Nevada has some of the most favorable asset protection and trust laws in the country. It is ranked #1 for Domestic Asset Protection Trusts. Nevada also has no state income tax, which makes it a very favorable place to live. Establishing Nevada residency can provide significant tax benefits, but you need to make sure you do it right when selecting Nevada as your domicile state.
The question of whether or not you have ceased to be a resident of your former state and have changed residency is "fact-driven" and there is no absolute assurance of how your former state will treat your "move." The longer you can show a lack of strong association with your former state, the more likely that the state will fail in any attempt to treat you as a resident. However, among the facts you should create are (and the more facts on your side, the better your case) the following (check off each item as you complete it):
❏ Be outside of your former states more than 183 days in a calendar year (i.e., over half the year)
❏ Buy (preferably) or rent a local residence (and furnish it with furniture — empty residences do not work well)
❏ Declare a Homestead Exemption in your new state and terminate your former Homestead Exemption
❏ If possible, sell or transfer any real estate in your former state to family or other entities (e.g., an LLP)
❏ If permitted by state law in your new state (e.g., Florida), go to the local Court and make a "Declaration of Domicile" or similar statement in the Court records of the county of your new residency
❏ If possible, have no salary or other earned income in your former state
❏ Change driver's license to your new state and surrender your old license
❏ Change all bank accounts to your new state and do not retain any bank accounts in the former state
❏ Move your only safety deposit box to your new state
❏ Change vehicle registration(s) and insurance to your new state
❏ Obtain a library card in your new state
❏ Change social clubs and service clubs to your new state (e.g., Rotary, Kiwanis, golf club); serve on Local Charitable Boards
❏ Change voter registration to your new state and terminate your former voter registration
❏ Do wills, medical directives, and powers of attorney under your new state's laws
❏ Engage a local doctor, dentist, and/or chiropractor; have medical records moved to your local doctor
❏ Move your religious affiliation and membership to a local group in your new state; make local contributions
❏ Have your federal tax returns go to your new state address — never have them go to your former address
❏ Have credit cards, brokerage statements and other financial related mail go to your new state address
❏ Have any minor children attend schools in your new state
❏ If you have owned an interest in any S corporations, Partnerships, or LLCs that allocates you income that is taxable in the former state, determine if the former state's tax laws permit the entity to pay local-based taxes for all non-residents and eliminate the requirement that the owners file a local non-resident return
❏ Focus your social, economic, and other activities in the new state of residency
Expedited this because I had an impending surgery…thanks! Derek explained everything very clearly. He was very patient and listened to all my concerns.
Timely responses to all of my questions. Knowledgeable and professional.
Service was wonderful by all employees. You can tell they care about the person in front of them.
The ease and convenience. Derek was excellent at explaining the details of our trust and the process.
Mr. Hunsaker was very knowledgeable. He listened to our request and was very good in his explanations.
Attentiveness, flexible meeting times, promptness.
Everyone was professional, friendly and helped us get our Will and Trust updated just as we needed.
Very professional, flexible scheduling, thorough, responded immediately to inquiries, excellent price for services rendered.
Extremely keen knowledge of probate and trust administration.
Rebecca Haines was very professional. We both felt our experience with her was in both of our interests.
Very professional manner in dealing with me. Thorough. Competent. They listened to my input and followed my wishes. Suggested excellent improvements to my previous Washington State will.
Friendly, courteous, helpful in answering questions and most importantly, trustworthy. Mr. Hatch and his paralegal are the nicest people I have ever dealt with. I would recommend them to anyone I know.
They were able to resolve my issue with the IRS completely that I had attempted to do many times prior.
"Very professional on preparing my trust"
"Not feeling rushed. Derek did a great job clearly explaining everything asked of him."
"Helpful and made it easy, very caring about our needs and wants."
"5-star rating in my book. I could never have done it without your office staff."
"Professional staff, listened to requests, answered ALL questions, made sure I understood."
"Handled with the best ease under the circumstances. Very compassionate, however, straightforward, thorough handling of paperwork."
"The staff at Jeffrey Burr were exceptional. They were outstanding and compassionate. I would recommend the firm to others. Thank you for all your help."
"Everybody was friendly and explained things in simple terms."
"I had the feeling that my family and my wishes were important. I'm so happy to know everything is taken care of."
"Revised documents as necessary and was thorough in explaining."
"So nice, yet professional—we are so pleased with your staff and service. Thank you."
"Very competent, friendly, Ms. Haines even stopped by my condo to notarize a statement for Bank of America, saving me a long drive to your office."
"Early on discussion of what to expect. All questions immediately addressed as well as genuine care for my situation."