Nevada Is Not Just Popular For Vegas Anymore…

Nevada has become, in recent years, a popular destination for those seeking to set up a trust. This is due to the very friendly laws that have been enacted that provide a wide range of options to choose from. Listed below are a few of the most popular trust related features that can be found in the state:

• Asset protection trusts in Nevada are allowed even when the trust is self-settled. This gives a person the ability to transfer their assets to a trust with a spendthrift provision in order to protect the property from creditors. In addition, the time span needed to gain full protection of the asset is only two years which make it much lower than almost all other states.
• For those looking to use a trust protector few states are better than Nevada. The laws governing the use of a protector are detailed and make their decision binding on others as well as allowing a laundry list of powers to be granted by the settlor.
• If you are looking to avoid taxes then Nevada is the place to be. The state has no income tax with the gift and death taxes being abolished as well with the benefits being extended to out of staters as well.

See Neil E. Schoenblum, 8 Reasons Nevada Is A Leading Trust Situs, Law 360, April 18, 2016.