Safeguarding Your Hard- Earned Wealth The 3 L’s of Asset Protection
Running a business demands dedication, hard work, and foresight. As business owners strive to build a better life for themselves and their families, concerns about potential threats to their assets loom large. The question arises: How can one shield their wealth from those who seek to exploit or seize it? In the realm of asset protection, a strategic approach involves focusing on the three L’s: Legitimacy, Layers, and Laying Low. Contrary to misconceptions, asset protection is not about engaging in covert operations reminiscent of James Bond. Instead, it revolves around legitimacy. Many states, including Nevada, recognize the importance of safeguarding certain assets for individuals. Legislators and governors collaborate to
enact laws that specifically protect certain categories of money and assets from external threats. In Nevada, there’s a comprehensive list of about 26 categories of assets that are shielded, regardless of one’s legal troubles or judgments against them. This list includes retirement accounts, such as 401(k)s and IRAs, Social Security benefits, the vehicle used for work, and the protective umbrella of a limited liability company (LLC). A well- structured LLC not only shields personal assets from business-related issues but also provides control over the outflow of money, allowing for strategic financial management in the face of potential legal challenges.
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