Nevada, Alaska Win for Top Choices as Best Trust States in America by Scott Martin, August 25th, 2014 Cross-border asset war enters a new phase as Nevada captures almost twice as many votes as every other jurisdiction in the country put together. What’s the state’s secret? And are the accounts following its fame? When we…
Continue reading…Category: Asset Protection
Phillips Ballenger Announces Military and Teacher Discounts
We are happy to announce that all current and former Military service members and current teachers will be offered a discount on Estate Planning, Asset Protection (including LLC formation and Nevada Asset Protection Trusts) and Short Sale/Loan Modification retentions. This is our way to thank you for your dedication and service to our country and…
Continue reading…Utah’s Surprising New Domestic Asset Protection Statute: Requirements, Peculiarities, and Opportunities
by Geoff N. Germane of Kirton McConkie ggermane@kmclaw.com Utah is technically not new to the asset protection game—it has had a law allowing for self-settled trusts with some creditor protection on the books since 2003. The protection provided by that statute, however, was subject to so many restrictions and exceptions that practitioners rarely (if ever)…
Continue reading…Protecting an Elderly Mother’s Assets
Dear Liz: Could you advise us on how to protect our 93-year-old mother’s assets if she should become ill or die? She does not have a living will or a trust regarding her two properties. Answer: “If” she should become ill or die? Your mother has been fortunate to have had a long life, presumably…
Continue reading…Bankruptcy Judge refuses to dissolve LLC
A recent case further bolsters Limited Liability Protection, in this case, under Federal Bankruptcy Law. In In re Warner, 480 B.R. 641 (Bankr, N.D. W. Va. Sept 27, 2012,) the trustee in the bankruptcy of an LLC member asked the Bankruptcy Court for a declaration that the LLC was dissolved pursuant to the LLC’s own…
Continue reading…Asset Protection Techniques
Every day, potential clients come to find out how to protect their assets from potential creditors and lawsuits. Nevada law offers many “free” exemptions under NRS 21.090. However, many assets are still vulnerable such as non-homesteaded real property, bank accounts and investments. Fortunately, Nevada also offers other options for helping to safeguard these exposed assets. Once…
Continue reading…Nevada’s Homestead Protection
The Nevada’s Homestead Exemption Protection law provides homeowners with an excellent asset protection device. Nevada defines a “homestead property” as: Land with a dwelling on it; a mobile home whether or not the underlying land is owned by the mobile home owner; and/or a unit (such as a condo). This protection is only available for one’s primary residence,…
Continue reading…Why Nevada LLC’s might just be the “best”!
SB 405 went into effect on October 1, 2011. It strengthens the asset protections available to Nevada-based entities. The updated charging order language affects Nevada Limited Liability Companies (LLCs), Corporations and Limited Partnerships (LPs). The law changed as follows: the new language in the statute makes the charging order the exclusive remedy of a judgment…
Continue reading…Domestic Asset Protection Trusts & Battley v. Mortensen
In May of 2011, a federal bankruptcy case, Battley v. Mortensen, Adv. D.Alaska, No. A09-90036-DMD (2011) led many planners and clients to doubt the protection afforded by Domestic Asset Protection Trusts (DAPTs). Judge MacDonald set aside Thomas Mortensen’s transfer of real property to an Alaska asset protection trust as a fraudulent conveyance. This case came in direct opposition from previous holdings…
Continue reading…How Nevada AB 223 May Protect Your Estate
Existing law allows a judgment creditor to obtain a writ of execution, attachment or garnishment to levy on the property of a judgment debtor or defendant in certain circumstances (NRS 21 and 31). What this means in laymen’s terms is that if you are sued, and the creditor wins, they have the right to collect…
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