This aspect of estate planning needs to be considered and implemented well in advance of encountering a problem with a potential creditor or claimant. For Nevada residents, there are vast arrays of types of assets which are exempt from the reach of judgment creditors under applicable Nevada law. The availability of some of these exemptions, however, is impacted by the federal bankruptcy laws. Moreover, there are some risks to having one's personal residence held in a revocable living trust. It is
recommended that Nevada residents receive an education as to the laws of Nevada, as well as the Federal bankruptcy laws, pertaining to assets which are not reachable to satisfy a judgment obtained by a creditor, either due to the character of the asset or the way the asset is titled. There are many preventive strategies which can and should be in place before a problem arises.