Tag Archives: Trust Fundamentals

Nevada Asset Protection Trust- Just Prudent Planning

Nevada is one of the few states, that has a statute that allows the creation of a self-settled spendthrift trust to protect one’s assets from creditors. As a practitioner in this state, I may be biased in saying that Nevada law is superior in the creditor protection arena but many will agree that this bias is not baseless.

In October of 1999, the Nevada State Legislature revised the “Spendthrift Trust Act of Nevada” allowing a person to create a spendthrift trust for the protection of his own assets – hence the term self-settled spendthrift trust. If created and managed correctly, a person can create a trust to which he transfers his personal assets and avail of creditor protection, even when the person is also a beneficiary of the trust. Nevada law also does not prohibit the person from serving as a trustee of the trust but it is very important that the power to make distributions to the person is at the discretion of someone else. This is where the use of professional trustees is highly beneficial.

Grantor Trusts and Income Tax Reporting Requirements: A Primer

A trust is a “grantor trust” for income purposes to the extent that under the rules articulated in subpart E (section 671 through 679) of part 1 of subchapter J and chapter 1 of the Internal Revenue Code of 1986, as amended, the trust’s income, deductions, and credits against tax are attributed to its grantor or its beneficiary. A trust may be a grantor trust in its entirety or only in part, and may be a grantor trust with respect to one or more taxpayers.

Tangible Personal Property

Every estate includes tangible personal property: cash, clothes, jewelry, furnishings, vehicles, pets, artwork, gold, alcohol, boats, electronics, cars, wine, guns, etc. Challenges you may face are as varied as the assets involved. This practical webinar will discuss critical planning, drafting, and tax considerations of planning for tangibles.

Determining How and When to Gift Illiquid Assets

○ Most gifts to charities are in the form of cash or marketable securities.

Gifts of illiquid assets are a creative way to make large contributions with amazing benefits for the charity and donor.

Gifting illiquid assets can be an effective way to fulfill a charitable goal.

May allow the donor to use an asset that perhaps was once illiquid, was a non-producing asset or perhaps is expensive to maintain.

They are considered a complex asset and will take careful planning to execute.

Some examples of illiquid assets:

         ■ Real Estate

         ■ Artwork or other Collectibles

         ■ Private Company Stock

         ■ Private Entities (LLC, LP)

         ■ Life Insurance

Irrevocable Life Insurance Trust (ILIT) Fundamentals & Benefits: Janet Tempel, Sr. Trust Officer

This episode focuses on the fundamentals of Irrevocable Life Insurance Trusts (ILITs). We spoke with trust expert, Janet Tempel, Senior Trust Officer at Peak Trust Company to cover:

  • What is an Irrevocable Life Insurance Trust?
  • What are the benefits of using an ILIT?
  • How should the attorney/trustee work together to set expectations with clients about the process of setting up an ILIT?
  • How do tax returns for an ILIT work?
  • And much more…

Creative Planning with Completed Gift Self-Settled Dynasty Trusts

Gather a potpourri of practical planning ideas for clients of all wealth strata, practical practice pointers and more for estate planning practitioners. Topics will range from technical planning tips (e.g. the use of a two tier Wandry clause to mitigate against a potential Powell issue), to tips on planning before the 2020 election for most clients, and practical ideas to safeguard aging clients and increase the role and services of practitioners. Receive pointers to minimize malpractice risks, and more. The content will be updated to reflect new developments occurring up to the program date.