Are you looking for a way to protect your assets? Do you want to shield your wealth from creditors? If so, a Nevada Hybrid Domestic Asset Protection Trust (DAPT) might be the right choice for you. A hybrid DAPT offers the best of both worlds: the flexibility of a self-settled trust and the added protection of an irrevocable trust.
But how do you know if a Nevada hybrid DAPT is right for you? Here are some factors to consider:
1. Your net worth
If you have significant assets that you want to protect, a Nevada hybrid DAPT may be a good choice. The more assets you have, the more important it is to safeguard them from potential lawsuits and creditors.
2. Your level of risk
If you work in a high-risk profession or industry, such as medicine or real estate development, a Nevada hybrid DAPT can provide an additional layer of protection for your assets.
3. Your estate planning goals
A hybrid DAPT can be a valuable tool for estate planning. If you want to leave a legacy for your loved ones or charitable organizations, a hybrid DAPT can help ensure that your assets are protected and preserved for future generations.
4. Your level of control
With a hybrid DAPT, you can retain some control over your assets while still protecting them from creditors. This level of control may be important to you if you want to continue managing your assets or have a specific plan for how they will be used in the future.
5. Your tolerance for complexity
Hybrid DAPTs can be complex legal structures, so it’s important to consider whether you’re comfortable with the level of complexity involved. You’ll need to work with an experienced attorney to set up and maintain your hybrid DAPT, so be prepared for ongoing legal fees and administrative tasks.
If you are considering the benefits of a Nevada hybrid DAPT, you need to speak with an attorney. At Michaelson Law, we have extensive experience helping clients in Nevada to protect their assets and achieve their estate planning goals. Contact us today at (702) 731-2333 to schedule your consultation!