In the U.S. each individual state has wide latitude to determine its own laws for handling trusts. Many are concerned that a small handful of states are using that latitude to race to the bottom.
Delaware has long been known for having trust-friendly laws. For decades it was considered the best state for protecting trust assets from potential creditors and tax collectors. However, Delaware is no longer alone.
As the New York Times explains in “States Vie to Shield the Wealth of the 1 Percent,” some other states are now competing to outdo Delaware and pass even more trust-friendly laws.
States such as Nevada, Alaska, Wyoming, South Dakota, Ohio, Tennessee and New Hampshire have been passing more and more trust-friendly laws. States have made it easier to transfer trust assets and pass wealth on for generations while avoiding the estate tax completely. It is even possible in some states to protect trust assets from child support calculations.
This trend has caused some to worry that these states are creating a race to the bottom to attract trust business when there is no moral or ethical reason to pass the trust-friendly laws.
On the other hand, lawyers and accountants in these states see this as a positive development that gets money into their states. It is evidence that wealthy people should consider shopping around before deciding in which state to create their trusts.
Reference: New York Times (Aug. 8, 2016) “States Vie to Shield the Wealth of the 1 Percent”
“On the threshold of retirement, we finally decided to quit thinking we could self-prepare the requisite documents. We had previously had only a very simple will. We needed the necessary legal (including updated will) & health care docs but didn’t want to deal with the time & complication of legalese. Cindy made the process relatively painless. She took the time to explain and answer questions without trying to upsell services. We were done in 2 meetings plus the reading of emailed drafts. In addition to preparing the documents, Nelson Eldercare will be there when our adult children need advice on executing the plans we’ve put in place.So glad it’s behind us and would recommend Cindy and her helpful staff.”
Cindy and her company treat their clients like family. Nelson’s offers clear, direct, and honest guidance in planning for your families security and future. No one wants to actively sit down and make these decisions, but Nelson’s makes this process seamless. I was so impressed with their willingness to answer all questions big or small. So glad I made the decision have them help my mom and dad and now me. You can’t go wrong with Nelson’s Elder Care Law.
The very best elder law attorney and staff anyone could ever ask for! I have referred a number of clients to Cindy and she never disappoints. She is kind, caring, and extremely thorough in making sure everything is completed as it should be. I highly recommend Cindy for anyone needing lawyer services; she truly goes above and beyond for every client she helps and has had a huge impact in so many peoples’ lives. Thank you, Cindy and staff, for everything that you do- I’m so glad to know you!
I heard Cindy’s presentation at a Senior Luncheon at my church, and was very impressed. She helped my daughter and me understand many aspects of elder law. Josh has also been very helpful in my planning to enter an independent living situation . I have told many friends about them.
Cindy and the Nelson Elder Care Law team are trustworthy and helpful. They are the experts in elder care law. At Leaf Cremation, we entrust our families to the care of the Nelson team when their services are needed.