Alliance Trust Company of Nevada in The Economist

The Economist

Typically well-reasoned and published since 1843, many believe that the Economist is the finest English-print magazine in the world.  The magazine tackles complex global issues with a balance and perspective that only a 170+ year history can provide.  That is why, in the context of the media fury surrounding the “Panama Papers,” that the Economist’s suggestion to publish individual global tax returns (April 9th edition) deserved to be publically questioned.  To the credit of the publication, Gregory Crawford’s letter to the Editor is published in the April 30th print edition.  In the letter, the President of Alliance Trust argues that no benefit will come from such a disclosure plan or the OCED’s related “Common Reporting Standards.”  The impact of sharing detailed personal financial information with rogue governments around the world will not increase U.S. tax revenues by a cent.  In fact, the only meaningful outcome of the proposals is to violate basic personal privacy significantly increase the physical and financial risk to law-abiding citizens and their families around the world.

The Government of Kazakhstan knows my retirement account balance?

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The New York Times “Room for Debate” opinion pages recently asked Gregory Crawford, The President of Alliance Trust Company in Reno to comment on the Panama Papers and the advantages of and lawful usages of shell companies.  In this piece, Greg notes that the vast majority of these companies are used legally, providing a layer of security and privacy for international families in an increasingly dangerous world.

The interest of non-US citizens using foreign grantor trusts in Nevada is increasing dramatically.  Many countries are now recklessly sharing highly-sensitive and otherwise confidential individual financial information with rogue governments around the world under the OCED’s “Common Reporting Standards.” This program, which thankfully the United States is not participating in, gathers and automatically exchanges individual  names, addresses, tax identification numbers, and financial account balances with the governments of Azerbaijan, Cameroon, China, Georgia, Indonesia, Kazakhstan, the Philippines, Russia, Senegal, Tunisia, and Uganda, to name a few.  Where the information might go from there, no one knows.   Many of these countries have Horrific human rights records and serious corruption issues.  Automatically sharing this data will undoubtedly expose law-abiding individuals to the risk of extortion, kidnapping or worse.  The United States should remain proudly “non-compliant” with the CRS and its efforts to violate personal privacy.

it is worth noting that the State of Nevada offers excellent privacy provisions when establishing business entities such as LLCs, and there are options for the US and non-US citizens to keep their financial affairs private in trust.  Please contact Alliance Trust for more information at 775-297-4000.

 

Alliance Presentations in San Diego – Recap of the Gathering

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Last month Alliance Trust presented at the Southern California Institute’s annual “Gathering” of elite advisors from around the country in San Diego.  The topics of the two-day seminar included a panel debating the best family trust jurisdictions, and various methods and strategies to minimize and reduce estate, state and federal income taxes.  Advisors discussed asset protection trusts and other Nevada trust options, with case studies on how they work in practice.  As a Nevada Trust Company, Alliance Trust added insight and expertise on these topics from the perspective of a trustee.  Nevada is considered to have the best trust laws in the country, providing families valuable asset protection, flexibility for planning options and tax minimization for generations.  for more information on Nevada Trusts, please call Greg Crawford at Alliance Trust in Reno at 775-297-4684.

Awareness of NING Trusts Growing Nationally

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Nevada Incomplete Non-Grantor Trusts (or, “NINGs”) are growing in popularity and usage across the country.  NINGs provide the grantor of the trust asset protection and the potential to minimize local and state income taxes on investable/intangible assets.  As this NASDAQ.com Article on NINGS, these types of trusts are not for everyone.

However, a family living in a high-income tax state with significant taxable income and appreciated investments (or investments expected to appreciate) can benefit from a NING. This is just one of many Nevada trust planning strategies that makes Nevada the Asset Protection Trust Rankings   If you are interested in learning more about NINGs, please read this Article by attorney Gordon Schaller and call Greg Crawford at Alliance Trust Company in Reno at 775-297-4684.

Why Sand Hill Road Uses Nevada Trust Strategies

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Alliance Trust Company of Nevada spends significant time in Silicon Valley.  Our clients range from early stage Angel investors, the founders of many fast-growing technology firms, and the partners of some of the most prestigious venture capital firms in the world.  Why are so many people connected with Sand Hill Road using Nevada Trust strategies?  In a word: Flexibility.

Nevada offers exclusive options within its trust and estate laws, and you don’t have to be a Nevada resident to establish and benefit from a Nevada Trust for generations to come.

