Estate planning is the mechanism in which people can protect their wealth for future generations. There are many choices people have regarding the timing, control, and tax consequences of leaving their property to beneficiaries. One of the more consequential decisions that a person can make is where to put their estate plan into motion.
If you speak with one of the respected attorneys at Viloria, Oliphant, Oster & Aman, L.L.P., you will learn that estate planning in Nevada offers you clear advantages over other states.
Tax Savings and Trust Options
Nevada does not have a state income tax, nor does it have a transfer or inheritance tax. As in life, taxes can have big implications in death. Taxes have the potential to take a significant share of the property that you want to leave to your beneficiaries. The lack of a state income tax, transfer tax, or inheritance tax from the state of Nevada means tax savings as compared with some other states.
For people with wealth, Nevada offers unparalleled wealth protection and flexibility by way of trusts.
Nevada offers trusts that feature perpetuity protection for 365 years, protecting your ability to ensure generational wealth free of transfer taxes and state income tax. Referred to as a “dynasty trust”, grantors have extreme flexibility in ensuring that your wealth is distributed to generations for centuries, which allows the property in trust to grow and benefit many future generations. A dynasty trust ensures your family’s legacy for generations to come while sparing your beneficiaries of the generation-skipping transfer tax.
Domestic Asset Protection Trusts
Nevada allows a person to establish a domestic asset protection trust (DAPT). This is an arrangement in which a grantor can put assets into a trust to protect those assets from potential creditors and claims. This is a self-settled trust, so in essence, the grantor is also the beneficiary and has flexibility in managing the assets in trust.
Viloria, Oliphant, Oster & Aman L.L.P. is Here for You
If you have wealth and want to explore a comprehensive estate plan, contact Viloria, Oliphant, Oster & Aman, L.L.P. Nevada holds unparalleled opportunities for people to protect their wealth for future generations. Our lawyers know the law and how to maximize flexibility and tax advantages for our clients. We are here for you. Call Viloria, Oliphant, Oster & Aman L.L.P. today at (775) 210-8178 to schedule a free case consultation or contact our office through our website.