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.
Often international families have U.S. family members whom they want to include in their estate planning. A foreign grantor trust allows families to establish a long-term trust in the United States to benefit offshore family members.
In this blog, we’ll talk about the creation of U.S. trusts for U.S. beneficiaries by non-U.S. persons. We’ll provide an overview of revocable foreign grantor trusts and irrevocable U.S. domestic non-grantor trusts.
Continue reading Is a Foreign Grantor Trust Right For You? →
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.
Continue reading Nevada Trust and Estate Planning Advantages →
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.
Continue reading Understanding Nevada Asset Protection Trusts →
The state of Nevada is considered a tax-favored environment, allowing maximum tax protection over trusts and estates. That’s just one of the reasons why more and more people are choosing Nevada to establish their trusts.
The “NING” trust or Nevada Incomplete-gift Non-Grantor trust reduces state income tax liabilities and simultaneously provides asset protection benefits.
For people with substantial income, assets, or large capital gains who could generate significant Federal and state income tax shifting a trust from its current state to a state with more favorable tax laws, such as Nevada, could create significant income tax savings.
While moving to Nevada would allow someone to take advantage of these benefits, relocating family is often not an option. However, by establishing a NING and transferring assets from the existing trust into the NING, the trust will only face Federal capital gains taxes.
Continue reading Using NING Trusts to Significantly Reduce State Income Tax Liabilities →
Last month, the New York Times quoted me as they highlighted the many benefits of Nevada trust laws in the context of the Panama Papers and related concerns regarding tax compliance outside of the USA. Unfortunately, the typical wishes for family and financial privacy are, incorrectly, equated with tax evasion in the popular press.
The vast majority of people establishing trusts in Nevada are taxpaying, honest, ethical people who are just seeking privacy for their financial affairs. Nevada is not a home for tax evasion or other financial fraud. The trust companies and financial institutions in our state adhere to very strict and regularly updated state and federal standards regarding illegal financial activities.
Continue reading Nevada Sets the Benchmark in Asset Protection and Privacy →
Typically well-reasoned and published since 1843, many believe that the Economist is the finest English-print magazine in the world. The magazine tackles complex global issues with a balance and perspective that only a 170+ year history can provide.
That is why, in the context of the media fury surrounding the “Panama Papers,” the Economist’s suggestion to publish individual global tax returns (April 9th edition) deserved to be publically questioned. To the credit of the publication, Alliance’s letter to the Editor is published in the April 30th print edition.
In the letter, the President of Alliance Trust argues that no benefit will come from such a disclosure plan or the OCED’s related “Common Reporting Standards.” The impact of sharing detailed personal financial information with rogue governments around the world will not increase U.S. tax revenues by a cent. In fact, the only meaningful outcome of the proposals is to violate basic personal privacy significantly increases the physical and financial risk to law-abiding citizens and their families around the world.
The New York Times “Room for Debate” opinion pages recently asked Alliance Trust Company in Reno to comment on the Panama Papers and the advantages of and lawful usages of shell companies. In this piece, Alliance notes that the vast majority of these companies are used legally, providing a layer of security and privacy for international families in an increasingly dangerous world.
Continue reading The Government of Kazakhstan Knows my Retirement Account Balance? →
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 →
