Though I’m guessing that is not whatever this sovcit was reading about on his Facebook groups. So now some poor bank employee is going to have to try to explain how they actually work.
It’s literally “you have to tell the government about your money so they can tax it, unless… you go to Nebraska, file some paperwork, declare yourself trust executor, and then you talk about your money like it’s a person with free will that just so happens wants to pay your rent and buy you a jet ski. Then the government isn’t allowed to ask about it, ever”
That really depends on which benefits are most important to you. But, generally, the consensus among advisers and estate attorneys is that the trust laws of South Dakota and Nevada offer the best combination of tax benefits, asset protection, trust longevity and flexible decanting provisions.
In the US there are no estate taxes on the first $5,900,000 of assets for an individual or $13,900,000 for a married couple. They affect a tiny number of people, all wealthy.
Maybe it’s just regular trusts? Those things do exist, for asset management of wealthy families and such.
Though I’m guessing that is not whatever this sovcit was reading about on his Facebook groups. So now some poor bank employee is going to have to try to explain how they actually work.
Trusts are basically sovcit shit but real though
It’s literally “you have to tell the government about your money so they can tax it, unless… you go to Nebraska, file some paperwork, declare yourself trust executor, and then you talk about your money like it’s a person with free will that just so happens wants to pay your rent and buy you a jet ski. Then the government isn’t allowed to ask about it, ever”
You don’t have to go to Nebraska lol.
No, seriously
Source
Nebraska’s biggest claim-to-fame is being neither South Dakota nor Nevada
Are you sure? They all look the same in my head
Honestly, I was going to say North Dakota, but I wasn’t totally sure which Dakota it was, so I picked Nebraska
You don’t have to be wealthy to put all your assets in a trust. Everyone should do it if for no other reason than skipping probate court and taxes.
Where I’m at you can’t establish a trust with less than 1M in assets, and there are no tax incentives.
In the US there are no estate taxes on the first $5,900,000 of assets for an individual or $13,900,000 for a married couple. They affect a tiny number of people, all wealthy.
If these people had any financial acumen, they wouldn’t be walking into random banks, trying to convince them to give them free money.