10 Reasons to Hire a Nevada Asset Protection Attorney

If you have assets that you do not want to lose, you should speak with an attorney about putting an asset protection strategy in place. There are several asset protection tools available, including asset protection trusts in Nevada. An experienced Nevada asset protection attorney will be able to help you make informed decisions about how best to protect your wealth, and will be able to help you implement a strategy that provides the protection you and your family need for decades to come.

Many people put off protecting their assets. They get busy, and they prioritize their more immediate concerns. Unfortunately, in many cases, they end up putting off protecting their assets until it is too late. You can miss the opportunity to implement an effective asset protection strategy—as there can come a point when transfers to trusts and other asset protection vehicles will be classified as fraudulent conveyances that are subject to reversal.

With this in mind, here are 10 reasons to hire a Nevada asset protection attorney sooner rather than later:

1. You Need to Ensure that You Are Making Informed Decisions

When you need to protect your assets, you need to ensure that you are making informed decisions. You need to avoid costly oversights, and you need to avoid relying on common misconceptions about asset protection. An experienced Nevada asset protection attorney can guide you forward and help you make informed decisions with confidence. This includes (but is by no means limited to) making informed decisions about matters such as:

• Do you need to leverage asset protection tools?
• If so, which asset protection tools should you use?
• What specific risks are you facing, and how does (or should) this impact your decision-making?
• What additional factors should you consider when developing your asset protection strategy?
• How much flexibility can (and should) you incorporate into your strategy?

These are all important questions—and all for very different reasons. As we discuss in greater detail below, asset protection requires a highly custom-tailored approach. If you are not making informed decisions, your asset protection strategy will not be maximally effective; and, as a result, it may not serve its intended purpose.

2. High-Net-Worth Individuals Face Liability Risks Every Day

As a high-net-worth individual, you face liability risks every day. This is true whether you are working or retired, whether you have children or not, and whether you are living in the U.S. or abroad. Understanding the specific risks you are facing—and what you need to do in order to address them effectively—is critical for developing an effective asset protection strategy. Some examples of common (and significant) risks include:

• Professional liability and directors’ and officers’ liability
• Commercial and civil lawsuits
• Personal injury and wrongful death claims
• Governmental investigations, prosecutions, and enforcement actions
• Divorce and other family-related legal matters

Again, these are just examples. Many high-net-worth individuals face liability risks both in the U.S. and abroad—and these risks can lead to lawsuits and investigations without warning. When this happens, it may be too late to implement an asset protection strategy, and at this point you could find yourself in the position of being helpless to secure the wealth you have worked so hard to accumulate over your lifetime.

3. Asset Protection Requires a Highly Custom-Tailored Approach

While your specific risks are key considerations when developing an asset protection strategy, they are far from the only factors you need to consider. Asset protection requires a highly custom-tailored approach. Different types of assets present different strategy-related considerations, including (but not limited to):

• Investment accounts (including securities, commodities, and cryptocurrency accounts)
• Retirement accounts
• Real estate
• Artwork and other collections
• Rare automobiles and other significant assets

Depending on the assets you need to protect, you may need to leverage one or more different types of asset protection tools. For example, while Nevada asset protection trusts can be used to protect many types of assets, they cannot be used to protect retirement accounts, automobiles, or offshore accounts. An experienced Nevada asset protection attorney will be able to identify the specific options you have available and then formulate a comprehensive and cohesive strategy that provides both maximum protection and maximum flexibility.

4. There Are Several Asset Protection Tools and Strategies Available

“Asset protection” is a broad term that encompasses many different types of legal tools and strategies. Saying that you need an asset protection strategy is like saying you need a car. What type of car do you want? What are your “must-have” features? Do you want a domestic vehicle or a foreign vehicle? How will you use it? How long do you plan to own it? This is just a small sampling of the types of questions you will need to answer with the help of your Nevada asset protection attorney to determine which tools and strategies are right for you.

