If you own assets, it is important that you protect them. For many Nevadans, debts and a down economy have conspired to make protections for real estate, money and investments necessary.
In Nevada, there is an important legal tool that can keep creditors from taking your hard-earned money and property. The Nevada Asset Protection Trust (NAPT) — also known as a spendthrift trust or an NRS Chapter 166 Trust — allows asset owners to make specific assets invulnerable to creditor claims, while keeping the assets available to the owner at a later time.
The Law Offices of P. Sterling Kerr, P.C., in Henderson, is experienced in NAPTs and other asset protection matters. The firm's founding attorney, Sterling Kerr, is a real estate developer and entrepreneur who has developed residential and commercial properties in Las Vegas and Mexico. Sterling Kerr also founded and operated a trust company that — before he sold it to return to practicing law — maintained more than $75 million under its custody.
Using Nevada's creditor protection laws, Sterling Kerr assists investors, small businesses and others in protecting their assets from creditors who would take those assets away.
How NAPTs Work | Las Vegas Asset Protection Trust Attorneys
The Nevada legislature created NAPTs to allow the creators of a trust, known as settlors, to protect their assets from creditors while retaining benefit from those trusts. NAPTs are unusual in that they allow the settlor to serve as the trustee and the beneficiary of the trust. If all technical requirements are observed, creditors cannot make claims against the assets covered by the trust.
Other advantages of NAPTs include:
- NAPTs are exempt from all Nevada personal and/or corporate income tax, as well as income taxes in other states (provided the trust is qualified to do business in that state).
- NAPT settlors may change or add beneficiaries to the trust without notifying state or federal authorities.
- State statutes provide clear definition to NAPTs, meaning there is little room for "interpretation" by courts.
- NAPTs require no fees for registration or annual reporting.
- NAPTs do not require a resident agent in Nevada.
It is crucial that prospective settlors create their NAPTs with the guidance of experienced NAPT attorneys who understand the technical requirements and can ensure that assets are property protected to settlors' best advantages. The lawyers of the Law Offices of P. Sterling Kerr can represent you in creating NAPTs or other asset-protection vehicles — including limited liability corporations, family limited partnerships, irrevocable life insurance trusts and corporate freezes during succession — which will protect your assets, or your business's assets, now and in years to come.
Don't Let Creditors Take Your Assets | Call the Henderson Creditor Protection Attorneys Today | Free Consultation
Assets are the lifeblood of any business or financial plan. To ensure that creditors won't put a strain on your future, retain the experienced Nevada asset protection lawyers at the Law Offices of P. Sterling Kerr, P.C. To discuss your prospects in a free and confidential consultation, contact the firm online or by calling 702-608-0835, or toll free at 800-745-8826.
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