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What Makes a Will Legal in Nevada?
No matter what stage of life you are currently in, it is important to have a reliable will for your assets. Although it may seem unnecessary if you are young and in good health, the reality is that it is never too early to begin the estate planning process. At the very least, you should… (Keep reading)
The Death of a Loved One is Extremely Difficult
The death of a loved one is extremely difficult. This information should help so at least their final tax return will not be a nightmare. After the death of your spouse, their final tax return (Form 1040) should be filed the following April 15th after their death. The preparer will check a box on the… (Keep reading)
Who Owns the Property in a Trust?
In a trust, the trustee is officially responsible for the assets. While the individual who established a living trust might retain ownership, in all other cases, the trustee controls the assets. They are tasked with maintaining records, distributing assets according to the trust document, and reporting to beneficiaries until full ownership is transferred to the… (Keep reading)
Should Your Bank Accounts Be in Your Trust?
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)
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?
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?
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?
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)