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Specialized domestic trusts can function like offshore accounts

As many Las Vegas residents know, planning and organizing your estate is not exactly a "fun" thing to do; nor is it the most straightforward process. There are many tough decisions that people need to make, and they need to think deeply about all of these decisions. Making a snap decision about your estate, or establishing a will or trust in haste, can result in disaster down the road.

Though some people may choose to go about their estate on their own, many more choose to consult an experienced attorney so that they are well advised while they establish their unique parameters for their estate. One major reason to consult an attorney is to help protect your assets from creditors.

In the last few years, offshore accounts have been under fire by the Internal Revenue Service. As a result, many people are trying to stay away from them as a means for protecting their money. So what kind of domestic options are available to someone looking to organize their estate?

Nevada is one of only 15 states that allow a "domestic asset protection trust," which functions in a similar fashion to an offshore account. It can shield your assets from creditors and they can be particularly helpful for people in high-risk industries or for those looking to avoid vast taxes on their estate. The important thing to remember here is that these trusts need to be properly handled and administered, so securing an attorney is vital before moving forward with this specialized trust.

Source: Wall Street Journal, "Creditor-Proof Trusts Replacing Offshore Accounts," Arden Dale, Aug. 8, 2013

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