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 →
Alliance Trust Company of Nevada spends significant time in Silicon Valley. Our clients range from early-stage Angel investors, the founders of many fast-growing technology firms, and the partners of some of the most prestigious venture capital firms in the world. Why are so many people connected with Sand Hill Road using Nevada Trust strategies?
In a word: Flexibility.
Continue reading Why Sand Hill Road Uses Nevada Trust Strategies →
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.
The Wall Street Journal and numerous other media outlets are reporting that the State of the Union address on Tuesday will outline a proposal by the President to effectively increase estate taxes. In the proposal, appreciated assets in an estate would not receive an updated or “stepped up” tax basis on death. Only a small amount of gains suggested as $200,000 in portfolio assets and $500,000 in a primary residence would be shielded from tax. Although these numbers may seem large, ask many families what their tax-cost basis is in desirable places to live, such as Silicon Valley and other parts of California, and you will see that this proposal would capture many more families with a taxable event on death even without a formal change to the estate tax rules. There are many estate planning strategies that can help families facing estate tax burdens. Some of the best strategies use Nevada Trusts – the best state for asset protection and tax minimization. Please call Alliance at 775-297-4000 for more information.
Alliance Trust 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. Alliance 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 Alliance Trust Company- at 775-297-4000.
Did you know that you can manage your own investments inside a trust? That you can be co-trustee? That you can be a beneficiary of a trust you establish? Or that you can establish and benefit from a Nevada trust even if you don’t live in Nevada? Yes, you can. The fact is that family trusts are far more flexible than ever before, giving you many new ways to better protect your family, provide more to charitable interests and potentially even trim taxes. To learn more about how a Nevada trust strategy could work for you and your family call Alliance at 775-297-4000
Usually, we see a trigger that causes families to take their estate planning seriously. It could be a personal health issue, the loss of a friend or relative, or a resolution to doing something that everyone knows needs to be done. “Why” a family develops an estate plan, and its broad goals and objectives, are often lost in the “how” of the estate plan – the mechanics which can be confusing and feel arbitrary to many families members. The objectives of one generation, i.e. tax minimization, may not be the objectives of future generations. With more and more families using dynasty trust provisions (which in Nevada allow trusts to last for 365 years), the goals and aspirations of the grantors of the trust are critically important. in this excellent article by Paul Sullivan of the New York Times, the trend towards Purposeful Estate Planning attempts to broaden the typical goals of estate planning into broader types of behaviors and experiences for beneficiaries which are supported by trust assets. If you have questions about your family’s estate plans or need to get started on one, call Alliance trust in Reno, Nevada at 775-297-4000 today.
At Alliance Trust Company in Reno, we are often asked “what is an asset protection trust and why is Nevada the best place for such a trust?” We partnered with nationally-recognized attorney Scott Gunderson to answer these questions in two brief one-minute videos. Nevada asset protection trusts better protect your family and charitable interests, trim taxes, and can last for generations. You do not have to be a resident of Nevada to establish one of these trusts. Please call Alliance at 775-297-4000 for more information.
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