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Trusts - Nevada or Rode Island?

By: Les Raketti Only four States allow one to set up a trust and be a protected recipient as well. Missouri and Colorado have similar statutes but the common belief is that those laws do not work. Of the four States, Nevada has the shortest statue of limitations period - that is the time difference between the date the asset is moved to the trust and the date the asset is protected. In Nevada the statue of limitations is six months or two years after the creditor finds out or should of known whichever is longer. In the other states the equilvalent time period is 4 years

Corporations - Asset Protection by State -
Nevada

Asset Protection by State of Nevada: Nevada is rather unique in that it does not voluntarily inform to any organization including the IRS and the United States Government. Nobody is aware who owns a Nevada Corporation as the the shares of the corporation can be treated as bearer stocks meaning that whoever is in possession of it owns it. There is no requirement that Owners and Directors be identified and officers can be one person or a person you appoint. A Nevada Corporation also does not need to be capitalized - you can have a Nevada Corporation with no assets.

Asset Protection by State of Delaware is different in that it has one of the few remaining Courts of Chancery in the United States which deals with equity rather than law and as such is known to give corporations a lot of space in running their own dealings. For this reason Delaware is generally considered to have a commercially friendly legal system resulting in many private and public incorporations in Delaware.

Asset Protection by State Delaware is no different than any other state in that no state taxes income earned outside of State although Delaware's franchise tax within the State is higher than most others.

Asset Protection by State of Wyoming Wyoming may be worth considering for a smaller corporation and it has less stringent reporting requirements and while it does give information to the IRS that is only if real assets are within the State. There are no State taxes and few privacy restrictions.