5. Nevada is One of the Best Places to Form an Asset Protection Trust

One reason to speak with a Nevada asset protection attorney specifically is that Nevada is one of the best places to form an asset protection trust. In the United States, Nevada’s trust laws are among the most favorable (and arguably the most favorable) for asset protection purposes. As a result, it is important that high-net-worth individuals work with an attorney who is intimately familiar with Nevada’s laws and how they can be leveraged to their maximum advantage.

6. You May Need to Use Multiple Legal Tools to Protect Your Assets

At the same time, it is important to work with an attorney who is also familiar with the other asset protection tools and strategies that are available. Even if a Nevada asset protection trust is right for you, it still might not be the only tool you need. In fact, it almost certainly will not be the only tool you need. An experienced Nevada asset protection attorney will be able to take an all-encompassing approach and provide insights that are both broad and custom-tailored. This will allow you to feel confident in your asset protection strategy’s coverage; and, by staying in contact with your attorney, you can proactively address new risks as they arise over time.

7. A Nevada Asset Protection Attorney Can Help You Develop a Custom-Tailored Strategy

We’ve touched on this already, but it deserves additional emphasis: When it comes to asset protection, a custom-tailored strategy is key. Your assets and risks are unique to you, and this means that your asset protection strategy must be unique to you as well. If you do not protect all of your assets, or if you do not address all of your risks, then your asset protection strategy will not serve its intended purpose.

8. A Nevada Asset Protection Attorney Can Help Implement Your Strategy

Determining which asset protection tools you need is just the first step in the process. Once you know what you need to do in order to effectively protect your assets, the next step is to put the necessary tools in place. After working with you to comprehensively assess your needs, an experienced Nevada asset protection attorney will be able to work on your behalf to establish all necessary domestic and foreign trusts and other entities, appoint trustees, negotiate insurance coverage, and take the other steps necessary to ensure that your assets are secure.

9. A Nevada Asset Protection Attorney Can Answer Your Questions and Help You Avoid Common Misconceptions

If you are like most high-net-worth individuals, you have questions about asset protection. You want to know what is necessary (and what is not), and you want to ensure that you are preparing for contingencies and planning for the future in as cost-effective a manner as possible. You may also have questions about estate planning, tax avoidance, and many of the other considerations that go along with putting an asset protection strategy in place. An experienced Nevada asset protection attorney will be able to answer all of your questions while also helping ensure that you do not make uninformed decisions based on common misconceptions.

10. You Do Not Want to Wait Until It is Too Late

Finally, as we said in the introduction, you do not want to wait any longer than necessary to implement an asset protection strategy. You can run out of time to put a strategy in place. If you get sued or a governmental agency launches an investigation before you implement an asset protection strategy, you may no longer be able to take the steps necessary to shield your assets from civil or criminal litigation.

Put our highly experienced team on your side

Dr. Nick Oberheiden

Founder

Attorney-at-Law

Lynette S. Byrd

Former DOJ Trial Attorney

Partner

Brian J. Kuester

Former U.S. Attorney

Hon. Kevin McCarthy

55th Speaker, U.S. House of Representatives (ret.)

Government Consultant

Mike Pompeo

Of Counsel

Former U.S. Secretary of State

John W. Sellers

Former Senior DOJ Trial Attorney

Linda Julin McNamara

Federal Appeals Attorney

Nicholas B. Johnson

Former Prosecutor

Roger Bach

Former Special Agent (DOJ)

Chris J. Quick

Former Special Agent (FBI & IRS-CI)

Michael S. Koslow

Former Supervisory Special Agent (DOD-OIG)

Ray Yuen

Former Supervisory Special Agent (FBI)

Schedule a Complimentary Consultation with a Nevada Asset Protection Attorney at Oberheiden P.C.

Do you have questions about asset protection? Are you interested in forming a Nevada asset protection trust or using other tools to protect your wealth? If so, we strongly encourage you to get in touch. To schedule a complimentary consultation with a Nevada asset protection attorney at Oberheiden P.C., please call 888-680-1745 or tell us how we can reach you online today.