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GMD to merge with S&C

The law firm of Grant Morris Dodds is pleased to announce its merger with S&C to provide legendary, skull-crushing legal representation.  GMD wecomes Thaddeus T. Sasquatch, Esq. and Sir Wendell J. Chupacabra, Esq. who will practice primarily in the areas of post-mortem tax planning and beneficiary representation.  Welcome gentlemen!...

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Trust and Probate Litigation in Nevada

It’s important to know what probate litigation means.  Simply stated, “probate” is the process of administering the assets of a deceased person, either according to the terms of a will, or, when there is no will, according to state intestacy laws.  A common misconception is that probate is often a routine and simple process.  While that may be true in some estates, probate can become complicated by unanticipated including but not limited to: disputes over the terms of the will or the application of intestacy laws; distribution of separate vs. community property; rights of putative children in light of adoption,...

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I Just Received a Letter from the Medical Board: Now What?

Professional Licensing Boards are government agencies which regulate healthcare professionals.  This regulation includes ensuring that applicants for licensure are properly qualified and competent to practice in their respective healthcare fields.  It also includes ongoing monitoring of healthcare professionals and disciplinary actions.  The Professional Boards have the power to revoke a healthcare provider’s license, place it on suspension, levy fines, and issue other orders for discipline against a healthcare provider.  All healthcare providers are governed by some Professional Board, the major ones in Nevada being the State Board of Medical Examiners (which regulates physicians, physicians assistants, and respiratory therapists), the State...

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The Recent Tax Act: The Bell Tolls for Thee

The English poet, John Donne, many years ago wrote, “Send not to know for whom the bell tolls.  It tolls for thee.” Donne eloquently made the case that a loss to anyone is a loss to all. Similarly, although you may not see an immediate increase in your taxes as a result of the so-called “American Taxpayer Relief Act,” the overall economic impact of the tax increases under the Act will, in some ways, impact us all. Following is a smattering of some of the changes in the tax law arising from the new tax law: The top income tax rate...

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Need to Plan for Children Reaching 18 and Beyond

Once your child reaches age 18, you as the parent no longer have the same legal rights to handle your child’s financial affairs, healthcare decisions or any of the other matters affecting your child. As long as your child is living and competent, the child is legally entitled to handle his or her own affairs; but if your child should become incapacitated, through injury or illness and the child is age 18 or older, in order to obtain control over the child’s financial and medical decisions, it will be necessary to file a petition with the guardianship court. Not only is...

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Last Wills and Testaments

(Republished from Vegas PBS Source Magazine; July 2013.) Although a living trust is the estate planning and testamentary vehicle of choice for most people in Southern Nevada, for those who have modest size estates—such as where there is no real estate involved, and where the only assets are small bank accounts, home furnishings and heirlooms—a will may be the better choice. A will is important, at a minimum, to designate the individual one would like to serve as executor of his or her estate, to divide the estate among the proper individuals and charities, to declare one’s heirs and make any desired...

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Wise words from Senator Mike Lee (Utah)

LEE: IRS Scandal More Than Just Partisan Fighting “The real lesson is that our massive federal government bureaucracy is inherently dysfunctional, corrupt, and intolerant regardless of who is in charge.” WASHINGTON – Today, Senator Mike Lee released the following statement on the IRS scandal involving the targeting of certain conservative organizations: “It would be a mistake for Republicans to view the latest IRS scandal as a typical partisan squabble between political parties.  The real lesson is that our massive federal government bureaucracy is inherently dysfunctional, corrupt, and intolerant regardless of who is in charge. “The IRS is a powerful agency that can influence nearly...

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UK’s Richest People Conceal Billions in Offshore Tax Havens

It was reported yesterday by the Guardian news service located in the United Kingdom that "more than 100 of Britain's richest people have been caught hiding billions of pounds in secretive offshore havens, sparking an unprecedented global tax evasion investigation." The Guardian article included Chancellor George Osborne's warning to alleged tax evaders, and their accountants and advisers: "The message is simple: if you evade tax, we're coming after you." This is yet another example of a government cracking down on foreign ownership and investment.  Anyone moving assets to foreign locations must do so with great care to ensure laws are followed and taxes are fully...

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Estate Planning: Who Should Own The Captive Insurance Company?

From an estate planning perspective, there are a variety of ways to structure the ownership of a captive insurance company to enhance the overall tax and asset protection benefits available through §831(b) captive planning. But first, a few words on Captive Insurance Companies and Internal Revenue Code section 831(b): What is a captive insurance company? Simply put, a captive insurance company is an insurance company that is owned by one or more business owners to provide insurance for the business. Let us be clear, a captive is an insurance company, not an insurance contract or insurance product. A captive enters into insurance...

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