswalk going maybe 5 mph.  At first, she was fine.  Then, after being motivated by one of those billboards for quick, easy cash, at no cost or burden to her, decided that she was injured after all. This lady sued my client (stepfather of the driver) and was awarded $4,500,000 at trial against my client (not his insolvent stepson) for permanent, irreparable back injuries.  She ran a marathon a few weeks before the trial. Permanent, irreparable back injuries? I don't think so. Unfortunately, there are dishonest people who retain dishonest attorneys to represent them on bogus cases. Amazingly, her attorney was able to have his excluded from evidence.  

First the bad: My client only had a $300,000 liability policy on his car.  This could have been catastrophic for him but for his foresight in planning ahead.

The good news was that, years before, we set up a Nevada Asset Protection Trust and some LLCs for him. All of his assets were safely tucked away beyond the grasp of this particular creditor.  His taking those steps years ago to protect himself was the difference in retaining his assets or being completely wiped out.

As is often said, what we have today is a “legal system,” not a “justice system.”  Sometimes justice prevails, but not always. Unfortunately, many predators out there look at this as a legal game of how much can they squeeze out of you. Conversely, your part in the “game” is to make sure that you never get cleaned out and aren’t required to start over at age 63 or any age.   

What Is a Nevada Asset Protection Trust (“NAPT”)?

Asset protection trusts are unique entities which are permitted in only a handful of states.  Nevada is consistently ranked as having the strongest and best asset protection laws and asset protection trusts in the nation.  Nevada Asset Protection Trusts (“NAPTs”) are an exception to the common law rule that if you have access to your assets, such as assets held in your living trust, any creditor or claimant of yours can penetrate your living trust and attach any and all assets held there.  In short, your living trust provides exactly zero asset protection to you.

The Nevada legislature saw the need to protect not only its residents but people throughout the nation seeking to take advantage of its laws with a degree of asset protection unequaled anywhere else.  Nevada enacted laws permitting you to create a trust where you are the trustee and beneficiary of your trust.  You have full use and control all assets in your trust, such as buying and selling assets and taking them out for your benefit at any time without any restrictions.  

For public policy considerations, Nevada law requires that the assets need to be held in the trust for two years for the asset protection to become effective.  This means that after your assets have been held in your trust for two or more years, no creditor or claimant can ever reach or attach any of your assets held in your trust—ever.   It simply doesn’t get any better than that!

The good news is that you can take advantage of the favorable Nevada laws regardless of whether you are a Nevada resident or reside in any other state.  Two years from now you will be two years older.  The choice is yours whether you would like the assurance that no one can ever separate your assets from you from that point throughout the rest of your life, or whether you are willing to take the risk of someone coming out of left field and coming after you. 

To learn more about how these amazing trusts can help you protect your assets, please call our office today at (702) 478-1284  or reach out online to schedule an appointment to speak with one of our experienced attorneys. 

At Robert L. Bolick, Ltd., our team diligently works with clients to provide the best estate planning and asset protection possible. The attorneys at Robert L. Bolick, Ltd. think ahead and create plans that protect our clients and their heirs. A living trust does not help beneficiaries if the assets are taken in a lawsuit or by creditors—the client setting up the trust needs protection today. This is where a Las Vegas asset protection lawyer can step in and help.

Attorney Robert L. Bolick has over 55 years of experience and can work with you on creating a Nevada Asset Protection Trust. We serve clients across Las Vegas, Summerlin, Southern Highlands, Henderson, and throughout the State of Nevada. Call our office today at (702) 478-1284 or contact us online for a  free, no-obligation consultation.

Robert L. Bolick, Ltd. has over 55+ years of  collective experience working with clients on managing their estates. Good management means also thinking of the needs that may arise right now when the client is still alive. Our experience allows us to help clients see both the short-term and long-term picture and make the decision that’s right for them.

Our Las Vegas asset protection lawyers serve clients in Summerlin, Southern Highlands, Henderson, throughout Clark County. 

Call us today at (702) 478-1284 or contact us online to set up a free, no-obligation consultation.

  • “He has been an asset in helping us to navigate all the directions certain decisions made, can affect us in the future.” - Shantell
  • “He handled himself in a very professional manner and guided me to a successful conclusion to the case.” - Judi P.
  • “Clayton helped us put our living wills together and we feel so much better knowing our assets and son are taken care of in case of a tragedy.” - Former Client