Asset Protection Planning

January 10, 2014   Asset Protection Planning

Do All Assets Go Through Probate?

Not everything you own will automatically go through probate. The obvious assets that will need to be probated are those with a title that is in your name only. These might include bank accounts, investments, home, other real estate, vehicles, etc. If yours is the only name on the title and you are deceased, only the probate court can take your name off the title and put someone else’s name on.   Assets that generally do not go through probate are 1) jointly owned assets that transfer to the surviving owner; 2) assets that have a valid beneficiary designation; and 3) assets that are in a trust. However, these assets do not always avoid probate.   1. Jointly Owned Assets. Jointly owned assets that transfer to the surviving owner do not go through probate. (This kind of joint...
February 1, 2013   Asset Protection Planning

How to Leave Assets to Minor Children

Every parent wants to make sure their children are provided for in the event something happens to them while the children are still minors. Grandparents, aunts, uncles and other relatives often want to leave some of their assets to young children, too. But good intentions and poor planning often have unintended results. For example, many parents think if they name a guardian for their minor children in their wills and something happens to them, the named person will automatically be able to use the inheritance to take care of the children. But that’s not what happens. When the will is probated, the court will appoint a guardian to raise the child; usually this is the person named by the parents. But the court, not the guardian, will control the inheritance until the child reaches le...
January 31, 2013   Asset Protection Planning

Keeping Assets in Challenging Times

By Mary J. Drury, Esq.
I frequently get asked about asset protection; specifically about keeping certain types of personal property. About three times a week, the questioning commences with discussions about ATVs, boats, motorcycles and snowmobiles.         Asset protection should start before you have financial difficulties; but even if you are in the midst of challenges, knowing your rights and limitations is worthy of a visit with an attorney.   Nevada arguably has the most favorable list of assets excluded from the reach of creditors. This is in addition to Nevada's other benefits, like the Wealth Preservation Trust for higher wealth clients.  These protections can be found in part in NRS 21.090. Some of the most commonly applicable exemptions from the claims...
January 20, 2012   Giving,   Inheritance,   Asset Protection Planning,   Business Planning

Succession Planning and the Family Farm

By Todd N. Hallock, J.D. and Sara Nelson Hallock, J.D.
“Those who labour in the earth are the chosen people of God, if ever he had a chosen people, whose breasts he has made his peculiar deposit for substantial and genuine virtue.”  - Thomas Jefferson The farmer as virtuous is well-established in our national conscious and reverence for the family farm sets planning for it apart from other types of family owned businesses. Even children who do not plan to actively participate in farming have a deep emotional attachment to the farm. According to the USDA, approximately 96 percent of the 2.2 million farms are classified as “family farms.” The average age of a farm operator is 57 and the fastest growing segment is those ove...

Asset Protection Considerations for Business Owners

By Ryland F. Mahathey, Esq., CPA, LL.M. and Brad Milhauser, Esq., LL.M.
Many business owners devote much time and energy “working in” their business to improve business operations and profitability; however, they often neglect to “work on” their business by not addressing certain asset protection issues. Business owners, particularly those owning their business in corporate form, should consider the following: 1) how to own C corporation or S corporation stock to minimize exposure to creditors, an “outside” asset protection issue; and, 2) whether to implement several basic business agreements designed to protect and even enhance business value from the “inside” of the corporation. Stock Ow...
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