Asset Protection
Why bother with asset protection? Because the current litigation explosion in America is forcing professionals, small business owners and even common homeowners with assets to focus on ways to protect their savings, investments and other accumulated assets that have become attractive targets for hungry and unscrupulous attorneys.
Traditionally, Delaware had been the state in which to establish trusts and corporations because of less liability and more asset protection. Off-shore accounts became popular because of even more asset protection, but now, many Americans are enjoying the benefits of incorporating and setting up trusts in the state of Nevada for asset protection that is easily accessible right here in the United States.
Asset protection is important because the U.S. legal system tries to attack anyone who may be subject to litigation and tries to seek asset protection. Fortunately or not, the courts are usually in favor of the plaintiff. This is especially true if the plaintiff has the time and hires a pay-if-you-win lawyer to pursue your assets. U.S. courts are not always competent to handle the cases that come before them. Many times judges issue rulings that are not fair to the defendant because their dockets are too full of frivolous lawsuits.
An American Corporation with assets will be sued an average of five times during the course of a profitable business venture and will face the very real prospect of being on the receiving end of a ruinous judgment. Asset protection plans that are executed in the state of Nevada can save a lifetime of accumulated wealth, but if you are not sheltered by Nevada asset protection laws, and a law suit has already been filed against you or even anticipated to be filed against you, the courts will not allow you to move your assets to Nevada at that time. This is called fraudulent conveyance. It's necessary to be pro-active and create your asset protection structure as soon as assets are accumulated, and in Nevada.
Remember, a pay-if you-win lawyer hired by the plaintiff can find your personal assets easily. Law firms now specialize in locating your assets for their clients and can locate personal bank accounts, real estate, brokerage accounts, cars, and businesses that are all in your name. In fact, many times a pay-if -you-win attorney will do an asset search on you by computer for his client before he even bothers to sue you. He wants to make sure you have something of value so the law firm can collect something from your family or corporation. There is little about your personal and financial well being that cannot be found on the internet, through credit agencies or even the phone book. However, if the assets are not in your name and are instead listed in the name of a corporation, trust or partnership, finding them becomes much more difficult (if not impossible) and expensive for the plaintiff's lawyer. If the lawyer can't find the information he needs to take your assets, he doesn't bother to pursue your case. Asset protection in Nevada is the smartest thing you can do to move forward in protecting your financial future. Asset protection laws are changing, but right now, the state of Nevada affords the most protection for your assets in the United States.
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About the Author: Don La Vallee (Director of Corporate Operations)
Rick Kelly has been a well respected magazine and newspaper colunist in the fields of civic and business development for the past twenty years.

Rick Kelly has been a well respected magazine and newspaper colunist in the fields of civic and business development for the past twenty years.