Until only a few years ago, Asset Protection planning was of little interest to the general public. Most people viewed lawsuits, judgments, etc. as being very remote, something that only happened to other people. As a result only a very few individuals, usually doctors and building contractors, actually put asset protection structures into place.
However, with the recent crashes in real estate and other assets, and with business reversals and investment losses, Asset Protection has taken front and center. Now is the time to contact an experienced asset protection attorney to help put a protection plan in place for you and your family.
Grant Morris Dodds, with offices in Las Vegas and Henderson, NV, are experienced Asset Protection lawyers and offer free initial consultations. Call us at (702) 938-2244.
The best asset protection is done well in advance of when the protection is actually needed. Although planning can be worthwhile after the events giving rise to the potential loss has occurred, it is always best to have the plan in place before the events leading to the potential loss actually occur.
Pre-planning is analogous to the purchase of fire insurance. Once the fire has started and the sirens are blaring, it is too late to call your insurance agent to buy the fire insurance policy.
Nevertheless, there are often actions which can be taken even following the events leading to the loss, even after the rendering of a judgment, so one should never give up just because the loss has occurred or the judgment has been rendered.
Nevada Asset Protection…
Nevada provides significant exemptions from judgment for certain assets; therefore, despite a judgment, it is possible that the judgment creditor (i.e. the person who has obtained a judgment for recovery of money against a person) will not be entitled to collect the judgment from certain assets, such as a home, life insurance, annuities, retirement accounts, etc. As a result, it is never too late to plan and take protective measures.
(Click here, to learn why Nevada is one of the best states for setting up an asset protection plan.)
Nevertheless, it is obvious that asset protection plans implemented before the “fire” starts have a better chance of success. Furthermore, the structures and planning techniques available to the pre-planning client are much broader than those techniques available to the person who delays implementation of an asset protection plan.