Are you thinking about writing a Will or Trust? Just thinking about what happens after I die is a difficult subject for people to talk about. However, ensuring that loved ones are taken care of in the event in the event of your passing is comforting for some. For others they are looking for something else, and in Nevada we can also protect your assets during your life.
October 1st, 1999 Nevada enacted legislation allowing a settlor to create a trust that is protected from the creditors of a settlor. This type of trust is referred to as a self-settled spendthrift trust or a Nevada Asset Protection Trust. There are several other states the currently have similar legislation, but Nevada has at least one advantage. Nevada has the shortest waiting period for protecting an asset.
Under NRS 166.170 A person may not bring an action with respect to a transfer of property to a spendthrift trust:
(a) If the person is a creditor when the transfer is made, unless the action is commenced within:
(1) Two years after the transfer is made; or
(2) Six months after the person discovers or reasonably should have discovered the transfer, whichever is later.
An example of this would be protecting your home. Once you have created the trust and have recorded a deed in the Trust’s name. The two year waiting period would commence. After two years from the date of the recording your home would be protected from creditor claims.
If you are interested in learning more about Nevada Asset Protection Trusts or have any questions feel free to give us a call schedule an appointment at (702) 216-1011.
**The information you obtain on this site is not intended as legal advice. You should consult an attorney for individual advice regarding your own specific information.
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