Why your family’s money belongs in Nevada — No matter where you live paid Whittier Trust
“Nevada is one of the most trust-friendly states — and a great alternative to placing your money offshore,” said S. Victoria Kahn, a vice president and client advisor with The Whittier Trust Company of Nevada, Inc. in Reno.Kahn noted that Nevada’s leaders watched other states, such as Delaware and South Dakota, amend their laws related to trusts to attract money from high-net-worth individuals. They knew becoming trust-friendly would grow their economy.
Nevada also allows for what is often referred to as a “dynasty trust,” which provides for a term of as long as 365 years. By contrast, in neighboring California a trust can last for less than a third of that time. “We’ve had clients who are not Nevada residents establish Nevada asset protection trusts in order to protect a substantial portion of their wealth from potential future creditors and ensure they have a safety net fund,” said Kahn.One of the most powerful advantages of Nevada’s laws, said Kahn, is their flexibility around drafting new documents, amending existing documents and managing investments.
“A trust protector can modify an irrevocable trust agreement, and they’ll often do so to respond to changes in law or otherwise to direct action that would be in the best interest of beneficiaries,” said Kahn.Residents of any state can set up accounts in Nevada to benefit from the state’s wealth-friendly legislation.
The family succeeded in decanting those trusts into new Nevada trusts with improved terms that boosted flexibility and satisfied the family’s goals.Other clients, often business owners or families with concentrated positions in real estate or a particular security, take advantage of Nevada’s directed trust laws, Kahn said.
Regardless of where you live, said Kahn, aspects of Nevada law can benefit your high-net-worth family now and for generations to come — all without the potential complications of heading offshore.
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