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The Appropriate Time For An International Family To Establish a U.S. Trust May Be Now

Last modified: November 10, 2023

Your Family Could Benefit From the Flexibility, Control, and Tax Benefits of a U.S. Trust

The changing global economy is causing international families to have to look at their trust structures and re-evaluate. Many international families have assets in multiple countries (including the U.S.). Or, they have children who have moved stateside. Both are factors significantly impacting the way assets are taxed and how they are distributed.

The United States is experiencing an increasing influx of non-resident alien (NRA) children. Families outside of the U.S. are looking for a way to avoid the whopping 40% tax rate that assets over $60,000 would endure upon their distribution to a family member in the U.S.

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Posted in Estate Planning

SCOTUS Highlights and Insights From the Kaestner Oral Arguments

Last modified: November 10, 2023

The United States Supreme Court Hears Oral Arguments for North Carolina v. Kaestner

On April 17, 2019, the United States Supreme Court heard the oral arguments in perhaps the most significant trust case in 100 years: North Carolina Department Of Revenue, Petitioner, V. The Kimberley Rice Kaestner 1992 Family Trust, Respondent. 

The crux of the Kaestner case is whether the state of North Carolina should be able to constitutionally tax trusts where the only connection to the state is that the beneficiary is a resident.

In the state of North Carolina, the taxpayer won throughout the entire court system, but North Carolina appealed successfully to the U.S. Supreme Court.

Matthew W. Sawchak, North Carolina Solicitor General, argued on behalf of the Petitioner and David A. O’Neil, Esq., of Debevoise & Plimpton LLP  on behalf of the Respondent.

In the hour-long arguments, the Justices actively participated, frequently interrupting the counsels. Overall, based on our initial analysis of the transcript, the line of questioning from the majority of the Justices seemed to be slightly more sympathetic to the Respondent. However, there were several times the Justices were challenging the Respondent’s arguments.

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Posted in Uncategorized Tagged , , 1 Comment

The Impact of New Federal Tax Laws on Existing Trusts and Estates

Last modified: November 10, 2023

It’s Time to Revisit Old Trusts – New Federal Exemptions Could Give Wealthy Families a False Sense of Security

The end of 2017 saw significant changes in federal tax law when President Donald Trump signed the “Tax Cuts and Jobs Act.” The impact of the Act on estate planning could affect those with existing estates and those who might be considering drafting a trust in the future. While many changes will work to benefit estates, there are several things to be aware of and consider.

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Posted in decanting trusts, NINGs, Taxes

STEP Orange County Conference 2019 Session Highlights

Last modified: November 10, 2023

Summarizing STEP Orange County 2019, February 4 – 5

Over 225 attendees and 22 exhibiting companies came together at the Fashion Island Hotel in Newport Beach, CA for the Orange County Chapter of STEP’s 8th Annual Institute On Tax, Estate Planning, and the World Economy on February 4-5, 2019.

After a very disappointing Super Bowl on Sunday, the conference kicked off on Monday morning in rainy Southern California. Discussions covered the changes in tax law, including Opportunity Zone Funds, domestic asset protection, and international issues.

Despite the problems in Washington, D.C., the U.S. is still being viewed as an attractive bastion for foreign families given its stability, attractive investment climate, and other benefits.

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Posted in Uncategorized Tagged ,

Third Annual STEP Alpine Conference January 17 & 18, 2019 Interlaken, SUI

Last modified: November 10, 2023

STEP Alpine 2019 Sessions Recap

A well-attended and lively STEP Alpine Conference recently wrapped up at the Congress Center, Kursall, in Interlaken, Switzerland. Several members of Alliance Trust Company of Nevada attended the two-day event.

Continue reading Third Annual STEP Alpine Conference January 17 & 18, 2019 Interlaken, SUI →

Posted in Trusts, Uncategorized 4 Comments

Supreme Court to Address State Taxation of Trusts

Last modified: November 10, 2023

Why Two State Trust Cases Have Escalated to the SCOTUS and What That Could Mean for Estate Planning

BREAKING NEWS from the Supreme Court in Washington D.C. While much of the estate planning community is at the Heckerling conference in Orlando, the U.S. Supreme Court of the United States (SCOTUS) decided on Friday to grant a writ of certiorari in The Kimberley Rice Kaestner 1992 Family Trust v. North Carolina Department of Revenue case.

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Posted in decanting trusts, Estate Planning, Taxes

Nevada Trust and Estate Planning Advantages

Last modified: November 10, 2023

Nevada’s Beneficial Trust Laws Set it Apart and Provide Strong but Flexible Protection

When it comes to asset protection and managing estates, Nevada stands alone paving the way for other states. Recent cases, such as Klabacka v Nelson, have set Nevada apart from other states with similarly beneficial trust laws and is allowing Nevada to emerge with the most iron-clad wealth protection available in the U.S.

Nevada should be a serious contender when considering both wealth management and asset protection whether you are a U.S. or non-U.S. citizen. Nevada boasts additional benefits such as Dynasty trust provisions lasting up to 365 years and Domestic Asset Protection Trusts (DAPTs), also known as Self-Settled Spendthrift Trusts (SSST), allowing you to protect your assets and wealth more than any other state.

With the addition of an abbreviated statute of limitations until assets transfer to an SSST and superior protection from creditors, which is unique to Nevada, the advantages of establishing your wealth and assets in the state of Nevada deserve a deeper look.

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Posted in Nevada, Nevada Trusts 2 Comments

STEP ASIA Hong Kong Recap

Last modified: November 10, 2023

A Breakdown of New and Important Information Discussed at STEP ASIA 2018

STEP ASIA at the Grand Hyatt in Hong Kong took place from November 19th-21st and was a sold-out event despite only 12 Americans attending (due to the event taking place over the American Thanksgiving Holiday). Because of the interest in the event and to increase the potential size, STEP Asia is considering moving the conference to a hotel across the harbor in Kowloon in 2020. STEP Asia 2019 will take place in Singapore.

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Posted in Uncategorized

U.S. Supreme Court Looking at Two Cases Relating to State Taxation of Trusts

Last modified: November 10, 2023

Minnesota and North Carolina appeal to the Supreme Court in Trust Taxation Cases

The United States Supreme Court will review two petitions for a writ of certiorari from the states of North Carolina and Minnesota. Both states lost cases in their respective State Supreme Courts where the state laws were deemed in violation of the United States Constitution under Due Process Clause. Both states have appealed to the U.S. Supreme court for review.

Continue reading U.S. Supreme Court Looking at Two Cases Relating to State Taxation of Trusts →

Posted in Taxes

Understanding Nevada Asset Protection Trusts

Last modified: November 10, 2023

Why Nevada’s Asset Protection Trust Laws Keep Your Wealth Safer Than Any Other State

The state of Nevada has dominated the asset protection space and positioned itself as the most beneficial situs to establish an asset protection trust.

Precedent-setting cases and favorable trust laws have launched Nevada to the forefront of the estate planning industry and allowing trustees and estate planners flexibility, privacy, and the power to protect wealth and assets more securely than any other state.

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Posted in assest protection, assest protection trusts, Nevada, Nevada Trusts 1 Comment
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