Those people who are high net worth individuals may want to learn a little bit more about domestic asset protection trusts. Domestic asset protection trusts to protect a client’s assets from the paws of creditors and are seen as a safer option than jumping into what are known as offshore structures. Of course, getting into any such financial endeavor requires looking at the pros and cons of the matter. There are Domestic Asset Protection Trust Attorneys in Las Vegas NV who tell clients why the trusts may be a better option.
- Nevada is one of the few states that allow for virtual representation. This ensures that beneficiaries who are not yet ascertainable (such as unborn children) will not have a problem being represented. The laws of Nevada allows for such beneficiaries to be represented by those beneficiaries whose interests in the trust are similar, and not liable to result in a material conflict of interest.
- Nevada has also established that the rule against perpetuities exists basically in name only. Nevada has actually established 365 years to be the time period for the rule against perpetuities.
- Nevada also has allowed for decanting. Decanting allows the trustee of a trust to move assets from one trust to another trust.
- Nevada employs no state taxes on estates, income, and inheritance. This makes setting up a domestic asset protection trust an attractive option.
- Another wonderful thing about Nevada in relation to asset protection trusts is the law concerning charging orders and state exemptions. With the charging order, a creditor of an individual will only be able to attach the debtor’s distributional interest, for the purpose of trying to satisfy any debt.
Grant Morris Dodds are attorneys who have been practicing law in the Las Vegas, Nevada area for years. With more than five decades of combined experience, they have helped clients in the practice areas of estates, wills, probate, guardianship, powers of attorney, elder law and various forms of trusts. They have been helping clients with Nevada assets protection trusts also. If you need Domestic Asset Protection Trust Attorneys Las Vegas NV, you can visit their website at http://www.gmdlegal.com/. Once there, browse to the link that directs you to “click here.”