Individuals who reside in one state may choose to establish trusts under the laws of another state that offers more favorable legislation. In June 2016, West Virginia joined the group of states with provisions for asset protection trusts.
Tennessee is one of less than ten states that imposes no income tax on wages. The state also has a reputation for offering some of the more progressive and beneficial provisions for asset protection, in both domestic asset protection trusts and captive planning. However, there is a caveat to Tennessee's income tax-free position: The Hall Tax.
The DOL's forthcoming new standards for fiduciaries take effect in April 2017. Speculation surrounds whether these new rules apply to trustees of IRA trusts. This could change how these trustees take fees. The new DOL language occurs during the peak of tax season next year. Take time now to review trust terms and iron out issues.
This summer a bill was enacted that provides for fiduciary access to digital assets. This new legislation offers the opportunity to grant executors authority over a decedent's digital property.
Real property owned by a decedent in other states generally requires a probate court filing in each state. The laws of each state govern how assets are distributed, however, some Florida probate cases involving estate disputes over out-of-state property interests have produced different results.