Relocating Out-of-State? It’s Important to Update Your Estate Plan

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 consider to have the best  estate planning and trust laws in the country.  For more information, contact Greg Crawford at Alliance Trust Company in Reno at 775-297-4684.

Alliance Trust Company in The New York Times

Welcome-to-Nevada

Alliance Trust’s Greg Crawford appeared in the New York Times over the weekend, discussing the issue of “perpetual trusts.”  The link to the article is here.  Trust law in the United States evolved from England, which via case law established the “Rule Against Perpetuities” in 1682.  This law, refined by future cases,  effectively limited trust duration to approximately 90-100 years.  Recently, many states and foreign countries have either repealed the rule or have extended the duration of trusts far beyond the legal relic of the rule.  Nevada trusts can last for as long as 365 years.  In the NYT Greg discusses how a Nevada court would react to another court asserting jurisdiction over a Nevada trust, and how Nevada protects its trust and estates industry.  Alliance has worked for years with the legislature to enhance and protect what many consider to be the best trust laws in the country.  If you have questions as to how a Nevada trust could benefit you and your family for generations to come, call Greg Crawford in Reno at 775-297-4684.

Talking With Your Family About Your Estate Plans

Everyone knows estate planning is needed, but also often neglected.  Just ask anyone who has gone through the probate process, it is akin to a root canal.  Despite this, people often are reluctant to do their estate planning because it involves the consideration and discussion of a variety of difficult topics:  mortality, cognitive health, family dynamics, and issues with children.  It is the one of the topics most frequently, and conveniently ignored within families.

Because Alliance Trust in Nevada offers trustee services in the best state for asset protection trusts, we often are asked if people should discuss the mechanics of the estate plan with their family and heirs.  Unless there are very specific reasons not to, we see the most success with families that communicate openly — this fact is well documented in the financial press.  Communication within the family clears the uncertainty before one dies, and can prevent small disputes from turning into larger ones.  As an estate lawyer notes in the article, when it comes to your estate plan, “Silence is not golden.”

Trusts Aren’t Just for the Rich – National Radio Appearance

In a recent excellent article on the use of family trusts, CBS Marketwatch author Ken Roberts detailed why trusts are so important for all families, not just wealthy ones.  If you only have a will, your assets must be re-titled to your heirs via a lengthy and costly probate process.  Additionally, probate is public process, giving all of your friends, family neighbors and others easy access to see the size and disposition of your assets, on-line.  A revocable living trust is far superior – properly structured it is faster, less expensive and private.

Once you have engaged an attorney to draft an estate plan, he or she may recommend an irrevocable  trust.   These trusts are typically used by those with assets of $0.5 million and above, and can serve a variety of tax and asset protection strategies.  Irrevocable trusts can be placed in any state the grantor (the person who establishes the trust) wishes, and most agree that Nevada is a top-choice nationally for family trusts.  A Nevada irrevocable trust can better protect your assets for your family, potentially trim taxes and last for many generations.  For more on  Nevada and why it is popular, listen to this recent national radio broadcast featuring well-regarded Las Vegas attorney Steve Oshins and Alliance’s Greg Crawford.  For more questions, please call Greg Crawford at 775-297-4684.

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.

 

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