Use Nevada laws to your advantage
What is Situs and why is it important?
A situs is a location, or a place where something exists in law, different locations or jurisdictions in the United States offer different considerations such as estate and fiduciary income taxes, creditor protection, privacy, and duration. Nevada is considered one of the most preferred jurisdictions in the United States.
You may wonder, “how can I use Nevada as a situs if I am not a resident of Nevada?” According to the Restatement (Second) of Conflicts of Laws § 268-270 (1971), state courts are to uphold a grantor’s selection of jurisdiction to govern a trust as long as the trust is valid under the law of the state selected. As long as the jurisdiction (Nevada) allows for it, your trust will be recognized as valid regardless of whether you live there.
We established ePIC Services Company in Nevada to elevate the client experience by providing the best trust experience possible. By using ePIC Services Company s your family planning succession solution, you will benefit from the advantages Nevada Law offers.
Why Nevada Law Should Be Applied
No State Income Tax
Nevada does not have have a state income tax, therefore does not tax income earned or capital gains realized in a Nevada trust.
Recognition of Independent Advisors
Nevada is one of few states that allow a grantor (you) to use “directed trust” laws to appoint a financial advisor to direct investment decisions even after the grantor’s death.
Recognition of Trust Protectors
Trust protectors can be granted authority to make decisions, including removing a trustee without cause.
Enhanced Asset Protection Laws
Nevada’s “spendthrift trust” law maximizes legal protection for assets held in an irrevocable Nevada trust. This may protect assets of the trust from potential civil claims.
User-Friendly Investment Standards
Nevada has enacted standardized trust investment laws, which allow for trusts to be invested and administered by the TIA more consistently.
Nevada Recognizes ESIGN Applications
According to the “Electronic Signatures in Global and National Commerce Act” (ESIGN), the effect of an “electronic signature” will be legally sufficient to acknowledge, authenticate, and validate electronic documents.
Enhanced Asset Protection Laws
Nevada has favorable decanting statutes – Decanting like a liquid, meaning you can pour over assets from an old trust into a new trust with more favorable terms. Nevada’s decanting statue allows for the modification of irrevocable trusts to address changes in trust laws.
Dynasty or Perpetual Trusts
Nevada statues permit trusts to last up to 365 years, which allows the generational transfer of wealth avoiding unnecessary estate, gift and generation-skipping transfer taxes
Nevada Asset Protection Trust (NAPT)
A Nevada Asset Protection Trust (NAPT) also known as a Self-Settled Spendthrift Trust is an irrevocable trust intended to protect your assets from creditors during your lifetime. When considering asset protection, Nevada is considered one of the best states for asset protection trusts. The NAPT may qualify the grantor/settlor as a permitted beneficiary of the trust, which can in turn affect the exclusion of the entire value of the trust from a potential civil claim by the grantor’s creditors in as few as two years after the assets are transferred into the trust.
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Choosing an estate planning company like ours means network of advisors, attorneys, tax planners and funding specialists will work with you to create a customized solution for your personal needs. Gain peace of mind that you have taken control of your legacy. We’ll help ensure that your assets have access to maximum judicial protections under a favorable jurisdiction, such as Nevada.