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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
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?
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
If a person dies with a will and the property is their sole and separate property, the probate court orders the transfer of the real property to the designated beneficiaries according to the will’s instructions. This transfer is typically done using a quitclaim deed. If there are multiple beneficiaries, the property is distributed to them… (Keep reading)
