How to protect your nevada assets from lawsuits

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Transcript of How to protect your nevada assets from lawsuits

  1. 1. ASSETS FROM LAWSUITSZEE .
  2. 2. PROTECT YOUR ASSETS FROM LAWSUITS
  3. 3. Legacy GT WealthP.9-'--'' 1 , QR Planning Attorneys1 Northern Nevadats Premier Estate Planning Law Firm Anderson,Dom C3 Racler,Ltd.(775) 823_WILL (9455) Protecting your assets from creditors is a critical part of every business and plan
  4. 4. ,, .;-: ae= ? 57;.Le ac E-9" Wealth , r.., . -*. o.1:'-.g 3, R Planning Attorneys ' .539. - ' I-. .-, S I E 1 Northern Nevadats Premier Estate Planning Law FirmAnderson,Dom E7 Rader,You should understand that anyone who has a legal claim or judgment against you is considered a creditor
  5. 5. That includes judgmentsobtained against Iyou as a result of a lawsuit,as well
  6. 6. Legacy C3 Wealth QR Planning Attorneys - i b 1 Northern Nevarlas Premier Estate Planning Law FirmAHCICYSOI1. DOYH (If RdOY, Indeed,protecting assets from legal liabilities is a shared concern for many clients,especially business owners
  7. 7. Legacy 6' Wealth AER Planning Attorneys I 1 Northern Nevaclas Premier Estate Planning Law FirmAl1C1CYSOl1. DOYI1 & RGCIOY, Here is what you need to know
  8. 8. THE PRIMARY GOAL OF ASSET PROTECTION
  9. 9. Legacy C3 Wealth QR Planning Attorneys i b 1 Nortliern Nevarlas Premier Estate Planning Law FirmAllClCYSOl1. DOYH (If RdOY, Asset protection is dened as the process of examining your assets and rearranging them in a way that protects them from loss
  10. 10. g, .:; ,a, :yf 5,;Legacy E-9" Wealth E:3 ~"9-I- 22,: ~ : 5 D R Planning Attorneys L. K " *-. ..,.1L Northern Nevadas Premier Estate Planning Law FirmAnclerson,Dom C3 Racler,Depending on the extent and nature of your assets,your asset protection plan could be complex
  11. 11. Legacy C3 Wealth QR Planning Attorneys - P b 1 Northern Nevarlas Premier Estate Planning Law FirmAllClCYSOl1. DOYH (If RdOY, However,as long as your plan is created and exeo. rted propeliy,you can still keep your estate 'om being at risk
  12. 12. ,, .:; ,a, :yf 5,;Legacy E-9" Wealth E:3 ~"9-I- 22,: ~ : 5 D R Planning Attorneys L. K " *-. ..,.1L Northern Nevadas Premier Estate Planning Law FirmAnclerson,Dom C3 Racler,What an asset protection plan does not do,is include any type of tax evasion or fraud
  13. 13. WHEN SHOULD YOU START PLANNING?
  14. 14. Legacy C3 Wealth AER Planning Attorneys - 1 Northern Nevaclas Premier Estate Planning Law FirmAIlClCYSOl1. DOYI1 & ROClOY, Effective asset proteclion must be start before any legal daims an'se
  15. 15. Legacy C3 Wealth QR Planning Attorneys A b 1 Northern Nevarlas Premier Estate Planning Law FirmAllClCYSOl1. DOYH (If RdOY, If you start moving your assets after the lawsuit has been led,you may be found guilty of making audulent transfers
  16. 16. Legacy C3 Wealth QR Planning Attorneys A b L Northern Nevarlas Premier Estate Planning Law FirmAllClCYSOl1. DOYH (If RdOY, Once you have been served with a lawsuit,or received a demand for payment of a valid claim from a creditor,it is most likely too late to plan
  17. 17. LIABILITY INSURANCE
  18. 18. Asset protection should never be an alternative for maintaining liability insurance,especially if vou own a business
  19. 19. Legacy E-7 Wealth 3' 3-59 1 _ . ~*. .*-'fT.7-',7*~: I.. Planning Attorneys L. "; .-..133--. .. .R --4--L L Northern Nevadas Premier Estate Planning Law FirmAnclerson,Dom C3 Racler,Ltcl.(775) 823_WILL (9455) In fact,liability insurance provides in own form of asset protection against lawsuits
  20. 20. * Legacy {-7 WealthI:, 5 D R Planning Attorneys I L Northern Nevada's Premier Estate Planning Law Firm Anclerson,Dom C3 Racler, 8 2 3_WIIL 45Your insurance carrier is ultimately responsible for financing your defense and paying to settle the claim,if possible
  21. 21. KEEP BUSINESS AND PERSONAL ASSETSSEPARATE
