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Jan 1, 2010 12:00 PM
Which Situs Is Best?
The race is on among jurisdictions hoping to attract trust business with client-friendly laws. Here's who's leading the pack right now — and why
The unsettled estate tax environment and harsh economic climate have created a new competitiveness: to be considered the “best” jurisdiction for trusts and win the most trust business. Clients certainly are benefitting. If they select the right jurisdiction for their particular set of needs, they may be able to transfer wealth for generations, even perpetually, without paying additional state and federal transfer taxes.
The challenge for advisors, of course, is to help clients pick the right jurisdiction. That task usually involves evaluating how a jurisdiction has formulated its trust laws, including its rule against perpetuities (RAP) — the rule that essentially makes sure an interest in a trust vests in a certain time and doesn't go on indefinitely. Over the past 60 years, 26 states and the District of Columbia have abolished or modified their RAPs, in whole or in part, so that trusts created in those jurisdictions can last forever, or at least for very long periods of time: from 150 years in some places, up to 1,000 years in others.
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Topics of Interest
| Estate Tax | Donor Advised Funds |
| GSTs | Family Offices |
| Private Foundations | Life Insurance |
| 2010 Tax Act News | Industry Trends Surveys |
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Topics of Interest
| Estate Tax | Donor Advised Funds |
| GSTs | Family Offices |
| Private Foundations | Life Insurance |
| 2010 Tax Act News | Industry Trends Surveys |
E-Newsletter Signup
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