Simply put, Nevada offers flexibility around common asset protection, tax-minimization, and dynasty provisions that have many around the country recommending Nevada as the best state in the country for trusts.  Even Business Week magazine recently took notice, putting Reno on the cover for its trust and estates activity.

Interested in learning more?  Call Greg Crawford, President of Alliance Trust in Reno at 775-297-4684.

Alliance Trust Proud to Participate in Prestigious UCLA Law Panel

UCLA STEP Asset Protection

Gregory E. Crawford, TEP, President of Alliance Trust Company of Nevada recently participated in a 90-minute discussion panel covering the topics of asset protection planning and the impact of the Uniform Voidable Transfer Act (UVTA).  The panel was moderated by Professor Jerry Hesch (ACTEC Fellow), and included nationally-recognized attorneys Jeffery M. Verdon and John R. Garland, as well as Neal Rubin, Managing Director, International Custody & Asset Protection Solutions of City National Rochdale.  Nevada was highlighted by the panel as one of the best jurisdictions in the United States and world for estate planning.  The UCLA Law School STEP Conference is in its fifth year and attracts hundreds of trust and estate professionals from around the world to Newport Beach, CA each January.  For more information, please review the conference details or call Greg Crawford in Reno at 775-297-4684.

Nevada Asset Protection Trusts – The Best of the Best

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Why is Nevada considered the best state to establish your family trust?  Nevada trust laws offer a lot of benefits that most other states do not offer.  For many families it comes down to a few factors, including protecting their assets for their beneficiaries, reducing taxes and flexibility in planning strategies.  Two recent articles expand on the issue, including “A Guide to Asset Protection in Nevada” and “Nevada Asset Protection considered the Best of the Best.”  Both articles are worth reading and can help you determine if Nevada is a good option for your family’s trust planning.  For more information, call Greg Crawford, TEP, in Reno at 775-297-4684.

Family Partnership Discounting in Taxable Estates

The discounting of family assets held in partnerships and LLCs is a long-standing estate planning technique.  The discounts on illiquid and hard-to-value assets can significantly reduce the a family’s estate tax liability and transfer more of the family’s wealth to future generations.  However, the IRS is looking closely at the underlying assets held in these legal structures to see if such discounting arguments really hold validity.  Discounts for underlying investments which are easy to value, such as publicly traded stocks, will likely receive tighter rules and greater scrutiny very soon.  As this excellent article from Paul Sullivan at the New York Times notes, those considering using these discounting strategies should act quickly – new IRS guidelines are expected in mid-September.  Since Nevada is considered by many in the legal profession to have the best trust laws in the country, Alliance Trust is very familiar with these estate planning techniques.  Please call Greg Crawford, TEP, CFP, in Reno at 775-297-4684 for more information.

Estate Planning for Blended Families is Critical

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Family dynamics can always be challenging, but are even more so in blended families.  Friction between ex-spouses and children from other marriages can boil over when parents pass away.  If proper estate planning is not done in advance, the courts step in to divide family assets.   This is never an easy situation, and in the case of blended families this process can create great animosity.  Well regarded Nevada estate planning attorney Scott Halvorsen recently wrote an excellent article on this topic.  Nevada has some of the best trust  and estate laws in the country, and may give you more options and strategies that your home state laws.  If you have questions about how estate planning topics impact your family, please call Greg Crawford at Alliance Trust in Reno, 775-297-4684.

A Famous Coach’s Last Wishes: “A nice dinner on me”

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Described as a mentor, teacher and second father to many of his players during his historic career, by all accounts Dean Smith was a very decent man.  He coached the University of North Carolina basketball team to two National Championships, and was awarded the Presidential Medal of Freedom, the highest award granted to civilians in the United States.  When he passed away last month at age 83, many gathered together paid their respects.  Now, thanks to the coach’s estate plan, there will be another excuse for his players to gather.  The trustee has written all of the letterman of Dean Smith’s team that his estate plan included a provision for his former players to enjoy a nice dinner out, with $200 checks sent to each of them – a total of over $35,000.   While this may surprise some, a solid estate plan can accomplish a wide variety of wishes – in this case a desire to recognize his players after passing.  A trust is an extremely flexible document, and Nevada is considered to have some of the best (most flexible)  trust laws in the country.  For more information, call Greg Crawford in Reno at 775-297-4684.

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