  22. 22. Legacy E-7 Wealth I y 5R Planning Attorney s1 Northern Nevada's Premier Estate Planning Law Firm Anclerson,Dom C3 Racler, 8 2 3_WIIL 45 If you own a business,the most mportant step in protecting your assets from legal claims is to keep your personal assets separate from your business assets
  23. 23. ,, .:; .a: yf :7; Legacy E-9" Wealth E:3 ~"-E9-I- 22,: ~ : 5 D R Planning Attorneys L. :" *-. .:,.1L Northern Nevada's Premier Estate Planning Law FirmAnclerson,Dom C3 Racler,Remember,trusts are for personal assets and business entities are for business assets
  24. 24. Legacy E-7 WealthI:y 5R Planning Attorney s1 Northern Nevada's Premier Estate Planning Law Firm Anclerson,Dom C3 Racler,Ltcl.(77 5) 8 2 3_WILL (9 4 5 5)There are also specific types of business entities,such as limited liability companies,that are intended to protect the business owner's personal assets
  25. 25. EARLY ASSET PROTECTION
  26. 26. Trusm are the most mmmon type of estate planning instrument used for asset protection
  27. 27. Legacy E-7 WealthI:y 5R Planning Attorney s1 Northern Nevada's Premier Estate Planning Law Firm Anclerson,Dom C3 Racler,Ltcl.(77 5) 8 2 3_WILL (9 4 5 5)After you transfer your assets to the trust,they are considered removed from your estate,putting them outof the reach of creditors and judgments
  28. 28. Legacy C3 Wealth QR Planning Attorneys - I b L Northern Nevarlas Premier Estate Planning Law FirmAITCICYSOI1. D0111 (If RdO1,Trusts are also very exible,allowing them to be customized to meet your specic needs
  29. 29. PROTECTING YOUR HOME
  30. 30. The rst conoern most people have when they are faced with a lawsuit is whether they could lose their home if there is a judgment againstthem
  31. 31. Legacy (-9' Wealth QR Planning Attorneys b L Northern Nevarlas Premier Estate Planning Law FirmAITCIEWSOI1. D0111 (ff RQCICY, Because your residence is likely the most valuable asset you own,most states have created a homestead exemption that protects an individuals primary residence from legal judgments
  32. 32. Legacy E-7 Wealth1: 5R Planning Attorney s1 Northern Nevada's Premier Estate Planning Law Firm Anderson,Dom C3 Racier,Ltd.(77 5) 8 2 3_WILL (945 5)This automatic protection can be relinquished by transferring the title of your home to a spouse or child,when faced with a lawsuit
  33. 33. ; .gs, tg 5,;Legacy E-9" Wealth E:3 ~"9-I- 22,: ~ : 5 D R Planning Attorneys L. K " *-. ..,.1L Northern Nevadas Premier Estate Planning Law FirmAnderson,Dom C3 Racier,In those cases,the transfer may be considered fraudulent,ultimately resulting in loss of the home
  34. 34. RETIREMENT ACCOUNTS
  35. 35. ,. .. :,gs, tg: =f 5,;Legacy E-9" Wealth E:3 ~"9-I- 22,: ~ :, 5 D R Planning Attorneys L. K " *-. ..,.1L Northern Nevadas Premier Estate Planning Law FirmAnclerson,Dom C3 Racler,Generally,funds held in certain retirement accounts,such as and 401k plans,are protected from legal judgments
  36. 36. ,, .;-: ,a= ? 57;.Le ac E-9" Wealth , r.., . -*. a.1:'-,g 3, R Planning Attorneys ' .5;-.K ' '-. .-, S I {E 1 Northern Nevadas Premier Estate Planning Law FirmAnclerson,Dom E7 Racler,However,any money withdrawn from these accounts will likely become accessible to judgment creditors
  37. 37. Legacy E-7 Wealth. --'5 E " as1-as-" 22.,_ jag;I:, QR Planning AttorneysL Northern Nevadas Premier Estate Planning Law Firm Anclerson,Dom C3 Racler,Ltcl.(775) 823_WILL (9455)Employer-sponsored retirement plans,however,are protected from judgment creditors,unless the plan is solely for the business owner andhis or her spouse
  38. 38. CONTACT US!
  39. 39. Legacy E-7 Wealth I ,QR Planning Attorney s1 Northern Nevadas Premier Estate Planning Law Firm Anclerson,Dom C3 Rader, 8 2 3_WIIL 45 If you have questions regarding protection from lawsuim,or any other asset protection planning issues,please contact Dom & Rader,Ltd . , either online or by calling us at (775) 823-9455
  40. 40. If you live in northern Nevada give us a call at 775-823- 9455 WILL to make an appointment
  41. 41. , l t_ l.3: gm Tit?Or visit our website www. wealth-counselors. com