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 on 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 the revenue raised via income taxes is 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 is 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 Alliance Trust in Reno at 775-297-4000 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.
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A Famous Coach’s Last Wishes: “A nice dinner on me”
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 lettermen 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 Alliance at 775-297-40000.
Nevada Trusts That Trim Your State Income Tax
The Wall Street Journal recently wrote about a popular strategy involving trusts in Nevada and a handful of other states. The NING trust, which stands for “Nevada Incomplete Non-Grantor” Trusts shifts 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 considered 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 trust here. Please call Alliance Trust in Reno at 775-297-4000 for more information.
State of the Union to Propose Stealth Increase of Estate Taxes
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 families facing estate tax burdens. Some of the best strategies use Nevada Trusts – the best state for asset protection and tax minimization. Please call Alliance at 775-297-4000 for more information.
Lecciones de planificación patrimonial de los famosos en 2014: aplícalas en 2022
Si echamos la vista atrás a las noticias del año en materia de planificación de sucesiones, podemos extraer lecciones de muchas sucesiones destacadas, tanto buenas como malas. ¿Algunas historias de éxito? Joan Rivers disponía de los documentos necesarios y la sucesión de Robin William evitó la legalización.
Continue reading Lecciones de planificación patrimonial de los famosos en 2014: aplícalas en 2022 →
Alliance Trust Company en The New York Times
Alliance Trust apareció en el New York Times el fin de semana, debatiendo la cuestión de los «fideicomisos perpetuos». El enlace al artículo se encuentra aquí. El derecho fiduciario de Estados Unidos evolucionó a partir de Inglaterra, que mediante la jurisprudencia estableció la «Regla contra las perpetuidades» en 1682. Esta ley, perfeccionada por casos futuros, limitó efectivamente la duración del fideicomiso a aproximadamente 90-100 años. Recientemente, muchos estados y países extranjeros han derogado la norma o han ampliado la duración de los fideicomisos mucho más allá de la reliquia legal de la norma. Los fideicomisos de Nevada pueden durar hasta 365 años. Alliance analiza cómo reaccionaría un tribunal de Nevada si otro tribunal se declarase competente sobre un fideicomiso de Nevada, y cómo protege Nevada su sector de fideicomisos y sucesiones. Alliance ha trabajado durante años con la legislatura para mejorar y proteger lo que muchos consideran las mejores leyes fiduciarias del país. Si tiene preguntas sobre cómo un fideicomiso en Nevada podría beneficiarle a usted y a su familia durante generaciones, llame a Alliance Trust Company al 775-297-4000.
Wealth and Business Attracted to Northern Nevada
Apple and (hopefully) Tesla are the largest companies to join a growing trend that families and advisors have known for years: Nevada is a great place to do business and domicile wealth. Nevada’s wealth friendly tax and trust laws help protect assets from creditors and income tax, while solving many planning issues many families face. Using a Nevada Trustee such as Alliance Trust Company, families can shield their hard earned wealth, while retaining a high level of control over the management over investment accounts.
Nevada’s trust and tax laws all follow the top trends in estate planning giving families access to the most advanced planning opportunities in the country. Alliance Trust Company’s clients retain their local investment and tax advisors through Nevada’s Directed Trust Statue, seamlessly protecting assets for generations.
For more information on the benefits of using Alliance Trust Company, call Philip Brown at 775-297-4277.
Larry Ellison Sells a Lake Tahoe, Nevada Property for $20 Million
Wealthy Californians have relocated and reshaped Nevada for generations. Automotive magnets, technology pioneers, and entertainers all seek to benefit from Nevada’s Structural Alpha. The attractive business environment and the best trusts laws in the country offer Californians the opportunity to better protect their families and charitable interests, while also minimizing taxes (free download of strategies here). The calm cool breezes in Lake Tahoe and a myriad of entertainment and dining options in Las Vegas don’t hurt either. It looks like another sale of a property is bringing in another new Californian to Nevada with the sale of one of the premier properties on the Nevada side of Lake Tahoe. The transaction, announced by the Wall Street Journal today, was curiously structured into a California LLC (Nevada has more favorable LLCs laws than CA). We at Alliance suspect that this will be corrected shortly. People of all levels of wealth regularly use Nevada in their estate planning. For more information on how your family can benefit from Nevada laws, without requiring relocation, please contact Alliance Trust in Reno at 775-297-4000.
Nevada on Top of Key Trends in Estate Planning Today
Estate planning law, like all aspects of law, evolves. Options and strategies that may not have existed years ago can exist today, and give you much more flexibility in how you plan for your future. Protecting your family more effectively, and for longer periods of time is now an option in certain states, including Nevada. Consider the four biggest trends in estate planning today: 1) self-settled trusts; 2) use of limited liability companies (LLCs) inside of trusts; 3) discretionary trust protection; [and] 4) spendthrift protections. While these are somewhat technical terms, combined legal strategies can better protect your family and charitable interests, while also minimizing taxation and discouraging litigation. Nevada trust law offers these legal strategies, and you do not have to live in Nevada to have a Nevada trust. Please contact Alliance at 775-297-4000 for more information.
Who is Trying to Tax Your Family Trust? Not Nevada
Many people do not realize that trust laws vary dramatically based on where you establish your trust. Some states tax trust income, while others like Nevada, do not. Many people around the country establish their family trusts in Nevada for this, and other important benefits. Even if your trust was established in a less beneficial state, it can often be moved to a better jurisdiction. You do not have to live in Nevada to establish a Nevada trust. If you are interested in learning more about Nevada Trusts, and the benefits they can provide you and your family, call Alliance at 775-297-4000.
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