Asset Protection Trust
Asset protection trusts have become the favored vehicles to protect the estates of business owners, professionals and those who want avoid the uncomfortable conversations around prenuptial agreements with this Nevada statute that non-Nevada residents can now acquire.
The newest twist (validated in the recent Nevada court decision, Klabacka vs. Nelson ) is the ability for the creator of the trust to not only have access to the earnings of this irrevocable trust, but to have access to the principle after two years with full protection from creditors, ex spouses and lawsuits invading the trust assets.
IS EXEMPT from all legal or equitable processes initiated against the beneficiary by their creditors –unless contrary to public policy (such as bankruptcy or tax policy)
IS COMPLETELY SECURE from the beneficiary’s creditors regardless of the type or the extent of the value of the interest(s) or even the length of time the interest is held in trust provided the transfers to the DAPT were established lawfully
IS NOT ASSIGNABLE or subjected to waiver by the beneficiary – either voluntarily or involuntarily, directly or indirectly – for the benefit of any other person or entity(s), including not being available to satisfy the beneficiary’s creditor claims and/or a marital elective share