What happened? On July 10, 2023, California Governor Gavin Newsom closed an income tax strategy known as the Nevada incomplete gift non-grantor trust (NING). The law is retroactive to January 1, 2023, and California will now tax any income earned in a NING as if it were a grantor trust, subject to California state income tax. New York banned NING Trusts in 2014, and California has followed suit. The NING strategy typically involved a California grantor transferring an asset or liquid investments to an incomplete gift non-grantor trust with a Nevada trustee. The transfer must be structured as a ..read more

To really understand the benefits of directed trusts, you must first understand the differences between a traditional "delegated" trust and a more modern "directed" trust. In a traditional trust arrangement, a corporate trustee is responsible for making decisions on investments, distributions, and for the administration of trust assets. All three functions are typically handled in-house. We called this the bundled approach. A trust company may either offer investment management services or delegate investment management to a third party. The trustee still has the ultimate fiduciary responsibil ..read more

Are you working with a directed trustee and have been given investment discretion within a trust document? This guide breaks down the three simple options of how the lines of communication work between you, ICON, and a financial advisor. Option A - You are the coach. You call the shots (80% of the time) Step 1: You have a conversation with your financial advisor about your desire to buy 50 shares of Apple stock. Step 2: You call or email ICON directing us to purchase 50 shares of Apple stock. Step 3 ICON calls or emails your financial advisor telling them to purchase 50 shares of Apple stock ..read more

1. Referral to an Advisor-Friendly Trust Company The easiest way to provide trust services is to partner with an independent advisor-friendly corporate trustee in a tax-favorable jurisdiction that focuses exclusively on the administration of trusts. IconTrust, LLC (ICON) can fill that role. Advisor-Friendly means the trust company does not manage investments, draft trusts, or prepare tax returns. ICON’s role is to administer trusts in coordination with a client’s existing professional team.  If ICON has investment discretion within a trust document, ICON will typically delegate that role ..read more

A Nevada Asset Protection is a trust you create for your own benefit to protect your assets from potential creditors during your lifetime. Here are five quick tips about Asset Protection Trusts 1. Consider it a Rainy-Day Fund The assets transferred to the trust should be considered a rainy-day fund and should not be assets you need to live off regularly. You should make sure this trust is set up when there is no known, threatening, or pending creditors. If you have a creditor looming and transfer assets to an asset protection trust, the transfer will most likely be considered fraudulent. Fina ..read more

America's Most Advisor Friendly Trust Companies The Winners List The America’s Most Advisor Friendly Trust Companies guide was released this week by The Wealth Advisor, a leading voice in the financial services industry. This guide details 21 of the best non-custodial, non-management trust companies in the industry. IconTrust is the newest company on the list. To view our profile or download the full guide click below. IconTrust Full Guide What Makes a Trust Company Advisor-Friendly? The trust companies on this list partner with advisors instead of competing for assets under management. T ..read more

A trust settlement checklist is a must-have if you have been named as successor trustee on a trust. After the death of an individual, their estate plan needs to be administered. This process is called post-mortem administration and is a series of tasks performed by a fiduciary named in the estate planning documents. The fiduciary of a trust is called a successor trustee. Serving as the successor trustee of a trust is not a role to be taken lightly. Administration can be an arduous and time-intensive project even for a professional trustee, let alone an individual trustee who may not be familia ..read more

What is a Corporate Trustee? A corporate trustee is a bank or independent trust company that is licensed to act as trustee of a trust. What is a Trustee? A trustee is an individual or company who holds the legal title of trust assets for the benefit of the beneficiaries of a trust. A trustee can serve today (current trustee) or in a future capacity (successor trustee) depending on the goals of the estate plan. A trustee can serve alone or in a co-trustee capacity with other persons. What is the Role of a Trustee? The primary function of a trustee is to administer trust assets according to th ..read more

The following key benefits of Nevada law have made Nevada the top trust jurisdiction in the United States. You do not have to live in Nevada to take advantage of Nevada's favorable trust and tax laws. 1. No State Income Tax - Nevada does not tax individuals or trusts at the state level. 2.Nevada Trusts may last 365 Years - Commonly referred to as the rule against perpetuities, a Nevada trust may last 365 years. A trust lasting 365 years, combined with no state income taxes levied at the death of each generation, can create substantial compounding growth over multiple generations. 3. Nevada’s D ..read more

There is little doubt Nevada has taken over as the top trust jurisdiction in the United States. For years the estate planning community has looked to states like Delaware and Alaska for their favorable tax and asset protection laws. Not anymore. The top estate planners in the country are increasingly using Nevada as their preferred out of state trust jurisdiction for high net worth clients and their families. Top 5 Reasons Why Nevada is the #1 Trust State for Compounding Wealth and Asset Protection: #1 - Nevada Asset Protection Trusts Nevada enacted its domestic asset protection statute in 199 ..read more