Practice Areas

Asset Protection

Nevada can be an excellent choice of venue for families and individuals seeking to protect their assets. The State of Nevada has created the ability for individuals to create Self-Settled Asset Protection Trusts.

With a domestic self-settled asset protection trust, you irrevocably transfer assets to the trust and name yourself as a beneficiary to receive distributions within the discretion of an independent trustee. You may, however, retain certain rights, including the right to remove and replace the trustee as long as the replacement trustee is also independent and not a related or subordinate party as defined in the Internal Revenue Code. By retaining a limited power to appoint the trust assets to specific family members at your death, the transfer is incomplete for gift tax purposes and therefore you are not required to file a federal gift tax return. If the trust is designed as incomplete for gift tax purposes, the trust remains part of your estate but the assets should remain free from the claims of your creditors. If designed as a completed gift for tax purposes, others will be the primary beneficiaries but you might still entitled to receive discretionary needs benefits should you be without sufficient resources to maintain your lifestyle.

Depending on your personal circumstances, a self-settled asset protection trust may benefit you and your family for generations to come.  Call Jensen Law Group in Reno TODAY. 775-624-5751