Wednesday, April 8, 2009
Robert L. Moshman (Writer and Attorney) has written a new article entitled The Estate Analyst: "Nevada-nizing Asset Protection", Mar. 4, 2009.
Wouldn't it be great to be able to write your own trust?! No attorneys, no CPAs, nobody. While this is not possible in most states, Nevada has a solution for this problem. A Nevada Asset Protection Trust (NAPT) is an irrevocable trust set up under Nevada's special law that allows a settlor to set up a trust for his or her own benefit and which can generally protect assets from the settlor's creditors two years after transfers of assets to the trust. Note: In order to use Nevada's law, there must be at least one Nevada trustee, whether an individual, a trust company or a bank. We were fortunate enough to track down Steve Oshins for an interview on how these trusts work.