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Note from the Issue Editor: M. Scott McKenna, Esq.

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A Note From the Issue Editor
By M. Scott McKenna, Esq. Although the law of wills, trusts and estates has always been a key component of a well-rounded law school education and an important part of a generalized law practice, the financial crisis that began in 2007 – and continues to the present day – has served to make this area of the law even more important, as businesses and individuals seek to ensure both that their monetary gains are passed down to future generations and that their wishes are carried out. The May issue of Nevada Lawyer is thus devoted to the topic of wills, trusts and estates, and presents a collection of articles focusing on those issues. Our first feature is “Build Your Dynasty in Nevada,” by Catherine Colombo and Kristin Tyler. This article explains what a dynasty trust is, why the establishment of such a trust is beneficial, which types of individuals are likely to be benefited by a dynasty trust and the advantages of Nevada’s 365year perpetuity period. Our second feature is “The Dilemma of Financed Net Gifts Versus Sales to Intentionally Defective Grantor Trusts,” by Soraya Tabibi-Aguirre, Briar Stahl and Timothy Riley. This piece discusses the formation of intentionally defective grantor trusts (IDGTs), installment sales to an IDGT as a wealthshifting tool, the problems with such installment sales in certain situations, the alternative of and drawbacks associated with financed net gifts and an overall comparison of the relative merits of the two strategies depending upon the particular situation. Our third feature is “Nevada Laws Provide Top Trust Situs,” by David M. Grant and Jeremy K. Cooper. This article discusses both Nevada’s historical role as a favorable jurisdiction for forming and maintaining trusts, as well as the increased flexibility created by changes in the law enacted by the Nevada Legislature. M. Scott McKenna is a senior principal deputy legislative counsel with the legal division of the Legislative Counsel Bureau. He graduated from the Northwestern School of Law of Lewis and Clark College in 1995, holding a certificate of specialization in environmental law.
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May 2010
Nevada Lawyer

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