In this episode, Toby Mathis, Esq. chats with fellow attorney John Anderson, Esq. of Anderson Business Advisors about the pros and cons of establishing trusts in Nevada. The discussion digs into Nevada trusts' specific functions and benefits, including the "seasoning period" and the role of trustees. Toby and John explore how a third-party trustee can offer protection, methods for withdrawing funds, and the power of appointment in Nevada trusts. Additionally, they touch upon safeguarding your home with a trust, using a trust for essential expenses, and the potential risks of insolvency and bankruptcy. The conversation highlights the likelihood of lawsuits settling against a Nevada trust while acknowledging the absence of tax advantages.
Highlights/Topics:- Trusts - to revocable or irrevocable?
- Advantages to setting up trusts in Nevada and South Dakota
- The “seasoning” period
- Trustees and their functions in these states
- Protection through a third-party trustee
- Filing taxes and withdrawing money - Nevada trusts
- Power of appointment
- Protecting your home with a Nevada trust
- Using an asset protection trust to pay for essentials
- Risks of voluntary insolvency and bankruptcy
- Most lawsuits will choose to settle against a Nevada trust
- Tax advantages - there aren’t many
- Pro-rata vs. non-pro-rata
- A high-profile divorce case with a Nevada trust, and the outcome
- Not subject to the Corporate Transparency Act
- Setting up a Nevada trust, statute of limitations
Email John Anderson for a consult
estateplanning@andersonadvisors.com
https://andersonadvisors.com/
https://www.youtube.com/channel/UCaL-wApuVYi2Va5dWzyTYVw
Tax and Asset Protection Events
https://andersonadvisors.com/real-estate-asset-protection-workshop-training/?utm_source=aba&utm_medium=podcast&utm_content=how-to-form-a-nevada-asset-protection-trust
https://www.youtube.com/c/tobymathisesq
https://andersonadvisors.com/
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