Only four States allow one to set up a trust and be a protected beneficiary as well. Colorado and Missouri have comparable statutes but the general belief is that those statutes 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 transferred to the trust and the date the asset is protected. In Nevada the length of time is two years or six months after the creditor finds out or should of known whichever is longer. In the other states the equilvalent time period is 4 years.

Asset Protection by State of Nevada: Nevada is rather special in that it does not freely report to any agency including the IRS and the United States Government. Nobody knows who controls a Nevada Corporation as the the shares of the corporation can be treated as bearer stocks meaning that whoever holds 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 coporate entities a lot of leeway in running their own affairs. For this reason Delaware is commonly considered to project a commercially friendly legal system resulting in many public and private companies incorporating in Delaware. Asset Protection by State Delaware is no different than all 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 report to the IRS that is only if real assets are within the State. There are no State taxes and limited privacy limitations.