X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

NEW YORK – Members looking to establish trusts may have an edge in certain states. Alaska continues to be among the most trust-friendly states, having recently revised its trust code to make it more difficult for divorcing spouses to seize assets, the Wall Street Journal reported. New Hampshire became one of the few states that allows perpetual purpose trusts, which are created for a specific purpose such as keeping an art collection or business in the family rather than benefiting an actual person. New Hampshire also offers protections for trustees from being sued by beneficiaries for not diversifying trust assets, the publication said. Other trust-friendly states are Delaware, South Dakota and Nevada, the WSJ reported, adding Florida and Wyoming are also good candidates too. Alaska, Florida, Nevada, South Dakota, Texas, Washington and Wyoming are attractive because they don’t impose any taxes on trust assets while states like Delaware, New Jersey, Wisconsin, New Hampshire, Illinois and Virginia have trust set-ups where money inside the trust can pass through many generations without incurring estate taxes. More than 20 states, including Delaware, Alaska, California, Florida, Illinois and Pennsylvania, have statutes allowing trusts to pay beneficiaries a fixed percentage of trust assets-often between 3% and 5%, the WSJ reported. The creation of trusts in offshore locations in places like Cook Islands and Nevis were pretty common for those concerned with liability, but now Alaska, Delaware, Rhode Island, Nevada, and South Dakota are among the states that permit these trusts.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.