“Offshore” in Nevada: Nevada Asset Protection TrustsWritten by Sutton Law Center Attorney - Trevor Stapleton
Are you interested in outstanding asset protection but uncomfortable about costs and red flags of using offshore trusts? Then read on about Nevada’s new onshore asset protection trust. Traditionally, creditor protection is afforded to beneficiaries of a trust through inclusion of a “spendthrift provision.” Spendthrift provisions were developed to protect beneficiaries perceived to be unable to properly manage or protect their funds. In essence, a spendthrift provision provides that as long as property or funds remain in trust, they are not subject to beneficiary’s debts or creditors. While protection for beneficiaries through a properly drafted spendthrift provision is well established, this protection has generally been unavailable to a beneficiary who was also creator of trust. If an individual established a trust of which he or she was also a beneficiary, a “self-settled trust”, trust was ignored for purposes of creator/beneficiary’s debts and liabilities. In response to this common law treatment of self-settled trusts, some foreign jurisdictions created laws that allowed a creator/beneficiary’s assets in a self-settled trust to be protected from creditors. These jurisdictions (such as Bahamas and Cook Islands) gave rise to so-called “offshore trusts” which offered creator/beneficiary’s an additional tool to help protect their assets from claims and liabilities. Unfortunately, some of same features that made offshore
| | Pay Day Loans - Are They A Crime?Written by Randy McClure
No, but Consumer Federation of America calls pay day loans legal loan sharking.It Is A Fee, Not Excessive Interest. Pay day loans are legal in most states because they are charging you a fee, not an excessive interest rate. Excessive interest rates are illegal in most states. Outrageous Credit. Pay day loans are an outrageous form of credit. For example, let's say you write a personal check for $115 to get $100 for up to 14 days. The $15 fee equates to a 391% annual percentage rate (APR). This APR keeps going up if you extend “loan” week after week. Bad Debt vs. Bounced Check. Worst yet, if you are not able to honor your check it is not a bad debt, it’s a bad check with associated non-sufficient fund (NSF) fees from your bank. Then to top it off, your local district attorney’s office may get involve acting as a collection agency for bad check you wrote. What Are The Alternatives To Pay Day Loans? Loan Shark? “I just need enough cash to tide me over until payday.” Please resist pay day loan. The pay day loan offer is preying upon your unfortunate circumstances, be it innocent or through your poor choices. Before taking out a pay day loan, ask yourself would you consider going to a loan shark with high interest and unhappy consequences of not paying them back. Friends, Family, Community? What can you do? If your unfortunate circumstances are innocent, consider going to your family, friends, church, community organizations or alternative forms of credit for help. If you are making poor choices in regard to money and options above are not working, here are some options:
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