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What Is the Difference Between Corporate Law and Business Law?
Posted in entity formation on November 28, 2023
It’s a common misconception that corporate and business laws are interchangeable, but the reality is that both are separate entities that include their own regulations. While it may appear that business and corporate laws address all types of businesses, they only cover specific entities and don’t cross over. A Las Vegas business lawyer can provide… (Keep reading)
Understanding a Conflict of Interest with the Successor Trustee in Nevada
Posted in asset protection,estate planning on October 24, 2023
In a trust, the successor trustee, or the person who will take over the estate of a loved one when they pass, is also considered a beneficiary or someone who will inherit assets due to the trust. When the successor trustee is given certain responsibilities to the trust, yet they have their own self-interests they’d… (Keep reading)
Examination Rate on Large Partnerships
Posted in IRS,tax planning on October 20, 2023
The Internal Revenue Service plans to increase its examination rate on large partnerships by 2025 also on employee stock ownership plans (ESOPs).
Lifetime Estate and Gift Tax Exemption
Posted in estate planning,tax planning on October 20, 2023
It is expected that the lifetime estate and gift tax exemption will be around $5 million after 2025. For deaths occurring in 2023, the exemption amount is $12,920,000. Therefore, if anyone wants to make significant gifts, it is advisable to do so before 2025 ends.
What Happens When the Beneficiary Predeceases in Nevada?
Posted in asset protection,estate planning on October 15, 2023
It’s common for many residents throughout Nevada to consider how their estate and assets will be distributed after they pass on. However, there are some cases where a beneficiary, or the person who is entitled to receive part of the estate, passes away before the death of the individual, also called the testator. There is… (Keep reading)
Posted in asset protection on September 19, 2023
The estate of a Medicaid recipient is generally obligated to repay Medicaid for the benefits the decedent received during their lifetime. This is sometimes referred to as Medicaid Clawback. Put more simply, Medicaid wants to be reimbursed for the benefits it paid to beneficiaries. There are exceptions, however. When a person makes an application for… (Keep reading)
How Does a Trust Work in Nevada?
Posted in trust on September 11, 2023
Nevada’s laws surrounding trusts are innovative and more cutting-edge than most states. Trusts in Nevada come with a myriad of estate planning benefits, and they meet the needs of many Nevadans. Below is an introspective look at the inner workings and resulting advantages of a Nevada trust. What Is a Nevada Trust? A trust is… (Keep reading)
What Is the Irrevocable Trust Law in Nevada?
Posted in trust on September 8, 2023
Many individuals who embark on the task of estate planning in Nevada pose the question, “What is the irrevocable trust law?” To understand how Nevada’s laws apply to an irrevocable trust, you should first understand what a Nevada revocable trust is. A revocable trust is a trust that can be revoked or recalled by the… (Keep reading)
