Nevada trust laws-- LLC may be legally a trustee for trust?

Asked about 1 year ago - Las Vegas, NV

Read that the latest asset protection is to add a LLC as an additional trustee for a trust. Is that fully legal and practical? Any actual legal cases testing validity?

Attorney answers (3)

  1. Michael Leo Potter

    Contributor Level 20

    2

    Lawyers agree

    Answered . There is no legal impediment to doing so. You may want to consider the Nevada Privacy Trust as well other alternatives. There are some practical considerations to take into account but yes. Work with a knowledgeable Estate Planning / Asset Protection attorney to modify the Trust so that it 'works'. Good Luck !!

  2. David L. Carrier

    Pro

    Contributor Level 18

    2

    Lawyers agree

    Answered . Not sure how adding an LLC would increase the asset protection features of the trust itself, although that might reduce the exposure of the individual trustee... You need to speak with a local attorney to verify that the particular strategy you're contemplating is"fully legal and practical" in your particular situation.

    This is not legal advice. I am not your lawyer. You are not my client. You cannot rely on my response to your... more
  3. Kelly Scott Davis

    Pro

    Contributor Level 18

    Answered . Be careful before relying upon advice that you read about. An LLC may serve as trustee but the question you need to ask is for what purpose? Follow Attorney Potters advice and sit down with an estate planning attorney who can review your situation and goals and design a plan that works.

    Responses provided on Avvo are for general informational purposes only, based upon the limited information that is... more

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