06 September

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Probate: What to Expect…

As a probate professional, the questions I most often hear from potential clients are: What is probate? How complicated is it? Can I do it myself? How much does it cost? And, how long will it take? Here are a few short answers to these very important questions. What is probate? Probate means to prove a Last Will and Testament, or generally carry out the administration of a decedent’s estate with some level of court oversight wherein title to assets in the decedent’s name is transferred to beneficiaries of the estate, after the payment of debts and expenses. There is a common misconception...

29 August

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So you have an offshore trust—now what?

Posted by Mark L. Dodds

in Trust Administration

At Grant Morris Dodds, we are certainly not experts on the banking system; nevertheless, here are my thoughts on offshore banking, investment, and currency exposure. The US dollar is, as we know, the reserve currency of the world–for now. So it is probably in the best interest of most people in the world, except those who are hoping for economic collapse and anarchy, that the dollar remain viable and continue to be the reserve currency. Certainly our enemies, China, Russia, and certain Mid-East countries would welcome a dollar collapse, regardless of the impact on their citizens because it would give them an opportunity to...

21 August

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Fundamentals of Guardianship in Nevada

Posted by Robert L. Morris

in Guardianship

In our legal practice, we are often asked basic questions about guardianship in Nevada. Here are some answers to these fundamental guardianship questions: Are issues relating to persons who lack capacity dealt with in a special Court or as part of the general Court system? In Nevada issues of competency or lack of capacity are addressed in the District Court, which is the court of general jurisdiction where the incapacitated individual resides. Depending on the population of the county of residence, the District Court may have a Family Court Division. Additionally, such family courts may have a specific Guardianship Court wherein...

01 August

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Go for the Gold – Taxation of Olympic Prizes

Posted by David M. Grant

in Estate Tax Planning

[caption id="attachment_1024" align="alignleft" width="272"] Olympic Medals[/caption] The Weekly Standard recently posted an article on the tax liability associated with earning Olympic medals. As reported in the article, "Americans who win bronze will pay a $2 tax on the medal itself. But the bronze comes with a modest prize—$10,000 as an honorarium for devoting your entire life to being the third best athlete on the planet in your chosen discipline. And the IRS will take $3,500 of that, thank you very much. There are also prizes that accompany each medal: $25,000 for gold, $15,000 for silver, and $10,000 for bronze. Silver medalists will owe $5,385. You...

01 August

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The American Flag

Posted by David M. Grant

in Grant Morris Dodds

A visitor from Holland was chatting with his American friend and was jokingly explaining about the red, white and blue in the Netherlands flag. "Our flag symbolizes our taxes," he said. "We get red when we talk about them, white when we get our tax bill, and blue after we pay them." "That's the same with us," the American said, "only we see stars, too." Sadly this resonates today more than the original-thirteen-colonies explanation....

12 July

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Windsor v. U.S.: Married Same-Sex Couples Can Take Advantage of Marital Deduction for Estate Tax

Posted by David M. Grant

in Estate Tax Planning

The United States District Court for the Southern District of New York has ruled that legally married same-sex couples can take advantage of the estate tax marital deduction. Windsor v. U.S., 109 AFTR 2d 2012-870 (DC N.Y. 6/6/2012). In this case, the taxpayer’s claim was essentially that the definition of marriage under the Defense of Marriage Act (DOMA) violated the equal protection clause of the U.S. Constitution. The court found the DOMA definition unconstitutional under the “rational basis” standard of review which requires that laws have a rational basis for any of their classifications. The court determined that the rationale of protecting...

21 June

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Obama’s New IDGT Proposal

Posted by David M. Grant

in Estate Planning

[vc_row triangle_shape="no"][vc_column][vc_column_text]By Attorney David M. Grant President Obama’s administration has recently proposed a change to the federal income and estate tax laws that would make the use of the Intentionally Defective Grantor Trust (“IDGT”) strategy essentially useless. Important elements of the administration’s IDGT proposal can be found here. As a summary of the key features of the proposal, it would: Include the assets of an IDGT in the gross estate of the grantor for estate tax purposes; Subject to gift tax any distribution from the IDGT to one or more beneficiaries during the grantor’s life; and Subject to gift tax the remaining IDGT assets at...

16 May

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Facebook Founder Renounces U.S. Citizenship, Saves Taxes

Posted by David M. Grant

in Estate Tax Planning

By Attorney David M. Grant It was announced on Bloomberg.com earlier this week that one of Facebook's founders, Eduardo Saverin, renounced his US citizenship last September. The article is very good at explaining Mr. Saverin's savings as related to the capital gains tax, but fails altogether to point out his huge potential transfer tax savings as related to the Gift Tax, Generations Skipping Transfer (GST) Tax, and Estate Tax. While he undoubtedly paid the "exit" tax or the expatriation tax (see the Heroes Earnings Assistance and Relief Tax Act of 2008), all future growth and appreciation in Saverin's estate will no longer be subject to...

19 April

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3rd Annual Domestic Asset Protection Trust State Rankings Chart Released

Posted by GMD Legal

in Asset Protection

The 3rd Annual Domestic Asset Protection Trust State Rankings Chart has been released! The rankings and information is compiled by our colleague, Steve Oshins of the Law Firm of Oshins & Associates, and is herein used with his permission. Please know that for the first time since the chart was originally created, it now assigns numerical rankings to each DAPT state. Also, the approximate weights assigned to each variable are listed. However, please note that in the interests of impartiality, since Nevada is the only state (of the top eight states per the rankings) that doesn't allow divorcing spouses to access...

19 April

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Top Ten Common Estate Mistakes

Posted by Robert L. Morris

in Estate Planning

By Bob Morris and David Grant “Poor Man’s” estate plan. Do-it-yourself estate plans can create more problems than they solve. Many well-intentioned people will title assets jointly with a spouse, friend, or child, not understanding the significant legal ramifications. Others will name a “Pay on Death” (“POD” or “TOD,” as they are sometimes called) beneficiary and consider their estate planning complete, while not planning for very real risks and contingencies. Failure to plan for significant others. Domestic partners and others who cohabitate and live together do not share the same legal rights as married couples with regard to inheritances, health...