R.D. Johnson is a an experienced Nevada Trust Lawyer. We are well equipped to assist you in both using Trusts for Estate Planning and for Asset Protection Planning.
TRUSTS FOR ESTATE PLANNING PURPOSES: Estate Planning using Trusts in Nevada may include a Revocable Nevada Trust and/or a Nevada Spendthrift Trust. Traditionally, Estate Planning has primarily focused on use of a Living Trust to avoid probate of the assets of the estate. This is a very important component of the estate plan for sure. In addition, the Nevada Revocable Living Trust enables you to spell out who will receive the assets or proceeds of your estate following your death. The Nevada Living Trust gives you a great deal of flexibility as to who will receive the money or assets of the estate. Nevada laws enable you, for example, to specify that the shares of underage children will be held in Trust until they reach specified ages and/or benchmarks (such as graduating from college). You can also have provisions for irresponsible or substance addicted children’s shares to be held in trust and controlled and managed for their benefit to provide what they need to live on but keeping the money itself out of the irresponsible child’s hands and control. Provisions may also be made for disabled children through use of a Special Needs Trust provision in the Living Trust or by establishing a separate stand-alone Special Needs Trust. Aside from these traditional Estate Planning methods, it is becoming more common (and more necessary in our litigious society) to enable Asset Protection as part of the Estate Plan.
TRUSTS FOR ASSET PROTECTION PLANNING PURPOSES: The Nevada legislature has enable the use of Trusts in Nevada for Asset Protection Planning purposes through the Nevada Spendthrift Trust Act which is set forth in Chapter 166 of the Nevada Revised Statutes (NRS 166.010 et seq.). There are various terms that are in common usage which all refer to the Nevada Spendthrift Trust. Some of those terms are: Nevada Wealth Preservation Trust, Domestic Asset Protection Trust, Nevada Asset Protection Trust and others. On this site, we generally refer to the Nevada Spendthrift Trust as the Nevada Asset Protection Trust or NAPT for short. R.D. Johnson Law Offices has been actively engaged in Asset Protection Planning in Nevada for many years and is very experienced in establishing Nevada Asset Protection Trusts. A Nevada Asset Protection Trust can be incorporated into your Estate Plan and it can also be incorporated into your business planning as well.
Contact R.D. Johnson Law Offices, LLC today to schedule your free consultation for Estate Planning and/or Asset Protection Planning: Chat With Us