Asset Protection Planning Attorney in Henderson, Nevada
In what situations can assets be put at risk?
In what situations can assets be put at risk?
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00:04
you know it’s a good question assets can
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be put at risk in many different ways
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for example many of our clients have
00:10
professions where the work that they do
00:13
potentially exposes them to liability so
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for example if you’re
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a business owner and you have employees
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that are representing you in the
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community if they’re driving company
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vehicles they’re potentially exposing
00:26
you to liability if they’re in an
00:28
accident
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and that accident causes harm or injury
00:31
then then the liability can follow that
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and when they’re acting in within the
00:35
scope of their employment so
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you know if you’re a doctor performing
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surgeries each week you’re potentially
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exposed to liabilities if something goes
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wrong if you’re the owner of an
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engineering company and you’re designing
00:46
buildings
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you can be exposed to liability if
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something malfunctions and you know harm
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is caused there are also situations
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where we have many clients let’s say one
00:58
spouse has lost their companion and
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decides later in life to remarry and i i
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don’t mean to suggest that
01:06
your marriage partner can be a creditor
01:08
but sometimes in remarriage depending
01:10
upon how you title those assets you can
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expose those assets to the liabilities
01:15
of a new spouse and so
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what we do as estate planning attorneys
01:20
is try to make our clients aware of
01:22
these issues and we suggest solutions
01:25
for those problems there are many
01:28
different things that we do
01:29
to protect assets
01:31
in nevada one of the one of the real
01:34
effective estate or i should say asset
01:36
protection devices is what we sometimes
01:38
call a a self-settled spendthrift trust
01:42
it is a trust that a client can create
01:45
if it’s done correctly and administered
01:47
correctly they can contribute their
01:48
assets
01:49
to that trust
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they can enjoy the benefit of those
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assets they can participate in the
01:55
management of those assets
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but at the same time those assets can be
01:59
protected from the claims of unsecured
02:02
creditors so
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nevada offers our our clients many
02:06
opportunities to protect their estate
Las Vegas, NV estate planning attorney Gregory J. Morris explains in what situations assets can be put at risk.
