AN OVERVIEW OF NEVADA’S BENEFICIAL TRUST LAWS: WHAT EVERY CALIFORNIA PRACTITIONER SHOULD KNOW BEFORE HEADING EAST
By Julia S. Gold, Esq.*
When California practitioners consider alternative trust situses, they often look to distant jurisdictions such as Delaware or New Hampshire. Nevada offers a closer alternative, where meeting the professionals with whom counsel will work is easily accomplished from most California cities by a short plane ride or drive.
The Nevada Legislature continues to revise and refine Nevada’s trust and estate laws, making Nevada one of the most favorable jurisdictions for forming and administering trusts. The Probate and Trust Section of the State Bar of Nevada actively works with the Nevada Legislature to improve and clarify Nevada’s trust and estate laws to provide certainty and flexibility when administering trusts and estates. Nevada was one of the first states to pass legislation extending creditor protection to self-settled spendthrift trusts. In addition to other laws favorable to trust formation and administration, Nevada now permits 365-year trusts, directed trusts, and trust decanting. Nevada also has no state income tax. This article will provide an overview of Nevada’s trust laws.