Estate planning in Nevada does not need to be a complicated process. Still, there are many choices for you to look at when deciding how to handle the ownership of your property now and in the future. One option that is available to you is a Qualified Personal Residence Trust (QPRT). Read below to find out what this is, what the process for creating one is, and how it could help you and your beneficiaries. ...
Continue readingNevada historically has been considered a favorable jurisdiction for forming and maintaining a trust. As one of the first states to pass legislation permitting the self-settled spendthrift trust, or domestic asset protection trust (“DAPT”) as it is sometimes identified, Nevada offers cutting edge laws in the areas of trust formation and administration. ...
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Get answers to some of the more commonly-asked California state income tax questions associated with changing residency from California to Nevada....
Continue readingIt 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...
Continue readingBy now, most of us know that U.S. Supreme Court Chief Justice John Roberts upheld “Obamacare” by ruling that the penalty imposed upon a person for failure to purchase health insurance is not a penalty, but is actually a tax. For those individuals who are self-employed or retired and do not have W-2 wages withheld, it may be possible to avoid buying insurance and also avoid paying the tax/penalty. Here’s why: The government can only collect the tax/penalty for failure to purchase health insurance from any tax refund which you have coming. So for those of us who do not have W-2...
Continue readingThe following article was written by David M. Grant and Jeremy K. Cooper and was originally published in COMMUNIQUÉ (May 2009, Vol. 30, No. 5), the official journal of the Clark County Bar Association. “What’s good for the goose is good for the gander.” This timeless cliché accurately portrays the logic behind Nevada’s recent ground-breaking decision to extend charging order protection beyond the realm of partnerships and limited-liability companies (LLCs) to corporations operating as small businesses. Closely-held corporations, until now, have never received the same charging order protection their partnership and LLC cousins have enjoyed, but because these entities share many commonalities,...
Continue readingThe British Virgin Islands International Business Company. As stated above, many foreign jurisdictions have taken the International Business Companies (IBC) Act of the British Virgin Islands (BVI) and adopted it with hardly any change. For this reason the BVI’s laws are the “gold standard” in IBC legislation. As such, this outline will cover some of the particulars of the BVI IBC law. History of the IBC in the BVI. The BVI Business Companies Act, 2004 (as amended, the Act), is the sole corporate statute in the British Virgin Islands (“BVI”) and regulates all BVI companies. The old International Business Companies Act,...
Continue reading[vc_row triangle_shape="no"][vc_column][vc_column_text]What is an offshore company? Generally, an offshore company is one that is incorporated, organized, formed, and/or governed outside the jurisdiction where its primary operations take place and where its owners are domiciled. What are the typical requirements for registering an offshore company? Must be formed from outside. Generally, an offshore company must be formed from outside the offshore jurisdiction. Cannot operate within the jurisdiction. Generally, an offshore company may not “operate” within the jurisdiction of registration. Payment of registration and renewal fees. Generally, an offshore company must pay nominal registration and renewal fees (annually) as assessed by the offshore jurisdiction in question. How...
Continue readingCommunity Property. Community property is everything that a husband and wife own together. Nevada is a community property state. This means both the husband and wife equally own all money earned by either one of them from the beginning of the marriage until the date of separation. In addition, all property acquired during the marriage with "community" money is owned equally by both the wife and husband, regardless of who purchased it. Like community assets, all debts contracted from the beginning of the marriage until the date of separation are community debts. Therefore, each spouse is equally liable for debts. A full...
Continue readingImagine that you are preparing to fly an airplane from Los Angeles to Honolulu. You know that airplane engines need to be serviced and overhauled after a certain number of hours of operation and you also know that the plane you are going to fly to Honolulu, over 3,000 miles of open water, has not been serviced recently. Would you choose to ignore the service requirements of the engines of that airplane, knowing that you have only one chance to get it right and that failure is not a viable option, particularly when that plane must travel non-stop for 3,000...
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