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.
Continue reading Alliance Presentations in San Diego – Recap of the Gathering →
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.
Continue reading Awareness of NING Trusts Growing Nationally →
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).
Continue reading Alliance Trust Proud to Participate in Prestigious UCLA Law Panel →
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.
Continue reading Nevada Asset Protection Trusts – The Best of the Best →
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 Alliance Trust in Reno at 775-297-4000.
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.
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 considered to have the best estate planning and trust laws in the country. For more information, contact Alliance Trust Company in Reno at 775-297-4000.
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.
Although a divorce is a legal proceeding, it is often easy to forget that aspects of your financial affairs need to be updated afterward. 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 a potential 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 Alliance Trust in Reno at 775-297-4000 for more information.
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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