A Las Vegas asset protection attorney can help you establish and implement strategies to protect your assets from lawsuits, creditors or other unexpected events. These legal strategies can include the creation of trusts, establishing business entities, and planning for retirement or incapacity.
Ideally, asset protection should begin as soon as there is any threat of a judgment. Unfortunately, our society is becoming more litigious and some creditors are successful in filing false claims.
Business Entities
The entity type you choose for your business will determine how taxes are paid, as well as the amount of personal liability that is attached to your company. This is an important decision for anyone who plans to open a business.
A business law attorney in Las Vegas can help you select the right entity for your business and set it up to grow. He or she can also assist you with maintaining your business, creating contracts and agreements, and avoiding litigation.
Corporations and limited liability companies are the most popular types of business entities in Nevada. They account for more than 62 percent and 30 percent of all new filings, respectively, according to research firm Applied Analysis.
The business laws of Nevada offer beneficial tax treatment and corporate protections. For these reasons, many entrepreneurs are choosing to incorporate their businesses in Nevada rather than incorporating elsewhere.
Asset Protection Trusts
An asset protection trust (APT) is a complex financial tool that can protect your assets from creditors and lawsuits. This type of trust is best established with the help of an experienced estate planning attorney.
Domestic APTs can be set up in most states, but the laws may vary from state to state. Besides providing protection, domestic APTs can also help you avoid paying state income tax on your assets held in the trust.
Unlike a regular revocable living trust, an APT is irrevocable. This means that the trustee or beneficiary can only access your trust assets under specific stipulations.
A spendthrift clause is another requirement that helps ensure the assets held in an APT cannot be spent on the beneficiary’s behalf, and creditors will not be able to reach them.
There are two kinds of APTs, domestic and foreign (or offshore). In the United States, a domestic APT can be created in 16 states.
Estate Planning
Estate planning is a complex process that involves preparing legal documents to ensure that your wishes are fulfilled when you die or become incapacitated. A Las Vegas asset protection attorney can help you create a plan that meets your specific needs and goals.
The first step in any estate plan is to make a complete inventory of all the assets you own. This will help you determine what is taxable, and which items should be transferred equitably among your heirs.
Another important part of an estate plan is deciding who will handle your finances and medical decisions if you become incapacitated. These individuals are known as fiduciaries, and they will act in your best interest.
It is important to discuss your estate plan with your family and friends. This can help you avoid surprises down the road.
Tax Planning
A Las Vegas asset protection attorney can help you establish a tax planning plan that reduces your taxes and allows you to pass on as much of your assets as possible to family members and beneficiaries. There are many different strategies to consider, but the main ones include reducing your income and taking advantage of certain tax credits.
Effective tax planning ensures that a business’s finances are saved from taxable sources while conforming to legal and regulatory requirements. These plans can also help in resolving tax disputes with federal, state and local authorities.
The government has to generate funds through taxation and these resources are essential in maintaining economic stability and development. This is why individuals and businesses need to develop effective tax plans that maximize the amount of profits while adhering to legal obligations.
Tax laws change year-to-year, and it is important to keep up with these changes. As such, it is a good idea to work with an experienced accountant who can guide you through the process and ensure that you are taking advantage of all possible deductions, taxes and savings opportunities.
