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.

Alliance Trust Proud to Participate in Prestigious UCLA Law Panel

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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.

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.

Updating an Antiquated Family Trust in Nevada

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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.

Nevada Trusts That Trim Your State Income Tax

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The Wall Street Journal recently wrote about a popular strategy involving trusts in Nevada and a handful of other states.  The NING trust, which stand for “Nevada Incomplete Non-Grantor” Trusts shift investments from the home state to Nevada,which has no state-level income tax.  For people in California and other high-tax states, this can be a very powerful strategy.  As the article notes, there are a few considerations and risks, but for those with sizable portfolios, and angel and venture capital investments, using a NING to hold these investments can trim or even eliminate local-level taxes.  Nevada is consider the best state in the country to establish your family trust and has received an A+ from Forbes magazine for its trust laws.  You do not have to live in Nevada to establish a trusts here.  Please call Greg Crawford, Co-Manager of Alliance Trust in Reno at 775-297-4684 for more information.

State of the Union to Propose Stealth Increase of Estate Taxes

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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.

Celebrity Estate Planning Lessons for 2014 – Apply Them in 2015

Looking back on the year for estate planning news, there are lessons that can be learned from many high-profiles estates – both good and bad.  Some successful estate stories?  Joan Rivers had the proper end-of-life documents in place, and Robin William’s estate successfully avoided probate.  On the other hand, Phillip Seymour Hoffman paid $34 million in unnecessary estate taxes and uncertainty in Tom Clancy’s plans has led to an $80 million legal battle.  All of these celebrity estate planning examples can be boiled down into everyday considerations for everyday people – you can apply the following tips to your own situation. 

1)  Think about the people you want involved in your trust – family member, corporate trustee, or perhaps co-trustee roles?

The selection of your trustee(s) is very important – ultimately they are ones which will carry out your wishes expressed in the trust and be responsible for keeping accurate bookkeeping records, filing tax returns, prudently investing trust assets and reporting to trust beneficiaries.

2)  Planning for Changing Circumstances

Families are more mobile and fragmented than ever before.  Multiple marriages and children from prior relationships are common.  State laws which govern the disposition of assets for those that die without and estate plan do not reflect modern society – the result?  Often times loved ones are disinherited.  A proper estate plan prevents this from happening.

3)  The IRS is always a consideration

Tax considerations exist at all phases in life – including death.  A properly structured estate plan can minimize estate taxes and maximize your goals for family and charitable interests.

4)  Review regularly

The most important tip – review your estate plan.  not only do aspects of your life change, but the laws change too.  Are your charitable interest changing?  Did a named beneficiary pass away or become incapacitated? Did your successor trustee move away?   Is a beneficiary about to get a divorce?  All of these common changes in life can have a dramatic impact on your plan.  It should be reviewed regularly.

Nevada has some of the best trust laws in the USA, and many families outside of Nevada choose Nevada as a location for their family trust.  Nevada trust law better protects your assets for your family and charitable interests, and can be designed to last 100′s of years.  Most other states do not offer this amount of flexibility.  To learn more about Nevada Trusts call Greg Crawford in Reno at 775-297-4684.

Alliance Trust Company in The New York Times

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Alliance Trust’s Greg Crawford appeared in the New York Times over the weekend, discussing the issue of “perpetual trusts.”  The link to the article is here.  Trust law in the United States evolved from England, which via case law established the “Rule Against Perpetuities” in 1682.  This law, refined by future cases,  effectively limited trust duration to approximately 90-100 years.  Recently, many states and foreign countries have either repealed the rule or have extended the duration of trusts far beyond the legal relic of the rule.  Nevada trusts can last for as long as 365 years.  In the NYT Greg discusses how a Nevada court would react to another court asserting jurisdiction over a Nevada trust, and how Nevada protects its trust and estates industry.  Alliance has worked for years with the legislature to enhance and protect what many consider to be the best trust laws in the country.  If you have questions as to how a Nevada trust could benefit you and your family for generations to come, call Greg Crawford in Reno at 775-297-4684.

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