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Rupert moved the trust to Nevada, a decision that would favor Lachlan for the state's probate law. [9] Nevada has strict confidentiality protections, and few income and inheritance taxes, so it is a popular state for the management of family trusts. [10]
While all trust cases in Nevada are officially part of the public record, filing attorneys can use a new 2023 law to keep the trust name, settlors and beneficiaries confidential without a court order.
Other revisions under the new law in May 2019 included abortion providers no longer needing to tell women of the "emotional implications" of having an abortion. [16] Trust Nevada Women Act, SB 179, was signed into law by Democratic Governor Steve Sisolak on May 31, 2019. In signing the bill, he said, "Nevada has a long history of trusting the ...
This form of trust is commonly referred to as a "Nevada Asset Protection Trust". Under Chapter 166, an individual can serve as the settlor, trustee, and beneficiary of the trust. This network of laws is specifically designed to protect trust assets from the claims of any creditor.
The term "grantor trust" also has a special meaning in tax law. A grantor trust is defined under the Internal Revenue Code as one in which the federal income tax consequences of the trust's investment activities are entirely the responsibility of the grantor or another individual who has unfettered power to take out all the assets. [20]
The rule against perpetuities serves a number of purposes. First, English courts have long recognized that allowing owners to attach long-lasting contingencies to their property harms the ability of future generations to freely buy and sell the property, since few people would be willing to buy property that had unresolved issues regarding its ownership hanging over it.