For us, the best jurisdiction or state to create trusts depends on a number of factors.
For instance, if what you are looking for is to create a living trust, then the best jurisdiction is the place of residence of the client or the location of the real estate.
The best jurisdiction to create a dynasty trust is either North Dakota or Nevada. The only difference between them is the duration of the trust, North Dakota allows a perpetual trust, while Nevada allows a trust to last up to 365 years. If the duration of the trust is not a problem, then the convenience of one jurisdiction over the other needs to be determined by other factors.
For asset protection trusts, we are inclined again between North Dakota and Nevada as the best legislative options to create asset protection trusts. The main difference between the two is that while Nevada doesn’t allow the trusts being attacked by ex-spouses or for claims of child support or alimony, North Dakota allows these claims as long as they exist at the time of the creation of the trust.
The best laws to create a non-grantor trust are also in North Dakota and Nevada given that the “decanting” rules in these states are more liberal or broad than in any other state.
To create a trust or to appoint a trustee, the two best jurisdictions for a foreign investor to hire an institutional trustee or to create a trust are still North Dakota and Nevada. There are two main reasons: the legislative advantage that both states have over all others, and the fact that the institutional trustees or trust companies are used to working with foreign clients much more than other states.
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Are you an ultra-wealthy citizen of Mexico or other Latin American country who has considerable investments and assets in the U.S. as well as in your home country? You need to speak with an international estate planning attorney. MEG International is committed to helping you protect your assets, control the distribution of your assets after death, and determine the direction of your business or family after you are gone. Call us at (800) 694-6604 or contact us online today. Do not put off this important decision for later. Our firm will provide you with trustworthy and reliable representation so you can get the peace of mind of having made the right decisions.