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Should Your Bank Accounts Be in Your Trust?
Posted in asset protection,trust,trust funds on September 8, 2022
Yes, you can include bank accounts in your trust, but you should consider how often you use them. For example, transferring ownership of a checking account that you use daily might cause issues with bill payments. Other accounts like safety deposit boxes or annuities can also be included and may be more manageable to transfer…. (Keep reading)
Posted in asset protection,IRS,nevada business tax,nevada commerce tax,tax planning,taxes on August 18, 2022
A self- employed individual wears two hats for tax purposes, they are both the Employer and the Employee and pay both the Employer and the Employee portions of the FICA and Medicare (Self – Employment) taxes to the IRS. Self employed individuals fall into three categories. The first is the Sole Proprietor or Single Member LLC owner… (Keep reading)
What Should You Not Put in a Trust?
Posted in estate planning,trust on August 16, 2022
Creating an estate plan is never an easy subject, and for some, dealing with death in such a cut and dry manner can be quite jarring. Although somewhat uncomfortable, creating an estate plan can help facilitate a smooth posthumous division of your assets that’s in line with your wishes. One key part of an estate… (Keep reading)
What Are the Common Estate Planning Mistakes People Make In Las Vegas, Nevada?
Posted in estate planning on August 15, 2022
Creating a plan for your estate is the best way to ensure the future of your assets. From deciding how to divide your money between your living relatives to ensuring that certain relatives get specific heirlooms, having a sound estate plan can make this process easier on the benefactors of your will. In some situations,… (Keep reading)
Are an Executor and Trustee the Same?
Posted in trust on August 11, 2022
No, they are not the same. The executor is the person who will help execute the plan you laid out in your last will and testament. Their responsibilities are under the last will and testament to distribute the assets in accordance with the person’s will. A will in the state of Nevada needs to be probated… (Keep reading)
How Does a Probate Court Transfer Title to Real Estate?
Posted in asset protection,estate planning,probate on August 4, 2022
The answer is: it depends. If the property is community property, i.e., property held by a married couple, and it is titled as “community property with right of survivorship” then title to the property transfers to the surviving spouse outside of probate. If the property is community property but not titled with rights of survivorship, the surviving… (Keep reading)
Why Do I Need a Power of Attorney Now?
Posted in asset protection on July 28, 2022
The term power of attorney or POA refers to a legal authorization form that gives your agent, also known as your attorney in fact, the power to act for you, the principal. There are two main types of power of attorney, financial and health care, both provide the agent with general or limited powers. A power… (Keep reading)
Should I Hold Title to My Primary Residence in an LLC for Asset Protection?
Posted in asset protection on July 20, 2022
No, you should not hold title to your primary residence in an LLC for asset protection. Doing so would cause you to lose your homestead exemption and capital gains deduction, potentially trigger a due-on-sale clause on your mortgage, and make obtaining insurance more difficult. Your revocable living trust does not provide asset protection like an… (Keep reading)
