Memos - Tips and Traps

Optimizing Planning and Minimizing Problems

by Layne T. Rushforth

Practical Advice for Estate Planning

These memos cover a number of topics with helpful ideas and suggestions that can be useful in making a complete and truly personal estate plan.
Short Title Description
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Proposed 2021 Tax-Law Changes Forbes Article: “The Year Ahead - Proposed Tax Changes And Their Impact”.  See also the summary of possible 2021 federal tax-law changes from Nexsen Pruet, LLC. Download PDF
Asset Ownership Effects of various forms of asset ownership.
Asset Protection Trusts and Public Records Choosing between privacy and protection when owning assets under a Nevada asset-protection trust (a.k.a., Nevada self-settled spendthrift trust).
Avoiding Challenges to Estate PlanningDownload PDF What can be done to reduce the chances that the estate plan will be challenged in litigation, especially when the documents are being signed by someone who is elderly, infirm, or ill or when the documents contain provisions that are may appear to be out of the ordinary?
“Crummey” Withdrawal RightsDownload PDF Memo explaining the use of withdrawal rights in irrevocable trusts to permit annual exclusion gifts, as originally permited in the case of Crummey v. Commissioner case in the Ninth Circuit Court of Appeals.  Despite assertions by the IRS to the contrary, Tax Court rulings have declared that the giving of notice of the withdrawal right is not required.
Decanting a Trust in NevadaDownload PDF Memo explaining how the assets of an irrevocable trust can be transferred to a second trust with modified provisions.
Dividing an A/B Trust or an A/B/C Trust into Subtrusts upon the First Death Download PDF When a trust for a married couple divides into subtrusts upon the first death, the trustee must allocate assets to those subtrusts, which may include a “Survivor's Trust”, a “Decedent's Trust” (or “Credit-Shelter Trust”), and possibly a “Marital Trust” (or “QTIP Trust”).
IRA and Retirement Plan Beneficiary DesignationsDownload PDF Who should be the beneficiaries of your IRA or retirement plan?
Nevada Declaration of DomicileDownload PDF Memo outlining the steps to take to establish legal residency in Nevada.
Managing an SSSTDownload PDF A memo explaining the management of a Nevada Self-Settled Spendthrift Trust (SSST), which is a domestic asset-protection trust (DAPT).
MediationDownload PDF A memo explaining the procedures involved in mediating a case informally with an attorney from Rushforth Firm Ltd.
Nevada Trust CompanyDownload PDF Download PDF A memo explaining the laws regarding the formation of a licensed or unlicensed Nevada trust company, including a family trust company.
The NINGDownload PDF The Nevada Nongrantor Incomplete Gift Trust. This trust is not designed to save federal transfer taxes, but is used by persons living in a state with high personal income tax rates to eliminate or reduce the that tax.
Property Agreements for CouplesDownload PDF Benefits of having a domestic property agreement, such as a cohabitation agreement, prenuptial agreement, marital agreement, or domestic partners agreement.
Stealth Wealth - Hiding Assets from the PublicDownload PDF Pros and Cons of trying to hide asset ownership from public records.
Tax Identification Numbers What tax identification number – social security number or employer identification number – is needed by financial institutions holding funds owned by individuals, trusts, and business entities?
Trust “Funding”Download PDF A memo explaining how assets should be transferred to a revocable trust. The transfer of property to a trust is referred to as “funding” the trust.
Trust Distribution OptionsDownload PDF A memo to give you ideas to help you decide how your trust assets will ultimately be divided up and distributed.
Trust ModificationsDownload PDF Memo explaining how revocable and irrevocable trusts can be modified.

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