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Estate Tax Planning

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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Saving on Estate and Income Tax by Gift Giving

There is a lot of confusion out there, even among many of our most astute clients, concerning estate tax rates, estate tax exemptions, annual gift exemptions and lifetime exemptions. So to begin, here are the exemptions for 2016, and where applicable for 2017. Annual gift exemptions Annual gift exemption remains at $14,000. This means that you may give to any number of different people up to $14,000 per year without any need to report the gift, unless you make other gifts which cause you to exceed this limit. So let’s say you are married, have 2 children and 3 grandchildren. You may...

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David Grant as One of the “Notable Faces in Southern Nevada’s Financial Community.”

Estate Planning Attorney David Grant was recently featured in the February 3, 2014 issue of VegasInc Magazine as one of the “notable faces in Southern Nevada’s financial community.” You can read the full article here http://www.vegasinc.com/business/2014/feb/03/get-financial-adviser-avoid-small-business-headach/. Congratulations David!...

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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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