Readers in Nevada may be interested to learn that the heirs of George Lucas, famed director of the Star Wars movies, may have avoided potential tax problems and planning issues over his high value estate recently. This may be because the director recently sold his movie business for more than $4 billion dollars to Disney. The sale was made in stock and cash and is a part of an estate planning move that may have been designed to limit some taxes.
Trusts and trust administration are important tools, and are available for people looking to protect their assets. Recently, with the passage of a new trust law in Hawaii, attention has focused on the use of what are called Domestic Asset Protection Trusts (DAPT). The laws in Nevada and a handful of other states also provide for the creation of DAPT's to be used as a beneficial financial planning tools, referred to as self-settled trusts.