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In 2023, The Treasury Department promises an improved tax filing season but the $80 billion in extra funding won’t be felt for a couple of years. Improvements to taxpayers’ services will be the exception. In 2023, Taxpayers should be able to reach a live person on the IRS’s toll-free lines about 85% of the time… (Keep reading)
Is Probate a Complicated Process?
Probate is a legal process that every individual encounters at some point in their lifetime. When a loved one dies, they most often have some sort of will, trust, or estate plan in place to follow after their passing. Probate works to validate these documents and carry out the final wishes of your loved one… (Keep reading)
Is Putting Your House in a Trust a Good Idea?
Estate planning can be a complicated process, especially when you are unsure of the best way to protect and distribute your different assets. When you are planning for your home’s future, many people consider putting important property, like their family home, into a trust. Putting your home in a trust comes with a variety of… (Keep reading)
What Are the Disadvantages of a Trust?
Estate planning can be a complicated process. A trust can be a way to have your wishes carried out in a structured way, and beneficiaries can begin receiving the benefits of the trust while you are still alive. Trusts, which are frequently used by those with substantial assets, can help families with difficult dynamics avoid… (Keep reading)
Who Needs a Trust Instead of a Will?
Estate planning can be a difficult and complicated process. As you plan for the assets you have and what your wishes are, you want to make the best decisions to ensure that those wishes are carried out. You may also want to take steps to make the process easier for those who have been entrusted… (Keep reading)
Tax Planning is very complex if you forego tax planning you may be paying more to the IRS than you think, if you keep track of all your expenses and deduct the ones you are allowed, you will pay less income tax than you ever imagined. What can be deducted? Is of the utmost importance… (Keep reading)
Nevada Revised Statute (NRS) Chapter 115 is the law that establishes the right to homestead your primary residence. At present, a homeowner can protect up to $605,000 in equity, which the statute defines as the amount that is determined by subtracting from the fair market value of the property the value of any liens excepted… (Keep reading)
What Assets Are Not Considered Part of an Estate?
Assets not considered part of an estate primarily include retirement accounts such as 401(k) accounts, pension plans, living trust assets, and savings bonds. These accounts typically require you to name a beneficiary directly, and the funds pass to that individual outside of the formal estate and probate process. Savings accounts can also fall into this… (Keep reading)
