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Nevada Asset Protection Trust question
Hello BP community! So, I have 2 rental properties, both under my name (and my husband's). We have a series LLC in Nevada and are planning on moving the properties to that. Speaking with our lawyer, she suggested we put our LLC (and all other assets we have) into a Nevada Asset Protection Trust (NAPT, DAPT, or NOST). Has anyone heard of this? Apparently after 2 years (the amount of time for Nevada), creditors can't come after any asset that is in the Trust. Seems pretty nice. The main hiccup for me is that to get any distributions (to take any money out of the businesses in the trust), you either get a mandatory set amount each month or you have to get signed approval from your trustee (bc you can be a settlor and beneficiary of the trust, but not the disperser and the trustee) if you want any additional funds. Just wondering if this is really necessary since we'll have our homes in the Series LLC and get protection from that...
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I'm not sure of the distributions you speak of but....
I am in the process of moving (re-deeding) my properties to a "Land Trust" for which the Nevada series LLC will be the beneficiary of. I'm not sure if this is the same model you speak of but this is a description (somewhat) of the model I am moving toward.