Nevada is one of a handful of states that seeks to compete for the lucrative business of shielding assets owned by the mega wealthy in trust. Nevada has aggressively pressed public officials to pass laws, consolidate regulations, lower fees, and elevate the level of treatment to help the top one percent protect their wealth. With such fierce competition, states try to gain marginal advantages while exploiting their rivals’ weaknesses. The federal government allows each state to draft its own trust laws, and some draw a fine line between tax evasion and sheltering assets. For some of these states, abetting criminal activities sits at the forefront of some lawmakers’ minds.
See Patricia Cohen, States Vie to Shield the Wealth of the 1 Percent, NY Times, August 8, 2016.
Special thanks to Jerry Borison (Professor of Law, University of Denver Strum College of Law) for bringing this article to my attention.
