Nevada is known for having favorable asset protection laws, which attracts wealthy families from all over the world who are always looking for innovative ways to save money and protect their wealth.
One of the most unique tools for asset protection available today is the Nevada Incomplete Non-Grantor Trust (NING). Although a NING may not be right for everyone, there are many families who will find it highly advantageous due to their specific situation.
What is a Nevada Incomplete Non-Grantor Trust?
A NING is a Trust with a few unique advantages:
Transfers of funds to a NING are incomplete gifts
As a Non-Grantor Trust, a NING is treated as a separate taxpayer for income tax purposes
A NING is superior to other INGs because Nevada has the most favorable Trust laws in America
Using a NING, a settlor may transfer assets to the Trust which moves the income tax liabilities from the settlor to the Trust. Since Nevada has no state income tax, a NING is attractive to individuals living in a state with high-income taxes because assets in a NING are treated as a separate taxpayer located in Nevada.
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