Planning for the care of a loved one with special needs or a disability can have its challenges. For example, how can you ensure they are cared for and have everything they need? How can you provide them with assets and avoid jeopardizing their government benefits?
You can help answer these questions and avoid some of these challenges by setting up a Special Needs Trust.
Continue reading Special Needs Trusts: What You Need to Know →
Many methods of income tax planning focus primarily on reducing federal tax liability. Individuals living in high state tax jurisdictions, such as California, also seek to mitigate state income tax.
With some state income tax rates as high as 13.3%, it can be a significant burden for those with considerable income-generating assets. Establishing a NING trust may help reduce the state tax liability.
Charitably inclined high-net-worth individuals often want to provide for their philanthropic goals while reducing their tax liability. While there are many different ways to do this, there are some lesser-used options that can create unique opportunities for charitable giving.
An often underutilized but valuable tool in estate planning is the Charitable Lead Trust.
Continue reading Charitable Lead Trusts: Types and Taxation →
Charitable Remainder Trusts are a type of charitable trust. In a Charitable Remainder Trust (CRT), a portion of the assets in the trust are distributed to an income beneficiary. The remainder of the assets in the trust are then donated to one or more charitable beneficiaries.
There are many different types of Charitable Remainder Trusts with advantages and disadvantages to each option. In this post, we explore a few different types of Charitable Remainder Trusts and what each option could do for you.
Continue reading What Are the Types of Charitable Remainder Trusts? →
Alliance’s pride is in its people. Although the pandemic has shuttered many businesses and downsized others, Alliance Trust Company’s doors remain open, and the company continues to grow and expand. We’ve more than doubled our staff in the past three years to meet demand, investing in the best and brightest stars to add to our team.
We’re proud to highlight our team and show what makes us different than any other trust company you’ve ever seen. We Are Nevada.™
Continue reading Employee Spotlight: Natasha Davis, Executive Director of Client Development →
A significant benefit of Charitable Remainder Trusts is that they allow the opportunity for donors to know they will be giving financial support to a favored charity in the future. Charitable Remainder Trusts are commonly used for the purpose of planned giving within a thoughtful and holistic financial plan.
Alliance administers many different kinds of Charitable Remainder Trusts. Learn more about how they are taxed differently than other types of trusts in this article.
Continue reading What is a Charitable Remainder Trust and How Are They Taxed? →
President Joe Biden presented reform strategies during his presidential campaign creating a prudent need for high net worth families to review their estate plans early in 2021. While campaigning, President Biden proposed several tax changes, with two of them significant estate planning tax changes.
The first is a premature reduction of the gift and estate tax exemption from the Tax Cuts and Jobs Act of 2017. The second is ending the step-up in tax basis for capital gains taxes on inherited property. Let’s take a look at both.
Continue reading Estate Planning Tax Changes: What To Expect Under New Administration →
In Part 2, we examine typical questions regarding Nevada Asset Protection Trusts. Nevada Asset Protection is sought after globally, and among the primary reasons estate planners look to Nevada as their preferred trust jurisdiction.
In part 1, we answered six general questions we often receive about Asset Protection Trusts in general.
Part 1 focuses on general Asset Protection Trust questions we often receive from families and advisors. Part 2 focuses on Nevada Asset Protection Trusts.
Foreign families with loved ones in the U.S. may wish to set up a foreign grantor trust.
The foreign grantor trust allows international families to take advantage of tax benefits, increased flexibility, political stability, and secure asset protection laws.
A foreign grantor trust is both a foreign trust and a grantor trust. The trust is not subject to U.S. income tax on income produced by non-U.S. situs assets.
A revocable foreign grantor trust established in the U.S. remains revocable until the death of the grantor at which time it becomes irrevocable. The irrevocable trust benefits the U.S. beneficiary, but any U.S. situs assets are then subject to U.S. tax.
If the settlor has the power to revoke the trust, it is considered a revocable trust for U.S. tax purposes.
If the grantor is both the settlor and owns the assets in trust, it is also considered a grantor trust and is not subject to U.S. tax on non-U.S. sourced income.
