Legal Question in Business Law in Nevada

Trust

I have a business in my name and if something happens to my business I don't want anyone to be able to lien my personal residence. Do I set up a living trust or a family trust, or what do I do?


Asked on 12/20/07, 1:52 pm

3 Answers from Attorneys
James Smith James E. Smith Ltd.

Re: Trust

You should homestead your personal residence first of all. For asset protection I would suggest a limited liability company or a family limited partnership rather than a revocable trust, which, although it provides probate avoidance, does not provide asset protection.

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Answered on 12/20/07, 2:54 pm
Michael Johnson

Re: Trust

Depending on what type of business you're in, having it operated by a corp or LLC is probably your best bet to insulate business liabilities from your personal assets.

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Answered on 12/20/07, 5:16 pm
Jeffrey Cogan Jeffrey A. Cogan, Esq., Ltd.

Re: Trust

A corporation or limited liability company will protect you if your business runs into money problems. You should also homestead your residence.

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Answered on 12/20/07, 5:30 pm


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