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Asset Protection Clients often ask our Reno corporate services attorney to explain asset protection and what they need to do to keep from losing assets. Limited liability companies, including LLCs, LPs, corporations, and some trusts, protect you from personal risk. Another way to prevent exposure is through liability insurance, which offers protection in the event of a claim. Homestead exemptions also protect you as they stop creditors from taking the equity in your home. Without a homestead exemption, you could be exposed to the loss of your primary residence due to a forced sale. The dollar amount protected depends on the state. Corporate Services Our Reno corporate services attorney provides clients with the necessary help to start a business and to encourage continued growth. Whether you need advice on tax-related matters, shareholders’ meetings or business contracts, we provide the appropriate counsel for your situation. Should you face conflicts with employees, clients, vendors or another business, we offer strategies so that you can negotiate and resolve your differences. Our background and depth of understanding in corporate matters gives you the freedom to focus on expanding your business. Nevada Asset Protection Trust Our Reno corporate services attorney handles Nevada Asset Protection Trusts, which protects your property from potential lawsuits or creditors. Businesses and companies often use this comprehensive trust in order to secure the most protection possible and assist with estate planning. A NAPT takes effect to provide complete protection of your assets two years after they are placed into the trust, which is the shortest waiting period for any state in the nation. One of the trustees needs to reside in state, and regulations require that the trust be established in good faith and not for the purpose of defrauding creditors. Foreign Investors Our Reno corporate services attorney recommends setting up a limited liability company or a limited partnership for some businesses. These provide you with asset protection tax advantages. A tax advisor from your country will advise you on the best way to set up your business for tax purposes. For example, in Canada, the best strategy is to use an LP, which can result in significant tax savings. A foreigner in the United States can legally own LLCs, LPs and some types of corporations but cannot own an S corporation. We recommend that you set up a separate LLC for each property in order to limit exposure should a creditor take legal action against me.

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