Las Vegas is a city built on risk. People come here to roll the dice, take chances, and hope the odds work in their favor. But when it comes to lawsuits, asset protection, and estate planning, gambling with assumptions can be one of the most expensive mistakes you make.
Recently, I worked with a client facing a substantial lawsuit. During an early strategy discussion, he said, ‘Let’s roll the dice. All my assets are in an asset protection trust.’
Before moving forward, I asked to review the trust. What we discovered changed everything.
What We Found When We Reviewed the Trust
The document was not an asset protection trust at all. Had the litigation progressed under that assumption, none of the client’s assets would have been protected from creditors. This situation is far more common than many Las Vegas residents realize.
The Danger of False Confidence
When someone believes their assets are protected, they often take on more legal risk than they otherwise would. Settlement decisions, negotiation posture, and overall litigation strategy can all be distorted by a false sense of security.
Why Many Las Vegas Trusts Do Not Provide Asset Protection
Many people assume that having a trust automatically protects assets from lawsuits. In reality, most revocable living trusts provide no creditor protection at all. Typically, they are designed only to avoid probate or to protect heirs, not the trust creator.
Why Reviewing Your Estate Plan Before There’s a Lawsuit Matters
The most important moment in this case was not the lawsuit itself. It was reviewing the estate plan before committing to a high-risk strategy. That review corrected misconceptions and allowed for informed decision-making.
Rolling the dice may be entertaining in a casino. In estate planning and litigation, it can cost you everything. Before assuming your assets are protected, make sure your plan actually does what you believe it does. Gordon Law is here to help.