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Trust Administration

Trust Administration in Nevada

Closing Procedures and Timeline.  Following is an explanation of the recommended administrative and termination procedures. Affidavit of Successor Trustee (“AST”) - The signing of an AST by the successor trustee formally installs them as the trustee of the Trust and is evidence of the same.  If real property is owned by the Trust, the AST will add the Successor Trustee to the title of the property upon recording in the proper county recorder’s office. Notice to creditors – In Nevada known creditors have thirty (30) days from mailing date to file a written claim with the Trustee and ninety (90) days from the first...

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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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Protect Your Home with a Personal Residence Trust

For most of us (at least up until the real estate crash of 2007-2008!) our major asset is our home and the “equity” we have in our home, which is the excess of the value of the home over the mortgage against it. While it is possible to file a “homestead” to protect our home equity, even if the homestead will, for now cover our home equity against possible creditors, there are certain risks that the homestead cannot protect against. The good news is that with recent court rulings, we can confidently establish Nevada personal residence trusts, qualified personal residence...

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Real Taxpayer Relief through Judicious Use of Trusts

With the recent enactment of the so-called “American Taxpayer Relief Act” (the only true relief being that we are at least relieved of having to listen to the talking heads every day discussing the “fiscal cliff”) tax rates have been increased on those with the highest incomes. (Note, I did not write that taxes were increased on the “wealthy” because the proponents of higher taxes, such as the magnificent duo of Warren Buffet and Bill Gates, will hardly be affected by the increases because i) they have very little income in relation to their wealth, so their income taxes are...

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So you have an offshore trust—now what?

At Grant Morris Dodds, we are certainly not experts on the banking system; nevertheless, here are my thoughts on offshore banking, investment, and currency exposure. The US dollar is, as we know, the reserve currency of the world–for now. So it is probably in the best interest of most people in the world, except those who are hoping for economic collapse and anarchy, that the dollar remain viable and continue to be the reserve currency. Certainly our enemies, China, Russia, and certain Mid-East countries would welcome a dollar collapse, regardless of the impact on their citizens because it would give them an opportunity...

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