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How can you address debts and protect yourself from creditors?

On Behalf of | May 28, 2022 | Asset Protection

Estate planning in Nevada isn’t just a way to leave property for your family when you die. It can also be a way to protect yourself from creditor activity as you get older and have less income. 

Your estate plan could be a way for you to protect your assets from creditors’ claims later in life and after you die. What you own is always at risk if you owe money to other people or businesses. Your creditors could take you to court to ask for a lien against your property or garnishment of your wages. They could also make a claim against your estate and for your executor to sell some of your property. 

You can plan ahead now to protect your assets in your golden years and after your death. 

What helps you protect your property from creditors?

What you own in your name is vulnerable both if you go to court now and in probate court after you die. For many people, diminishing their personal assets will be the best solution. 

When planning to protect their property from creditor claims, Nevada residents can create a Nevada Asset Protection Trust, which is a special spendthrift trust that can help shield your property from creditors while still allowing you partial control over and access to that property. You may also be able to transfer assets directly to people that you would like to receive that property, possibly in strategic amounts to avoid triggering gift taxes.

The sooner you start planning to protect your property, the less likely it is that creditor claims will affect your financial stability in your golden years or your legacy when you die. 

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