Did you know that Nevada is one of only a handful of states in the entire nation to offer and validate electronically-created and electronically-signed Trusts (see NRS 163.0095) AND electronically-created and electronically-signed Last Wills and Testaments (see NRS 133.085)?...
Continue readingIn the wake of the Coronavirus (COVID-19) pandemic, citizens are taking responsible measures to slow the spread and minimize the impact the virus has on their health. It’s smart. We should all be doing everything we can to ensure our safety. ...
Continue reading
It is possible to create a living trust without an attorney. However, at a minimum, it is recommended that you meet with one to discuss the process and to find out what is legally required to be in the document. Creating a living trust can be a complicated procedure. It can even be more complex making sure that it is a valid document that will be accepted by the court. ...
Continue readingWhen you are young, your parents took care of you. They fed you every day and treated you with love while you lived under their roof. Now that you are an adult, you venture out into the world and start caring for yourself. You establish your own home and have your own family. However, in the back of your mind, you don’t forget about your elderly parents, who you want to care for. How would you care for them from a long distance? Here are some of the tips to get started. ...
Continue readingFor 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...
Continue readingIn 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 the...
Continue readingThe Republicans voted to fully fund the government, but added a requirement that everyone, including the Congress, Senators and their staff people, live under Obamacare. No more special waivers for the Senators, Congress and their staffs, and no waivers for big business without the same waivers for individuals. That is all the Republicans are asking for. Obama refused to negotiate and Senate Democrats refused to pass it. So, if you are in the minority of Americans not already opposed to Obamacare, keep in mind that the only reason the government is shut down right now is that Democrats refuse to fund the...
Continue reading