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Estate Tax Planning

CA Prop 19 Passes and Opportunities Prior to Biden Tax Laws

ca prop 19

Among other changes to Prop. 13, many people will experience a negative impact from Prop. 19, since it considerably limits the availability of the parent-child exclusion for purposes of limiting reassessment of real estate property taxes upon the transfer of property from parents to children. And for those with estates over $5 million, there are opportunities prior to enactment of the new tax laws. ...

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Is Now the Time to Make a Large Gift? Uncertainty & Opportunity in 2020

gift giving tax 2020

Because our office is already fielding dozens and dozens of inquiries regarding this unique circumstance, it is important that you call us now if you desire to receive counsel and assistance, prior to the end of the year, in determining how such a 2020 gift might be beneficial to your family and estate. ...

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Is a GST Trust Revocable or Irrevocable?

gst trust revocable or irrevocable

Estate planning is making a plan for your assets after you die. It can be a confusing time because there are so many options, laws, and regulations. One choice that is offered in Nevada is the trust. A trust is a fiduciary arrangement that names a trustee to hold and manage your assets on behalf of your beneficiaries. In Nevada, it is possible to design a trust that can help protect future generations in your family and make sure that they are taken care of financially. ...

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Changes to the Estate and Gift Taxes

With the passage of the recent tax act, you may be wondering what your strategy for avoiding estate and gift taxes should be now. First of all, for those of us who have less than $5 million and expect to always have less than $5 million, nothing has changed. You did not have an estate tax problem before the tax bill was passed and you do not have an estate tax problem now that it is passed. What about those who are in the $5 million range, right on the cusp of being subject to estate tax at death? First, if you...

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Strategies to Consider for Year-End Tax Planning

With a sweeping tax bill having passed the House, we will now see what happens when the Senate gets its hands on it. One of the major features of the bill is a reduction of the top corporate income tax rate from 35% now to 20%. This rate only applies to “C” corporations, that is corporations that pay their own taxes, as opposed to the “S” corporation where the income tax liability is reported and paid directly by the shareholders, at the shareholders’ rates. So if you do have a C corporation, do everything you can to move income from 2017...

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