On November 22, 2019, the IRS announced in IR-2019-189 that final Treasury Regulations will allow individuals to take advantage of the increased gift and estate tax exemption amounts which are in effect now through 2025, even if a person dies after such amounts drop back to pre-2018 levels. ...
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Most of us have been there, cruising along in life without responsibility. Maybe we are married, but, hey, she/he was fine without me before we were married, so who needs to plan. And maybe you are right. But that all changes when that first child comes along. ...
Continue readingThe choice of marital deduction funding formula can affect the revocable trust in many ways. ...
Continue readingTrust agreements can terminate for any number of reasons. Following are several explanations of why a trust might end, come to its conclusion, and be terminated…...
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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 readingDo you ever wonder what might happen to your pets if you were to be suddenly unable to care for them?...
Continue reading[vc_row triangle_shape="no"][vc_column][vc_column_text]Back in the heyday of estate planning when just about everyone who died owning a home and an IRA would have an estate subject to this tax, the choice between paying estate tax versus paying capital gain tax was an easy one to make. Up until the last few years, the highest estate tax bracket was 55% and the top long-term capital gain tax bracket was only 15%. If you had a choice of paying the estate tax or paying the capital gain tax, the capital gain tax was the obvious choice. This choice was really so clear-cut that most of...
Continue readingProfessional 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...
Continue readingOnce 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...
Continue reading[vc_row triangle_shape="no"][vc_column][vc_column_text](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...
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