What happened? On July 10, 2023, California Governor Gavin Newsom closed an income tax strategy known as the Nevada incomplete gift non-grantor trust (NING). The law is retroactive to January 1, 2023, and California will now tax any income earned in a NING as if it were a grantor trust, subject to California state income […]
An effective directed trust is a trust that looks like a traditional trust where the corporate trustee has full powers on paper but operates much like a directed trust. WHAT IS THE DIFFERENCE? The difference is in the structure of the assets. In an effective directed trust, the trust owns an LLC membership interest where […]
To really understand the benefits of directed trusts, you must first understand the differences between a traditional "delegated" trust and a more modern "directed" trust. In a traditional trust arrangement, a corporate trustee is responsible for making decisions on investments, distributions, and for the administration of trust assets. All three functions are typically handled in-house. […]
Are you working with a directed trustee and have been given investment discretion within a trust document? This guide breaks down the three simple options of how the lines of communication work between you, ICON, and a financial advisor. Option A - You are the coach. You call the shots (80% of the time) Step […]
1. Referral to an Advisor-Friendly Trust Company The easiest way to provide trust services is to partner with an independent advisor-friendly corporate trustee in a tax-favorable jurisdiction that focuses exclusively on the administration of trusts. IconTrust, LLC (ICON) can fill that role. ICON is a Nevada Chartered advisor-friendly trust company. Advisor-Friendly means the trust company […]
A Nevada Asset Protection Trust is a trust you create for your own benefit to protect your assets from potential creditors during your lifetime. Here are five quick tips about Asset Protection Trusts 1. Consider it a Rainy-Day Fund The assets transferred to the trust should be considered a rainy-day fund and should not be […]
The Winners List The America’s Most Advisor Friendly Trust Companies guide was released this week by The Wealth Advisor, a leading voice in the financial services industry. This guide details 21 of the best non-custodial, non-management trust companies in the industry. IconTrust is the newest company on the list. To view our profile or download […]
A trust settlement checklist is a must-have if you have been named as successor trustee on a trust. After the death of an individual, their estate plan needs to be administered. This process is called post-mortem administration and is a series of tasks performed by a fiduciary named in the estate planning documents. The fiduciary […]
What is a Corporate Trustee? A corporate trustee is a bank or independent trust company that is licensed to act as trustee of a trust. What is a Trustee? A trustee is an individual or company who holds the legal title of trust assets for the benefit of the beneficiaries of a trust. A trustee […]
The following key benefits of Nevada law have made Nevada the top trust jurisdiction in the United States. You do not have to live in Nevada to take advantage of Nevada's favorable trust and tax laws. 1. No State Income Tax - Nevada does not tax individuals or trusts at the state level. 2.Nevada Trusts […]
