Nevada Asset Protection Trusts (“NAPT”) Frequently Asked Questions
- It has shorter time frames. There are only thirteen (14) states in the US that have asset protection trusts. Out of those, Nevada is the ONLY state that has a two (2) year statute of limitations. The other states have between three and six (3-6) years. (Well, Hawaii has a two (2) year window but you must pay taxes to use it).
- In Nevada there are no exception creditors. Even after the assets have been in the trust for the designated time frame, some states let certain creditors break through their asset protection trusts like divorcing spouses, child support, or pre-existing torts. Nevada does not.
- Nevada has a history of asset protection friendly jurisdiction. The trend has been that asset protection strategies have been very successful in this state.
“Naked assets” are those assets that are not protected by state law. Some examples of exempt assets that are protected include retirement plans, life insurance, annuities, and your primary residence (if homesteaded and depending on the homestead laws in your state). For a full list of assets that are exempt from execution in Nevada CLICK HERE. The day after the asset is transferred into the trust, it belongs to the trust. You no longer own it. If someone were to ask you what assets you own, you would truthfully and lawfully be able to exclude that asset.
Step 2: Consultation and Design. We are accustomed to in-office or phone appointments, whichever you prefer. You will be meeting with Gary Fales and no other attorney. We do ask that your spouse or significant other be present. Your meeting will take approximately 30 minutes. If you decide to hire us, Gary will need another 30 minutes to being your design so we ask that you plan for about an hour appointment.
Step 3: Sign the trust . The drafting process typically takes two (2) weeks. Upon completion, you will meet with our Client Concierge to sign your trust or we will mail it to you. If you have any further questions she will be your liaison to Gary and to the rest of the legal team. In the case of any specific questions for Gary, she will relay his counsel or set an appointment for you to speak with him directly. If you need to speak with Gary, just ask.
Step 4: Fund the trust . Once the trust is signed, it is ready for the assets to be transferred to it. It is your responsibility to transfer assets to the trust. Our Funding Coordinator is here to help you with any specific questions about transferring assets into the trust. If you want us to transfer an asset, we can help you assist you for a nominal fee.
Step 5: Record the transfers to the trust. When an asset is transferred into the trust, it needs to be recorded. You will work with our Funding Coordinator to record the assets in the trust. After providing our office with the necessary information we will be able to record the assets in any county in Nevada if the assets are located there. Our Membership Maintenance Program is designed to help you with everything you need after you set up the trust. To read more about the Membership Maintenance Program make sure you read the section entitled “How do we differ from other firms” or link directly to a description of the program here.