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Estate Tax Planning

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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Donating Appreciated Stock

(Republished in part from Vegas PBS Source Magazine, October 2011) Donating appreciated stock to charity is a sure way to generate a little tax relief for yourself.  If you do decide to donate stock, here are a few important points to consider before making your gift. Make sure the stock has appreciated.  If the stock has fallen in value since you purchased it, you may be better off selling the stock first to generate a capital loss.  Then, if you desire, you can donate the proceeds to charity. Select long-term stock. If you have owned the stock for more than one year before making...

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Community Property vs. Separate Property for Estate Planning

Community 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...

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