Henderson, NV -- (SBWIRE) -- 01/04/2013 -- Las Vegas is known as the entertainment capital of the world, with nearly 30,000,000 visitors attracted to our wonderful city each and every year. With this enormous influx of tourists and industry it creates an incredible opportunity for massive amounts of lawsuits.
Asset protection for individuals and businesses is becoming more and more apparent as a necessary component of your overall business and financial strategy. Asset protection refers to a group of legal techniques to protect a person or businesses property from creditors and judgments. The litigation explosion that has taken place in the last 25 years here in the United States has prompted overwhelming interest in the property protection area.
The statistics are little frightening and overwhelming. Nearly every American business and every single individual that resides within the United States will be sued at some point in their life. That is a little mind-boggling. An even greater number will be threatened with lawsuits, another mind-boggling statistic. Despite these dismal statistics, only a slim percentage of Americans bother with any type of property protection considerations at all. Asset protection has many layers and ranges from simple strategies such as transferring assets to a retirement account, too much more complex strategies and arrangements such as offshore trusts.
A Brutal Example
An excellent example of asset protection can be seen in the 1997 judgment entered against celebrity O.J. Simpson in the amount of roughly $33,000,000 in a civil case brought by the family of his former spouse and the family of Ron Goldman following their alleged murders by OJ. With such an enormous judgment against him you would think that Mr. Simpson’s assets would be relinquished and liquidated immediately to satisfy the judgment. Yet he retains a lavish Florida resident and a robust pension. Some assets have been seized and liquidated, but the bulk of OJ’s property remains out of reach of his creditors. In fact, O.J. Simpson has never declared bankruptcy or taking other action to extinguish the liability. How is this possible? “The answer is that O.J. Simpson utilized the services of a professional asset protection company to arrange his financial affairs in a completely legal manner that left his assets out of the reach of creditors “ said Cedric Nelson CEO of CBAS LLC asset protection specialists in the Las Vegas Valley.
The Three Basic Strategies
“Asset protection planning can be instituted and affected in basically three typical approaches. The first is divestiture, by which an individual transfers his holdings or assets to another, either by our right to transfer or by having liens or mortgages placed upon the assets. This direct method relies on the legal truth and simple matter that a creditor cannot have what it debtor does not possess.” Said Nelson “The second way is through exemption planning, where an individual transfers assets to a statutorily protected class of assets, such as residential homestead, life insurance or an individual retirement account. You will want to check on your state wide protected holding statutes. The third way, and one of the most highly sought after is utilizing an entity as a shielding protection, such as a corporation or an LLC.” said Nelson. Nevada offers multiple advantages and is highly attractive to national and international business’s that utilize this third form of asset protection strategy.
About Cedric Nelson
Cedric Nelson of Las Vegas, the president and CEO of CBAS LLC has helped hundreds of local residents and businesses protect their assets through strategic prudent planning utilizing LLC’s. “Nearly every business owner here in Las Vegas can protect their personal assets by conducting their business operations through a limited liability corporation. Limited liability corporations serve the specific purpose of isolating the liabilities of the business enterprise within the given entity.This approach should always be the business owner’s first line of defense in shielding their personal assets” said Cedric Nelson because,” a debt arising out of the LLC attaches to the LLC only, and cannot reach the owners or the owner’s assets”
If you would like a one-on-one visit with an asset protection expert, and former IRS agent you may contact Cedric Nelson at 702-399-2420 or visit our website at Http://www.CedricNelsonLasVegas.com
2904 W Horizon Ridge #120
Henderson, NV. 89052