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

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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Supreme Court to Address State Taxation of Trusts

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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Alliance Presentations in San Diego – Recap of the Gathering

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.

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Awareness of NING Trusts Growing Nationally

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.

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Why Sand Hill Road Uses Nevada Trust Strategies

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.

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Alliance Trust Proud to Participate in Prestigious UCLA Law Panel

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).

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Updating an Antiquated Family Trust in 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 they simply have to live with the terms regardless of 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 Alliance at 775-297-4000.

Decanting an Irrevocable Trust in Nevada – Modernize an Irrevocable Trust

Many people believe that once a trust becomes irrevocable, there is nothing you can do to change and fix outdated family trust provisions.  That is not correct.  Certain states,  including Nevada, have “decanting provisions” which allow for modifications of irrevocable trusts by shifting the assets from the old trust and into a new, modernized trust.  The new trust may have stronger asset protection and/or tax advantages.  The process leaves the unwanted trust provisions behind, like leaving sediment behind in decanting wine.  Decanting can be done quickly in Nevada, at a minimal cost.  Alliance Trust Company will be co-presenting a presentation at the Gathering in San Diego at the end of the month.  If you are looking at options to modify an irrevocable trust, you have a lot of options in Nevada you may not have in your home state.  Nevada is considered to have some of the best and most flexible trust laws in the country and is considered one of the most favorable jurisdictions for decanting.  Please call Alliance Trust Company at 775-297-4000 for more information.

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