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Trusts - Delaware or Rode Island? Only four States allow one to set up a trust and be a protected recipient as well. Missouri and Colorado have comparable statutes but the general understanding 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 when the asset is transferred to the trust and when 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 The Need for Asset Protection Sadly the first question usually asked when someone is about to be sued is the extent of the other parties wealth. And in Canada as long been the practice in the States, attorneys are now allowed to be take cases on an agreed percentage of the awards if they win. Asset protection strategies are definitely something every one needs to put in place.