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The Death of a Loved One is Extremely Difficult
Posted in asset protection,IRS,tax planning,taxes on September 26, 2022
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?
Posted in asset protection,trust,trust funds on September 15, 2022
Planning for your family’s future is important, regardless of your assets. Establishing a trust can be a great way to protect assets and ensure your family is taken care of, but it can also be a confusing process. There are many options when it comes to establishing a trust, such as a family trust or… (Keep reading)
Should Your Bank Accounts Be in Your Trust?
Posted in asset protection,trust,trust funds on September 8, 2022
Most people want to ensure that their families will be taken care of after their deaths, but it is not always easy to know how to make that a reality. Establishing a trust is a great way to ensure your loved ones are provided for and receive the correct assets. However, navigating the world of… (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)
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 the 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… (Keep reading)
Should I Hold Title to My Primary Residence in an LLC for Asset Protection?
Posted in asset protection on July 20, 2022
Your revocable living trust does not provide asset protection like an LLC. So why not place your primary residence in an LLC for asset protection? First, you lose your homestead exemption, which protects your equity up to $605,000. Insurance is more difficult to obtain as well. Also, if you have a mortgage, the transfer to… (Keep reading)
How Long Does Probate Take in Nevada?
Posted in asset protection,probate,trust on June 30, 2022
Probate is the legal process of distributing assets of a deceased person’s estate and paying any debts owed by the person prior to their death. The length of time it takes to settle legal matters often varies depending on the specifics of the case, and probate is no different. While families are often dealing with… (Keep reading)
