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Problems with Deeds on Death, Transfer on Death Deeds or Beneficiary Deeds

beneficiary deeds

When a person dies owning real property in his or her name, probate may be required in order to transfer that property to the heirs of the deceased person.  Because of the costs, delays and hassles associated with going through probate in the State of Nevada, many people desire to transfer, or to at least structure the future transfer of, their real property, prior to their deaths.  Common methods of probate avoidance for real estate include the following: Hold real property with a right of survivorship, either in joint tenancy or as community property; Convey outright title to real estate...

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Why You Should Pay Your Charitable Gifts in One Year

For those of you who may make significant charitable gifts each year, the following may help you get more out of those gifts for income tax purposes. Let’s say you are married and you are in the 24% income tax bracket. In recent years past, you and your spouse could either itemize your deductions on schedule A of your 1040, or together you and your spouse could use the $13,000 standard deduction, which anyone can take, even if they have no itemized deductions. So each year you would calculate your Schedule A deductions and if those were more than the standard...

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Changes to the Estate and Gift Taxes

With the passage of the recent tax act, you may be wondering what your strategy for avoiding estate and gift taxes should be now. First of all, for those of us who have less than $5 million and expect to always have less than $5 million, nothing has changed. You did not have an estate tax problem before the tax bill was passed and you do not have an estate tax problem now that it is passed. What about those who are in the $5 million range, right on the cusp of being subject to estate tax at death? First, if you...

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Strategies to Consider for Year-End Tax Planning

With a sweeping tax bill having passed the House, we will now see what happens when the Senate gets its hands on it. One of the major features of the bill is a reduction of the top corporate income tax rate from 35% now to 20%. This rate only applies to “C” corporations, that is corporations that pay their own taxes, as opposed to the “S” corporation where the income tax liability is reported and paid directly by the shareholders, at the shareholders’ rates. So if you do have a C corporation, do everything you can to move income from 2017...

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How to Select the Right Probate Attorney

The probate process can be overwhelming for individuals who are grieving due to the passing of a loved one and confronted with the prospect of an unknown protracted court administration. Probate, or the court supervised administration of a decedent’s estate, whether they died with a will or without (testate vs. intestate) is a very formalistic and statutory governed practice.  It is critical that you have the right counsel when navigating these water that are sometimes murky and turbulent. So how do I know if you have the right guy or gal as your probate attorney?  Well there are a few things that...

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Relationship Between Estate Taxes and Gift Taxes Explained

In my prior blog several months ago, I explained in general terms the rules concerning lifetime gifting and potential gift taxes associated with such gifts. I now move on to the estate tax. The estate tax and gift tax are linked at the hip, so to understand the estate tax, it’s necessary to lay some groundwork by explaining the relationship between the estate and gift taxes. Under current law, each US citizen, (as well as resident aliens, and we are talking legal resident aliens here), has an exemption from the gift tax of $5.49 million. This means that, in addition to...

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The Probate Process Explained

Per Black’s Legal Dictionary probate is defined: to admit a will to proof or to administer a decedent’s estate.  For a better understand of probate, read our helpful article on "What is Probate". Black’s succinctly and accurately describes the probate process as one applying to both those individuals who die with a will (testate) and those who die without a will (intestate). As probate deals with real and personal property rights, the administration of a decedent will differ from state to state.   In Nevada, the probate code can be found in the Nevada Revised Statutes chapters 132-156, collectively referred to as...

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Las Vegas Attorney Robert Graham Allegedly Disappears with Millions of Client Money

It's very important to have a reputable attorney for your probate needs. This article is an example of a possible worst-case scenario. Whether or not the allegations are true will remain to be seen. At Grant Morris Dodds, we believe in being beyond reproach. Thousands of clients have trusted us over the years with their probate court & probate needs. Read the details from the Las Vegas Review Journal article here....

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What is Probate?

You have likely heard the term “probate” used in the context of handling a person’s affairs upon their death.  Probate is indeed the administering of a decedent’s estate through a formal legal process usually under the jurisdiction of a specific court.  For example, in Nevada that court is simply called probate court.   Here are a few things you may want to know about the probate process:   1. Probate is not for everyone.  Specifically, those individuals who have created and properly funded a trust during their lives may be able to avoid the formal probate process.  Don’t think creating a trust is...

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Saving on Estate and Income Tax by Gift Giving

There is a lot of confusion out there, even among many of our most astute clients, concerning estate tax rates, estate tax exemptions, annual gift exemptions and lifetime exemptions. So to begin, here are the exemptions for 2016, and where applicable for 2017. Annual gift exemptions Annual gift exemption remains at $14,000. This means that you may give to any number of different people up to $14,000 per year without any need to report the gift, unless you make other gifts which cause you to exceed this limit. So let’s say you are married, have 2 children and 3 grandchildren. You may...

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