The Trust Advisor Blog Once Again Names Nevada as a Best State for Trusts
July 26, 2011
The Trust Advisor Blog released its 2011 rankings of the most trust-friendly states. For the second year in a row, Nevada was included in Tier 1 and named as a top trust state. Indeed, Nevada was one of only four states to receive this recognition. The blog post distinguishes these four states as “the Big Four” and comments that they “offer just about everything on the menu.”
In ranking the states, the Trust Advisor Blog looked at several factors, including: whether the state has a directed trust statute; dynasty trust ability; state income tax; and, in particular, whether the state allows asset protection trusts. Regarding asset protection, the blog post makes a very interesting comment: “the ability to provide a high level of asset protection may emerge as the most important factor in how the various more-or-less trust-friendly states differentiate themselves in 2011.” If asset protection does become an emphasis, this trend would help Nevada retain its position as a best state for trusts due to its premier self-settled spendthrift trust laws. Indeed, Forbes.com ranked all of the states allowing self-settled spendthrift trusts and gave Nevada the highest grade.