In Nevada, the most propitious method of reducing a financial loss is avoiding litigation entirely. Companies that are known for large profits and success are targeted most often by opportunists. These individuals research companies to identify their net worth and plan strategies for an easy payoff. One way to avoid these opportunists is to appear unsuccessful. This task is accomplished through asset protection services.
What is a Spendthrift Trust?
A spendthrift trust is an asset protection tool designed to control spending. It is available through asset protection services in Las Vegas, NV. For a business owner, the trust allows them to place a large portion of their wealth into the trust and assign a trustee to manage it. By allocating the wealth into a separate account, it isn’t consisted part of the owner’s business or estate.
The funds transferred to this account aren’t connected to the business and give the illusion that their net worth is significantly less. This makes the company less appealing to opportunists who wish to use a lawsuit for financial gains. After a two-year period, the funds are protected from all parties. This includes creditors and collection agencies. They are unable to file a lawsuit to collect any portion of the trust.
Creating a Non-Profit Foundation
Asset protection services in Las Vegas, NV helps business owners create non-profit foundations. Through these organizations, the individual could transfer a portion of their wealth into a trust. The funds transferred to this trust are no longer a part of the individual’s estate. This reduces the total value of the estate and allows them to assign ownership to a family member prior to their death. Business owners could utilize the same strategies to protect their assets. Visit website for more information.
The most viable method of preventing a financial loss is to avoid litigation whenever possible. For businesses with high profits, this implies that they should implement some form of asset protection strategy. These methods could reduce the visibility of their wealth and reduce their appeal among opportunists. Businesses that wish to take advantage of asset protection services in Las Vegas, NV should contact Grant Morris Dodds now.
