Considering a Dynasty Trust? What You Need to Know A Closer Look at Dynasty Trusts In 2017, a significant event brought dynasty trusts into the limelight when NBA team owner Gail Miller transferred ownership of her team, the Utah Jazz, and other assets into a dynasty trust. This move showcased a powerful estate planning tool often associated with preserving vast family wealth across generations. What is a Dynasty Trust? A dynasty trust, sometimes known as a legacy trust, is a type of irrevocable trust crafted to benefit multiple generations. The trust holds assets indefinitely under state laws ..read more

The Best States for Dynasty Trusts: A Comparative Guide Introduction to Dynasty Trusts In the world of estate planning, Dynasty Trusts have become increasingly popular due to their ability to bypass estate taxes and shield assets from creditors across many generations. Not all states are created equal when it comes to the laws governing these trusts. Alaska, Delaware, Nevada, and South Dakota have emerged as leaders in attracting out-of-state Dynasty Trusts, thanks to their favorable laws. What is a Dynasty Trust? A Dynasty Trust is a robust irrevocable trust crafted to last through several ge ..read more

The Impact of a $1 Million Federal Estate Tax Exemption: Insights from a Reno Trust Attorney Introduction to Estate Tax Changes The potential shift back to a $1 million federal estate tax exemption by 2011 marks a significant pivot in estate planning, reminiscent of pre-2002 practices. This change poses both challenges and opportunities for those looking to optimize their estate planning strategies. Opportunity #1: Expanding Estate and Trust Administration The decrease in the exemption limit to $1 million is likely to significantly increase the need for estate and trust administration services ..read more

When you pass away, your debts, including your mortgage, do not simply vanish. If your will or trust leaves your property, which still has a loan against it, to a beneficiary, they will inherit both the real estate and the remaining debt. The beneficiary might have the option to assume the mortgage, allowing them to retain ownership of the house, or they could opt to sell the property and use the proceeds to settle the debt. The specific outcomes depend on the terms of the mortgage and the directives laid out in the estate plan. Planning ahead for the transfer of your real estate assets can si ..read more

If you have significant wealth, you may be exposed to future estate tax burdens that must be acted on before the Tax Cuts and Jobs Act reduces the estate tax exemption in 2026. Developing and implementing the right estate planning and tax strategies takes time. You may need to prepare regardless of whether the estate tax continues at its current level or if it is cut in half. This means strategizing to minimize your estate tax liability now. Does This Sound Like You? Meet the Andersons, a well-off family living in a state with a high cost of living. Robert Anderson, the father, is a succe ..read more

The Countdown Begins: Will We Keep the $10 Million Exemption? The year 2026 is quickly approaching, bringing substantial changes that may affect your estate tax situation. The Tax Cuts and Jobs Act (TCJA) in 2017 significantly increased the federal estate tax exemption to $10 million adjusted for inflation. This is the amount you can gift or leave to your loved ones at your death without incurring a gift or estate tax liability. Any portion of the exemption used during lifetime reduces the total exemption amount available at death for estate tax purposes. However, the countdown has begun ..read more

When we think about Reno estate planning, our minds often jump to major assets like real estate, bank accounts, retirement funds, and life insurance proceeds. However, there is another aspect that is just as crucial, yet frequently overlooked: our personal belongings, or the 'stuff' that we accumulate over a lifetime. These items, ranging from family heirlooms to everyday objects, carry both monetary and sentimental value, making them an integral part of estate planning. Balancing Monetary and Sentimental Values Monetary Value: Items like antique furniture or rare collectibles may have signifi ..read more

Often, when embarking on the journey of estate planning, the primary focus tends to shift towards the distribution of financial assets, real estate, and other high-value possessions after one's demise. However, personal belongings, commonly referred to as 'stuff', hold a pivotal place in this process, often embodying both monetary and sentimental value. As you step into or progress through your estate planning voyage, it's essential to ponder upon the following facets concerning your personal belongings. Evaluating the Worth: Monetary vs Sentimental The essence of value varies from person to p ..read more

Estate planning is not merely a legal necessity, but a shield to safeguard yourself, your family, and your financial achievements, irrespective of their magnitude. Despite its crucial role, a disheartening number of individuals overlook the value of estate planning. Whether it's about formulating a new estate plan or refining an existing one, procrastination can be a risky game. Below is an insight into some unsettling statistics regarding estate planning among Americans, emphasizing the urgency to address this issue to prevent becoming a part of these grim figures. A Majority Lack a Will or ..read more

Much like a well-attended roll call, a robust estate plan needs several legal instruments to ensure its comprehensiveness. The term 'estate planning' might ring a bell, yet the specifics of the legal tools involved may not be as clear. Let's delve into the essential legal tools that constitute a thorough estate plan and explore the protections and advantages each one offers. Foundation With a Will or Revocable Living Trust: Establishing a sound foundation is paramount for any structure, and estate planning is no exception. A will or a revocable living trust (RLT) acts as this foundation, guid ..read more