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COVID-19 Creates a Stark Reminder That Even a Basic Estate Plan is Far Better Than No Plan

Last modified: October 20, 2023

COVID-19: An Example of Just How Unpredictable Life Can Be. Why a Revocable Trust May Be a Great Starting Point For You

If COVID-19 has made you take a closer look at your financial plans, you’re not alone. You may have only recently started establishing a basic estate plan, or you may be rethinking the plans you had previously put in place. Now is a great time to review your financial strategies and consider establishing a revocable trust as part of your estate plan.

Chances are, you know the fundamental differences between a will and a trust, but have you considered why a trust might be the better decision for you? First, we review the differences and benefits of each.

Continue reading COVID-19 Creates a Stark Reminder That Even a Basic Estate Plan is Far Better Than No Plan →

Posted in Estate Planning, Living Trusts

COVID-19: Why Estate Planning is More Important Than Ever

Last modified: November 10, 2023

A brief overview of the two most common estate planning strategies

The current global health crisis has left many people uncertain about the future. Now more than ever, having a financial plan in place is crucial. Not only should you consider your immediate and short-term financial goals, but you should also look at long-term planning.

Specifically, what plans do you have in place to make sure your wishes are carried out and your family is taken care of after you are gone?

We review the basics of Estate Planning and what to consider in light of COVID-19.

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Posted in Estate Planning, Living Trusts, Trusts

Summarizing the 54th Annual Heckerling Institute on Estate Planning

Last modified: November 10, 2023

Popular Estate Planning Topics and Innovations Presented By Industry Leaders

13-17 January 2020 @ The Marriot World Center, Orlando, FL

The weeklong 54th Annual Heckerling Institute on Estate Planning included 4,000+ attendees, including several representatives from Alliance Trust Company of Nevada. We have collaborated to compile the below summary covering the highlights from the conference.

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Posted in Estate Planning Tagged

Deciding Between a Will and a Trust? The Distinctions You Need to Know

Last modified: September 6, 2023

The Basics of Wills and Trusts and What You Need to Know About Probate

We get a lot of questions about the differences between a will and a trust – but there are a few more distinctions we think you should know.

Understanding how to protect your assets and your family requires knowledge of what protections your will, trust, or testamentary trust actually grants you and your beneficiaries.

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Posted in assest protection, Estate Planning, Living Trusts, Trusts

Selecting a Successor Trustee: Is a Family Member Really the Best Option For You?

Last modified: November 10, 2023

Should You Choose a Corporate Trustee or Appoint Someone You Know?

When a family establishes a revocable trust, the grantor is, in many cases, the trustee as well. However, a revocable trust requires that the grantor appoints a successor trustee.

The successor trustee is on standby until the acting trustee dies or becomes mentally incapacitated and is unable to manage the trust.

You may think you know whom you would choose as a successor trustee, but it’s not as simple as appointing a family member and calling it a day. The successor trustee has many essential functions that take up time and resources.

If your family appoints this person, you must consider how other family members will view it and ensure there are no conflicts of interest.

Continue reading Selecting a Successor Trustee: Is a Family Member Really the Best Option For You? →

Posted in assest protection, Estate Planning, Trusts 1 Comment

Is a Foreign Grantor Trust Right For You?

Last modified: November 10, 2023

Considerations Before Establishing an Offshore Trust

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.

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Posted in Foreign Grantor Trust, Nevada Trusts

Five Reasons a Special Needs Trust Could Be Right for Your Family

Last modified: November 10, 2023

The top five reasons you should consider a Special Needs Trust to protect family members with disabilities

Special Needs Trusts are designed specifically to benefit those with physical or mental disabilities and those without the ability to manage their own finances. Special Needs Trusts serve to protect the beneficiary financially and if structured appropriately, allow the beneficiary to continue to receive essential government assistance.

The trustee appointed to a Special Needs Trust can be a trustworthy family member or a third-party trustee. Choosing the right trustee is vital to the success of the trust, especially when establishing a trust for a younger beneficiary.

Many families are unsure of whether or not they would benefit from a Special Needs Trust. It’s important to talk to a reputable trust company or attorney to get a better understanding of your specific situation.

Continue reading Five Reasons a Special Needs Trust Could Be Right for Your Family →

Posted in assest protection trusts

Kaestner and Fielding: SCOTUS Implications Create Opportunities

Last modified: November 10, 2023

Kaestner wins, Fielding Denied: What we can learn when analyzed together. 

On June 21, 2019, in North Carolina v. Kimberley Rice Kaestner 1992 Family Trust, Docket No. 18–457, the United States Supreme Court (SCOTUS) ruled that the residency of a beneficiary in a U.S. state alone was not sufficient nexus (connection) for a state to tax the undistributed net income of a trust. 

Many commentators have written about the case and its implications. However,  SCOTUS declining the writ of certiorari to Minnesota’s Fielding case right after deciding on Kaestner should not be overlooked.

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Posted in Taxes, Trusts Tagged , ,

Kaestner v. North Carolina: the Most Significant Trust Case In Nearly a Century

Last modified: November 10, 2023

SCOTUS Sides with Family Trust Over the State of North Carolina

The United States Supreme Court ruled on June 21st, 2019 that the taxation of The Kimberley Rice Kaestner 1992 Family Trust by the North Carolina Department of Revenue is unconstitutional.

The much-anticipated ruling stated that the presence of in-state beneficiaries alone does not empower a state to tax trust income. Beneficiaries experience more protection before a trust distribution and when the beneficiaries have no right to demand, nor are they sure to receive the income.

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Posted in assest protection, Trusts

Why You Need to Establish a Trust Versus a Will: Protect Both Your Assets and Your Privacy

Last modified: July 11, 2024

Have a will, but don’t think you need a trust? You may want to think again.

It’s a misconception that trusts are only for the ultra-wealthy. For many people, a trust should be an essential part of a sound and smart financial strategy. If you don’t think you need a trust, here are a few examples of why you might:

Continue reading Why You Need to Establish a Trust Versus a Will: Protect Both Your Assets and Your Privacy →

Posted in assest protection, Estate Planning, Trusts
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