| What is asset protection? | | | | Corporate Formation- Corporate formation should be |
| Asset protection is the legal safeguard of your | | | | used to protect not only businesses but other types |
| assets. Every state has enacted laws which allow | | | | of assets that can be attached by creditors. Nevada |
| individuals to legally protect their assets from future | | | | corporate law and Nevada licensing rules make it very |
| creditors. Asset protection is not an attempt to | | | | easy to create a corporate entity to protect assets |
| defraud creditors, which is a criminal offense. Asset | | | | of a business. Whether that business is the operation |
| protection is not hiding your assets; it is a properly | | | | of a multimillion dollar company, a rental property, or |
| structured plan which allows the debtor to reveal the | | | | a dog sitting business, setting the business up as a |
| nature and structure of the plan without sacrificing its | | | | separate entity can protect your individual assets |
| integrity. | | | | from creditors in the event your business is found |
| Why do I need to protect my assets? | | | | liable for damages in a civil litigation. |
| Sadly, legal action has become a part of our daily | | | | Other asset protection devices- A properly drafted |
| lives. Whether you are a millionaire real estate | | | | Nevada contract can protect your assets by including |
| investor or a single family home property owner, you | | | | strong indemnification language which requires the |
| should protect the assets you strive so hard to gain. | | | | other party to protect you in the event of litigation. |
| Even the most careful individual can be involved in an | | | | Prenuptial agreements can also be a strong tool in |
| accident that can lead to a litigation action that may | | | | protecting your assets. A well drafted prenuptial |
| leave them open for liability. Being proactive can save | | | | agreement can prevent future issues leading to the |
| you thousands of dollars and protect the assets you | | | | loss of assets, Nevada divorce, and child support |
| work so diligently for. | | | | issues. Offshore trusts can also work as important |
| Types of protection | | | | asset protection tools. |
| While there are legal, financial, and tax consequences | | | | These are just a few types of asset protection tools |
| of each of the following types of asset protection | | | | that can be implemented by a licensed Nevada |
| that should be discussed with legal representation we | | | | attorney to shelter your assets. You should consult a |
| have listed a few to start you thinking about your | | | | Nevada lawyer and develop a plan that helps you to |
| options. | | | | keep the assets which you work so hard to procure. |
| Estate Planning- Recent events in the Terri Shrivo | | | | If you have any questions regarding this article or |
| case have highlighted the importance of estate | | | | would like to discuss asset protection with one of our |
| planning. This case demonstrates not only the financial | | | | attorneys, please call us at (702)448-4962 or visit our |
| impact of assets protection, but also the emotional | | | | web site at to set up a free consultation. |
| issue that can arise when a person has not created | | | | Disclaimer: The McDonald Law Group provides the |
| estate documents. The most common type of | | | | information in this web site for informational purposes |
| estate planning protection is the creation of trusts. | | | | only. The information does not create an |
| Trust creation is cost effective and easy. The | | | | attorney-client relationship constitute legal advice. |
| creation of a trust can protect assets for future | | | | Please contact our attorneys if you wish to discuss in |
| generations. | | | | more detail the contents of this web site. |