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What Are the Inheritance Laws in Nevada?
Posted in asset protection,estate planning,probate on October 16, 2022
For most people, family is a priority. Caring for your loved ones can mean keeping yourself healthy, spending quality time together, and helping in times of need. Most people do not think about their own mortality when they consider caring for their family. However, one of the best things you can do for your family… (Keep reading)
What Makes a Will Legal in Nevada?
Posted in asset protection,estate planning,probate on October 15, 2022
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
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
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)
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)
