Asset Protection Explained

Asset Protection Explained

Jointly Titled Assets & LLC’s

Real estate can be protected in jointly held property. A legal right to a whole piece of property and not a subdivision can block a creditor. A creditor who has a claim against one owner cannot assert a claim against another owner. Putting a home in the name of an heir while the owner continues to reside in the home can be defended as estate planning to avoid probate. Financial accounts can be redomiciled into offshore banks to prevent attachment. The simple conversion from a corporation into an LLC could prevent acreditor from seizing assets or foreclosure. The LLC can be further protected by establishing the LLC in a different legal jurisdiction. This requires a creditor to engage a lawyer licensed in the state where the new LLC has been established.

Trusts

The most powerful method available to protect assets is to use aTrust. Trusts have been used throughout the ages to protect assets and to assure that the benefits of ownership go to the trust beneficiaries. Asset protection trusts are unique because they allow the person who contributes the assets to a trust to also be a beneficiary of the Trust.

Fifteen states have enacted asset protection trust statutes. Aperson can choose any of the 12 states that have asset protection statutes without needing to reside in the state.
Contact Information
2700 E Sunset Road, Suite 13B, Las Vegas, Nevada 89120
Email: info@whitehallcompanyltd.com
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Contact Information
2700 E Sunset Road, Suite 13B, Las Vegas, Nevada 89120
Mon - Fri: 8.00 am - 7.00 pm
Get Directions

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