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Favorable Jurisdictions & Actual or Perceived Advantages
You may have heard that certain states offer jurisdictional, tax, regulatory, and statutory advantages for
asset protection in order to capture and maintain aspects of the trust and wealth preservation business.
It is true. Among these states are Wyoming, Nevada, Alaska, Delaware, and South Dakota. In addition,
certain states such as Texas, Florida, Oregon and Washington counter by eliminating individual state
taxes altogether to advance the choice of jurisdiction in their direction. Other states eliminate corporate
and franchise taxes. Some states combine all of the above.
We are agnostic. State laws are constantly
changing, particularly when states move quickly to equalize perceived advantages or disadvantages to
make sure their residents remain on equal footing. Similarly,
federal laws, including estate tax laws and
regulations, are constantly in flux and even uncertain with more changes coming. We are available to
discuss these various benefits and advantages without pressure or obligation.
Here are many of the key issues to consider:
Strong Asset Protection Measures
Some states authorize “self-settled trusts,” and “asset-protection trusts.” These trusts are formed for your personal benefit to provide protection from the claims of creditors while retaining certain financial advantages. Such trusts can be complex and require the assistance of qualified legal counsel.
Massive Life or Duration
Certain states allow for a trust to last for 200 to as many as 1,000 years, thereby providing your family greater asset protection and tax reductions for generations to come.
Tax Advantages
Certain states have eliminated state income taxes. This benefit often extends to non-residents accumulating income in an irrevocable trust. Furthermore, certain states combine elimination of state income taxes with no corporate income tax, no gift or inheritance tax, no capital gains tax, and no tax on mineral ownership.
Directed Trusts
Many states authorize Directed Trusts which allow for the separation of responsibilities of the trustee and investment advisor. This benefit provides the trustee the ability to select a new or retain their current trusted advisor, thus relieving them from having to manage complex investment assets.
Privacy
Under many state privacy laws, trust agreements do not need to be recorded or registered. This assures the privacy of your family estate plan and information regarding your assets.
Special Purpose Trusts A special purpose trust is designed for the fulfillment of a specific purpose rather than the benefit of beneficiaries. This unique trust allows the support of non-charitable endeavors such as a business, the maintenance of an art collection, or other unique assets.
Uniform Trust and Probate Codes
Many states have adopted a Uniform Trust Code and a Uniform Probate Code to facilitate fast, friendly and efficient court systems to enhance efficiency and privacy.