We all have heard the overused phrase that “we live in a litigious society.” For many of us, being a named defendant in a lawsuit is often an uneasy proposition. Even if a person believes that he or she is not at fault for another’s injuries, that person is relying on what many believe is an imperfect justice system to find the truth. In recent times, the area of law known as asset protection has become increasingly popular both as a practice for attorneys and as a solution for their clients. However, what many people do not fully understand is that they may own protected assets which did not require the assistance of an attorney in obtaining protection.
Many of these protected assets are contained within the Nevada Revised Statute (NRS) at Section21. The following is just a partial list of such assets:
· Necessary household goods, furnishings, electronics, wearing apparel, other personal effects and yard equipment, not to exceed $12,000 in value, to be selected by the judgment debtor.
· The dwelling of the judgment debtor occupied as a home for himself or herself and family, where the amount of equity held by the judgment debtor in the home does not exceed $550,000 in value and the dwelling is situated upon lands not owned by the judgment debtor.
· One vehicle if the judgment debtor’s equity does not exceed $15,000 or the creditor is paid an amount equal to any excess above that equity.
· Money, not to exceed $500,000 in present value, held in an IRA.
· All money, benefits, privileges or immunities accruing or in any manner growing out of any life insurance policy.
This list does not include cash accounts, business interests and assets, or investment property. In order to protect those assets, a person will need to seek the advice of an attorney to properly establish what we at JEFFREY BURR, LTD. call an “Integrated Estate Plan.” An Integrated Estate Plan not only provides asset protection for unprotected assets, but it will also provide solutions for avoiding probate and guardianship.
At JEFFREY BURR, LTD., we have the knowledge and experience necessary to assist our clients in creating an Integrated Estate Plan.