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Asset Protection

Protect Your Home with a Personal Residence Trust

For most of us (at least up until the real estate crash of 2007-2008!) our major asset is our home and the “equity” we have in our home, which is the excess of the value of the home over the mortgage against it. While it is possible to file a “homestead” to protect our home equity, even if the homestead will, for now cover our home equity against possible creditors, there are certain risks that the homestead cannot protect against. The good news is that with recent court rulings, we can confidently establish Nevada personal residence trusts, qualified personal residence...

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The Nevada Onshore Trust: It’s Also An Estate Tax Planning Tool

A full copy of Mr. Grant's article can be found here: The Onshore Trust as an Estate Tax Planning Tool. In his article he answers the question, what is an onshore trust?  He also explains the benefits and downsides of using an onshore trust vs. an offshore trust.  The article also examines some tax planning ideas to be considered as one goes about forming a Nevada onshore trust or self-settled spendthrift trust, as they are sometimes called.  Lastly, Mr. Grant provides some estate planning techniques and suggestions. This article, The Onshore Trust as an Estate Tax Planning Tool, was written by David Grant while he was...

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Migrating the Domestic Asset Protection Trust Offshore

On October 2, 2009 Attorney David M. Grant presented an article, "Migrating the Domestic Asset Protection Trust Offshore," at the Annual Southpac Offshore Planning Institute in Las Vegas, Nevada.  The full article can be found here: Migrating the Domestic Trust Offshore. The article discusses techniques for trust migration or trust redomiciliation.  It also provides reasons for using a domestic asset protection trust prior to going offshore.  Moreover, the article provides the following chart explaining the specific rules relating to trust migration for particular offshore jurisdictions: Jurisdiction Governing Law Inbound Migration Outbound Migration Anguilla Anguilla Trusts Ordinance Allowed if recognized by previous governing law Allowed if recognized by the new governing law...

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Cayman Islands to open up to increased scrutiny

It was reported earlier today that the Cayman Islands, a British overseas territory, has outlined plans to create for the first time a public database of funds domiciled in the Islands.  As proposed, the public database would also include a listing of fund directors.  It appears that directors might even be subject to a vetting process to ensure they are qualified to act as fiduciaries for investors.  Interestingly enough, it is being reported that most of the push to change has come from hedge fund investors, rather than politicians.  Click here for more details on the recent Cayman proposals. The Cayman Islands has...

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3rd Annual Domestic Asset Protection Trust State Rankings Chart Released

The 3rd Annual Domestic Asset Protection Trust State Rankings Chart has been released!  The rankings and information is compiled by our colleague, Steve Oshins of the Law Firm of Oshins & Associates, and is herein used with his permission. Please know that for the first time since the chart was originally created, it now assigns numerical rankings to each DAPT state. Also, the approximate weights assigned to each variable are listed.  However, please note that in the interests of impartiality, since Nevada is the only state (of the top eight states per the rankings) that doesn't allow divorcing spouses to access...

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Achieving Asset Anonymity

anonymousBy: Mark L. Dodds, Esq., Partner at Grant Morris Dodds

We often receive inquiries from clients looking for asset protection services who wish to achieve greater anonymity regarding their assets, including real estate, investment accounts, business holdings, and so forth.

It is important to understand that “hiding” assets is not a valid principle in asset protection.  In the event a person is sued and has a judgment rendered against him, he may be put under oath in a debtor’s examination and, under penalty of perjury (a felony), he must disclose his assets to the questioning authority.

So merely holding assets in a name not readily traceable back to you should not be viewed as a good way to protect your assets.  Nevertheless, keeping a lower profile, maintaining privacy, and generally avoiding the spotlight are viable reasons for obtaining anonymity, at least for certain people.