Asset protection is possible through gifts to children or friends. In doing so, you part with all ownership rights in the gifted property and thereby foreclose any opportunity for a creditor to attach the property in satisfaction of a claim. You can also protect the beneficiary of the gift by transferring the property into a trust for their benefit instead of making a direct gift. It is important to remember, however, that gifts cannot be made to avoid current creditors or future known creditors.
At the Las Vegas, NV Law Firm of Jeffrey Burr, we represent clients throughout Southern Nevada, including Overton, Logandale, Mountain's Edge, Henderson, Aliante, Boulder City, North Las Vegas, Mesquite, Pahrump, Summerlin, Southern Highlands, Green Valley, Laughlin, Clark County, Nye County and Lincoln County.