It is not too difficult to understand how important asset protection planning can be. Just consider the costs of malpractice insurance and other forms of liability insurance, which are rapidly increasing. Learn more about asset protection planning mistakes in Nevada in this presentation.

1. Asset Protection Planning Mistakes in Nevada www.wealth-counselors.com
1
ASSET PROTECTION
PLANNING MISTAKES
IN NEVADA
“It is not too difficult to understand how important asset
protection planning can be. Just consider the costs of
malpractice insurance and other forms of liability insurance,
which are rapidly increasing.”
BRADLEY B ANDERSON
RENO NEVADA ESTATE PLANNING ATTORNEY

2. Asset Protection Planning Mistakes in Nevada www.wealth-counselors.com
2
It is definitely important to be proactive in legally protecting your assets against
potential creditors. What may be even more important, is avoiding the most
common asset protection planning mistakes, so that the plan you do create will
actually perform the way you expect it to perform.

3. Asset Protection Planning Mistakes in Nevada www.wealth-counselors.com
3
THERE IS NOTHING ILLEGAL ABOUT ASSET PROTECTION
PLANNING
One common mistake that many people make is assuming that there is
something wrong with creating a plan to protect your assets. That simply is not
true. We are all free to structure our assets
in the most advantageous way available, as
long as we do so within the law. The only
time that the issue of fraud is raised is
when the purpose of an asset protection
plan is solely to hinder, delay or defraud
creditors from collecting valid debts. The
key is to create your asset protection plan
before the creditors' claims arise.
TAKE ACTION BEFORE PROBLEMS ARISE
Another mistake that some individuals make is not taking action to protect their
assets until after a problem comes up. The best and most effective asset
protection planning is accomplished long before any creditor claims arise. The
best time to start an asset protection plan is when you are solvent and not
currently facing any threats from existing creditors. The purpose of asset
protection planning is to protect from potential future creditors. The sooner you
start planning, the more options will be available to you.
BE CAREFUL IN DETERMINING WHO WILL BE A CREDITOR

4. Asset Protection Planning Mistakes in Nevada www.wealth-counselors.com
4
One aspect of asset protection
planning that is difficult for most
people is making a proper
determination of who is likely to be
a potential creditor. Those who are
able to make this determination, are
better able to make an effective
asset protection plan. It is easier to
plan when you know exactly what
you are planning for. In other
words, if you can implement a
strategy to protect against certain
claims, you can more easily limit
your exposure to that liability. Some common ways to avoid liability, especially
for business owners, include:
• avoiding high risk real estate and other investments
• exercising extra care in hiring employees
• refusing to loan cars, boats and other dangerous instruments to others
• avoiding joint ownership in risky instruments
• including indemnification language in contracts.

5. Asset Protection Planning Mistakes in Nevada www.wealth-counselors.com
5
CUSTOMIZE YOUR OWN ASSET PROTECTION PLAN
You cannot rely on an asset protection plan someone else used. Friends may be
well-intentioned, but one size definitely does not fit all when it comes to asset
protection planning. Not every protection strategy will work in every case. Any
asset protection attorney will tell you – an asset protection plan needs to be
developed on a case by case basis. Individual needs must be carefully considered
when choosing your planning options, so don't use a boilerplate plan and hope
that you will be protected. Most likely, you will not.
BE SURE TO USE THE RIGHT TYPE OF TRUST
Many clients have the same misconception, that any type of trust can provide
asset protection. That is
not the case. First,
revocable living trusts do
not provide protection for
individuals who created
the trust simply for that
purpose. An irrevocable
trust can only protect
property that is
transferred to the trust as
long as there is no evidence of a fraudulent conveyance. It is important to
remember that, in most states, when the person who has funded the trust is a
potential beneficiary, then the assets are not protected from creditors. Foreign

6. Asset Protection Planning Mistakes in Nevada www.wealth-counselors.com
6
offshore trust accounts have come under scrutiny in United States Courts,
recently. Very special care must be given when implementing an asset protection
plan that includes an offshore account.
LACK OF PROPER ESTATE PLANNING
A part of asset protection planning includes consideration of possible
inheritances from relatives, a factor that is often overlooked. Those inheritances
must be properly structured in order to provide maximum flexibility, as well as,
protection against creditors and divorce.
If you have questions regarding mistakes in asset protection, or any other asset
protection planning needs, please contact Anderson, Dorn & Rader, Ltd., either
online or by calling us at (775) 823-9455.

7. Asset Protection Planning Mistakes in Nevada www.wealth-counselors.com
7
About the Author
BradleyB Anderson
Prior to founding his own firm in 1995, Mr. Anderson served as a
senior counsel for two major financial institutions and witnessed
the often devastating effects of ineffective estate planning with
many customers of those institutions. When he eventually decided
to venture out on his own, this experience led him to focus
exclusively on estate planning, providing his clients with a full
range of basic and advanced planning options.
Mr. Anderson began his professional life as a teacher of mentally-challenged, visually impaired
students. After four years as a special education teacher, Mr. Anderson returned to school to
obtain his law degree and begin a second career. Upon finishing law school, he went to work
for a civil litigation firm, spending five years handling litigation, probate and wills work. He
then moved on to Wells Fargo Credit Corporation where he served as senior counsel. In 1990
he accepted a position with the First Interstate Bank Legal Division, where he had
responsibility for several divisions, including the Trust Department. In 1995, he began his own
practice as Bradley B Anderson, Attorney at Law. The firm has continued to grow into the
premier estate planning law firm we see today.
Anderson, Dorn& Rader, Ltd.
Legacy and Wealth Planning Attorneys
500 Damonte Ranch Parkway
Suite 860
Reno, NV 89521
Phone: (775) 823-9455
Fax: (775) 823-9456