SimplyTrust Knowledge Base

A: The course is designed for a diverse audience, including heads and members of multi and single-family offices, wealth managers, private bankers, and financial planners. If you're involved in managing wealth or advising families on their financial strategies, this training is tailored for you. By attending, you will be better equipped to navigate the challenges of wealth management in today's fast-paced world.

A: Iowa once imposed both an estate tax and an inheritance tax. These are different. An estate tax is based on the total value of someone's estate. An inheritance tax, on the other hand, is based on what individual heirs receive.

A: Joint tenancy is a legal arrangement in which each co-owner holds an equal share of a property or asset. Most importantly, it includes right of survivorship, meaning that when one owner passes, their share automatically transfers to the surviving owner(s) without going through probate.This arrangement can apply to real estate, bank accounts, investment accounts, and even vehicles in some states. It’s most commonly used between spouses but can be set up between any individuals.

A: A revocable trust avoids probate for assets you title into it. That's true in Illinois and Nevada—real estate, accounts, even vehicles can pass outside court. Privacy improves, and timelines shrink. However, there are differences between revocable trusts in the two states.

A: Illinois once had an inheritance tax, but it no longer applies to recent deaths. The Illinois Attorney General notes that an "Illinois Inheritance Tax Release" is needed only if a person died before January 1, 1983—a practical marker that the old tax is a thing of the past for modern estates.

A: The Illinois estate tax affects more people than many expect (although there's no inheritance tax). If your taxable estate tops {{ IL.tax.estate_exemption }}, the Illinois estate tax applies—whether you live in the state or simply own Illinois real estate. Rates are graduated, topping out at {{ IL.tax.estate_top_rate }}.

A: At its core, community property means earnings during marriage—and items bought with those earnings—are jointly owned. By contrast, assets owned before marriage, plus gifts and inheritances to one spouse, usually remain separate. Debts work similarly: many obligations taken on during marriage are shared. Rules vary by state, but that’s the broad frame.Nine states use community property as the default marital property system (as opposed to equitable property). They are Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, and Wisconsin. Several states also offer opt-in community property—typically by creating a special trust or agreement. These include Alaska, Florida, Kentucky, South Dakota, and Tennessee. Opt-in frameworks can give couples certain community property benefits even in otherwise non-community jurisdictions.

A: Overall, both states deliver probate avoidance and privacy. Nevada stands out for having no state estate or inheritance tax, while Hawaii has no inheritance tax but overlays a separate estate tax that can matter for larger estates.