Awareness of NING Trusts Growing Nationally

legal

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.

Children Facing Challenges and Your Estate Plan – You Have Options

banner-estate-planning-thumb-300x300

For a family dealing with children with handicaps or other challenges, the journey does end when the child turns age 18.  Many parents and families worry about how their adult children will fare after the parents pass away.  Fortunately,  a well crafted family estate plan can provide solutions to these problems.  Children with medical difficulties and handicaps may need a special needs trust to preserve eligibility for government aid and other programs that could be jeopardized by a sudden influx of wealth. For children dealing with substance abuse, a special purpose trust could be the answer.  In some cases, a family may consider disinheriting a child to prevent an inheritance from furthering a destructive lifestyle.  While this is an option, special legal care is needed to ensure that money does not fall into the wrong hands and situation.  Nevada is considered the best state in the country for estate planning, and may offer options and flexibility for your family’s estate plan that your home state does not.  And you do not need to be a resident of Nevada to establish and benefit from a Nevada trust.  Contact Philip Brown at Alliance Trust in Reno at 775-297-4277 to learn more about the advantages of a Nevada Trust.

Nevada Asset Protection Trusts – The Best of the Best

nevada-welcome

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.

Estate Planning for Blended Families is Critical

multi-generational-family-300x199

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.

The California Budget and Future Income Tax Outlook – NINGs Anyone?

As this article in the Economist just noted, another attempt to diversify the tax base in California failed when lawmakers passed a $115 billion dollar budget June 19th.  The revenues recognized by the state continue to be highly cyclical, and dependent on high-income earners and capital gains.  With a recovering economy, things are currently going well in the Golden State.  However, the portion of revenue raised via income taxes cyclical) continues to increase and the top 1% of wage earners pay over half of the taxes in the state.  All of this suggests that future taxation policies in California will not change, and the chances of Proposition 30’s higher tax rates sun setting in 2018 are next to zero.  If you are in a high tax bracket in California, one strong option to consider is to move your intangible assets (investments) to Nevada via trust.  As its own tax paying entity in Nevada, your family trust (a NING Trust)  would not be subject to California taxation. Please call Greg Crawford at Alliance Trust in Reno at 775-297-4684 for more information.  Nevada has some of the best and most flexible trust laws in the country – it is worth a phone call to find out if Nevada has options for your family.

Relocating Out-of-State? It’s Important to Update Your Estate Plan

Many people move as part of their careers, or move when they retire to more favorable climates and tax environments.  It’s almost a cliché how New Yorkers retire to Florida, and how Californians are moving to Nevada.  In fact, Florida just surpassed New York’s population and Nevada is now the second fastest growing state in the country.  Often lost in the excitement of a new chapter in life, is the need to update your estate plan.  An excellent article by Nevada attorney Scott Halvorsen addresses the issue here.  Of course your estate plan should always be reviewed when buying or selling property, but also for additional critical issues related to your living will/healthcare directives.  Estate planning laws vary significantly from state to state, and all aspects of your plan should be reviewed whenever one relocates.  Nevada is consider to have the best  estate planning and trust laws in the country.  For more information, contact Greg Crawford at Alliance Trust Company in Reno at 775-297-4684.

Updating an Antiquated Family Trust in Nevada

Welcome-to-Nevada

Many people are beneficiaries of family trusts that have antiquated terms and provisions that no longer make sense.  Yet many people also believe that they are “stuck” with the terms of the trust and that them simply have to live with the terms regardless moving forward.  This is not true.  Certain states, including Nevada, allow for modifications to be made to even an irrevocable trust.  Modifications can be made to extend the term of the trust, change the situs of the trust, and add or modify powers of appointment.  As this recent Forbes magazine article points out, you might even save taxes for the trust as part of this process.  Nevada is considered to have some of the best trust laws in the country and has very flexible statutes for modifying trusts.  For more information, call Greg Crawford in Reno at 775-297-4684.

Updating Your Estate Plan After a Divorce

Divorce

Although a divorce is a legal proceeding, it is often easy to forget that aspects of your financial affairs need to be updated afterwards.  Updating your will, power of attorney and healthcare proxies are all essential steps to prevent issues with an ex-spouse appearing for your heirs.  Designated beneficiaries on retirement accounts and insurance policies is often a step that is overlooked and is potentially problem if an ex-spouse is named as the beneficiary.  When updating your documents, ask your attorney about estate planning strategies in Nevada.  The state is considered to have some of the finest trust laws in the country, and depending on your circumstances and objectives, a trust in Nevada may better protect your assets, charitable interests and future heirs.  Call Greg Crawford at Alliance Trust in Reno at 775-297-4684 for more information.

 

State of the Union to Propose Stealth Increase of Estate Taxes

whitehouse_historypg

The Wall Street Journal and numerous other media outlets are reporting that the State of the Union address on Tuesday will outline a proposal by the President to effectively increase estate taxes.  In the proposal, appreciated assets in an estate would not receive an updated or “stepped up” tax basis on death.  Only a small amount of gains, suggested as $200,000 in portfolio assets and $500,000 in a primary residence would be shielded from tax.  Although these numbers may seem large, ask many families what their tax-cost basis is in desirable places to live, such as Silicon Valley and other parts of California, and you will see that this proposal would capture many more families with a taxable event on death even without a formal change to the estate tax rules.  There are many estate planning strategies that can help with families facing estate tax burdens.  Some of the best strategies use Nevada Trusts – the best state for asset protection and tax minimization.  Please call Greg Crawford in Reno at 775-297-4684 for more information.

Nevada – Best for Asset Protection Trusts

Welcome-to-NevadaThe State of Nevada has some of the finest and most flexible trust laws in the country, and you don’t have to live in Nevada to establish and benefit from a Nevada Trust.  By using a Nevada trust, you can better protect your family and charitable interest for generations to come.  Tax saving are also possible in certain situations.  In this recent Trusts and Estates magazine article, the 15 states which offer asset protection trusts are listed and detailed.  When you look at the key factors to selecting where to establish your family trust, Nevada checks all important boxes.  For more information, call Greg Crawford in Reno at 775-297-4684.

Want us to give you a call?

Let our experienced team help you with your trust needs


Notice: Undefined index: __atcTarget in /mnt/stor20-wc2-dfw1/486131/723095/www.alliancetrustcompany.com/web/content/wp-content/themes/atc/functions.php on line 281

Notice: Undefined index: __atcReferrer in /mnt/stor20-wc2-dfw1/486131/723095/www.alliancetrustcompany.com/web/content/wp-content/themes/atc/functions.php on line 286