Asset Protection Planning Attorney in Henderson, Nevada
In what situations can assets be put at risk?
In what situations can assets be put at risk?
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you know it’s a good question assets can
be put at risk in many different ways
for example many of our clients have
professions where the work that they do
potentially exposes them to liability so
for example if you’re
a business owner and you have employees
that are representing you in the
community if they’re driving company
vehicles they’re potentially exposing
you to liability if they’re in an
accident
and that accident causes harm or injury
then then the liability can follow that
and when they’re acting in within the
scope of their employment so
you know if you’re a doctor performing
surgeries each week you’re potentially
exposed to liabilities if something goes
wrong if you’re the owner of an
engineering company and you’re designing
buildings
you can be exposed to liability if
something malfunctions and you know harm
is caused there are also situations
where we have many clients let’s say one
spouse has lost their companion and
decides later in life to remarry and i i
don’t mean to suggest that
your marriage partner can be a creditor
but sometimes in remarriage depending
upon how you title those assets you can
expose those assets to the liabilities
of a new spouse and so
what we do as estate planning attorneys
is try to make our clients aware of
these issues and we suggest solutions
for those problems there are many
different things that we do
to protect assets
in nevada one of the one of the real
effective estate or i should say asset
protection devices is what we sometimes
call a a self-settled spendthrift trust
it is a trust that a client can create
if it’s done correctly and administered
correctly they can contribute their
assets
to that trust
they can enjoy the benefit of those
assets they can participate in the
management of those assets
but at the same time those assets can be
protected from the claims of unsecured
creditors so
nevada offers our our clients many
opportunities to protect their estate
Las Vegas, NV estate planning attorney Gregory J. Morris explains in what situations assets can be put at risk. He explains that assets can be put at risk in many ways. Many of his clients have professions that expose them to liability. For example, a business owner whose employees drive company vehicles could be held liable if an accident occurs during the course of their work. Similarly, a doctor performing surgeries weekly or the owner of an engineering firm designing buildings could face liability if something goes wrong and harm is caused.
He also notes that in remarriage situations, depending on how assets are titled, a spouse could potentially expose assets to new liabilities. As an estate planning attorney, he educates clients about these risks and proposes solutions to protect their wealth.
One effective tool in Nevada is a self-settled spendthrift trust. If properly established and managed, a client can place assets into the trust, continue to benefit from them, participate in their management, and at the same time protect those assets from claims by unsecured creditors. Nevada provides numerous opportunities for clients to safeguard their estates.
