Thirteen. Ten. Five.
That’s not the start of a riddle, but a sampling of some of the West Coast’s state tax brackets.
Government coffers are really filling up with an increasing portion of your hard-earned dollars.
By design, we have a solution that many of our clients find appealing.
As the largest private trust company in Nevada, Whittier advisors are proud to provide greater flexibility and long-term tax savings to our clients from our offices in Reno, Seattle, and Portland.
Offering the same, and some say better, benefits than its East Coast cousin, more and more individuals are pursuing the Nevada Advantage, which offers progressive laws that promote preserving and growing wealth for future generations.
Like our client who just established a trust for his grandson, knowing that his money would be left to grow for decades before it was needed.
Shifting assets to our Nevada trust is an advantageous strategy for those with no current plans to dispense funds.
Here are a few reasons everyone is buzzing about the Silver State.
Taxes. Taxes. Taxes
We’d argue that Nevada’s tax benefits are the best in the country. The state collects no state income tax for individuals or trusts.
Inheritance taxes? Off the table.
Nevada state law also provides protection from federal or state transfer tax, or state income tax for dynasty trusts through a perpetuity period of 365 years. By comparison, the state of California only grants a period of 21 years after the death of the last beneficiary who was alive when the trust was created, or 90 years after the trust was created itself.
All this boils down to is keeping more of your own money in your pocket, and with those you love.
Friendly Legislation
Considered the best in the country, Nevada offers protection from personal creditors through a Domestic Asset Protection Trust, one of only two states with a two-year statute of limitations for existing creditors (the others have four).
It’s adoption of the Uniform Prudent Investor Act in 1992, also gives trustees the ability to make decisions for the trust in the context of the entire portfolio, not in a silo.
Flexibility in Decision-Making
Above all, Nevada offers flexibility for the ebbs and flows of life that we know are sure to occur.
For example, you have the ability to:
- convert an income interest into a unitrust interest;
- establish a directed trust and use trust protectors; and,
- appoint, or “decant”, property or assets from one trust to a second trust to take advantage of changes in law or resolve problems or issues in existing documents.
Are you talking to your advisor about the Nevada Advantage yet? If not, why delay?
From Investments to Family Office to Trustee Services and more, we are your single-source solution.
