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The Nevada AssetProtection Trust
By Gary Fales
Law Offices of Gary L. Fales & Associates &Fales & Fales Financial, LLC
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2451 S. Buffalo Drive, Suite 100 Las Vegas, NV 89117 • Nevada
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How Life Insurance
By Steven C. Fales
The Nevada Asset Protection Trust (“NAPT”)is a viable tool for nearly everyone. To understandwhy, you have to understand that if you get suedand you lose, there are only a few assets that are protected under state law. If an asset is not on the protected list, then it can be taken from you. That’swhere the NAPT comes in.
Under NRS 166, a trust can be created that protects the naked assets. Let’s say you get suedand you lose the lawsuit. At some point you will betaken to the Debtor’s Exam wherein you will beasked two general types of questions: (1) what doyou own and (2) what gifts have you made. Clear-ly, if you are in the Debtor’s Exam, you don’t wantto own any naked assets.
See “NAPT” page 2.
One strong way to protect a portion of our assets is to have life insurance. Life insurance proceeds are one of the major exemptions to judg-ments from creditors allowed under NRS 21.090.The exemption is defined as:
“All money, benefits, privileges or immuni-ties from life insurance where the annual premi-um does not exceed $15,000”
It is well known that beneficiaries do nothave to pay federal income taxes on death bene-fits paid to them from a life insurance policy.What is also satisfying and less well known is thatafter paying out premiums for years and after
See “Life Insurance” page 3.
PRSRT STANDARDUS POSTAGE PAIDLAS VEGAS NVPERMIT NO 2301
ANY SUCCESSFUL PERSONSHOULD HAVE UP TO $15,000OF ANNUAL LIFE INSURANCE
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