Asset protection is immensely important in today’s climate where there are more and more judgments against individuals and/or their businesses. It is important to look at your asset protection needs in advance of entering into risky business relationships and/or exposing yourself to litigation in the future.
You’re lucky to be living here in Nevada because Nevada has very generous asset protection laws in comparison to the rest of the country. Planning is key when it comes to asset protection so, meet with an experienced asset protection attorney today to be sure you’re able to plan for your future.
Nevada law provides limited asset protection without a trust/asset protection LLC. Below is a list of what types of assets are automatically protected under Nevada law:
1. ERISA-qualified retirement plans.
2. Federal pensions/pension plans.
3. Disability.
4. Social security.
5. Military pensions.
6. IRAs & non-qualified plans up to $500,000.
7. Homestead on your 1 home up to $550,000.
8. Life Insurance (Up to its cash value, which is now unlimited as of July 1, 2011 in NV); and
9. Certain annuities.
While it is beneficial for Nevada citizens to have the ability to protect the above listed assets, most people are more concerned with their bank accounts, any fiat money, and investment accounts that are at risk of being liquidated in the event your assets come under attack. Both 1. CDs (certificates of deposit) and 2. Bank accounts are FULLY EXPOSED and Nevada law does not provide any automatic asset protection for the same. As such, the only way to protect yourself, your money, and your family is with a solid asset protection plan, which includes estate planning (wills & trusts) and perhaps an asset protection Limited Liability Company.
Trusts and Asset Protection LLCs should be considered by anyone wanting to protect their assets. In the event you want REAL PROTECTION for your hard-earned assets, consult an estate planning/business lawyer to create a trust and/or asset protection LLC BEFORE you enter into any risky business relationships and/or expose yourself or your companies to suit.
