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Posted in Firm News on May 23, 2018
Starting a new Business can be very exciting and daunting endeavor. There are few things you will want to think about when formatting a new business. The key to obtaining financing for your business, whether through a banking institution or private investors is to have a good concise business plan. A good business plan consists of a… (Keep reading)
Why Do You Need A Registered Agent?
Posted in Firm News on May 18, 2018
Nevada Requires businesses to have a registered agent. A registered agent is a responsible party designated to receive service of process notices, correspondence from the Secretary of State and other official notifications. A registered agent can give you peace of mind knowing that you will not miss receiving an important notice or have to accept official documents… (Keep reading)
Posted in Firm News on May 14, 2018
V – “V” standsfor Valuation of theestate. The VALUATION of your estatewill determine whether or not it will be subject to tax. Of course, there are vehicles, such as giftsto charity, whether at death or before that can help reduce exposure to tax, itis the final value that will determine how much tax, if any,… (Keep reading)
Posted in Firm News on May 11, 2018
S – “S” stands for SPENDTHRIFT TRUST PROVISION. A SPENDTHRIFT TRUST PROVISION allows the creator of a trust (“Settlor”) to create a trust (SPENDTHRIFT TRUST) for a beneficiary so that the assets in that SPENDTHRIFT TRUST are secure against creditors of the beneficiary. This is often times utilized by parents who are concerned that money… (Keep reading)
Posted in Firm News on May 7, 2018
P – “P” stands for PROBATE, which is the legal process by which property passes from a deceased individual to his or her heirs. Unfortunately, the PROBATE process can take months, and even years (depending on the size of the estate and the number of challenges by potential heirs), and can be very costly, with… (Keep reading)
Posted in Firm News on May 3, 2018
M – “M” stands for MARRIAGE. Perhaps more than any other single factor, MARRIAGE, RE-MARRIAGE, and DIVORCE (See, DIVORCE, above) can have a significant impact on the amount of taxes owing on an estate. Under current tax law, a married couple can leave a combined estate of $22,400,000 and not be subject to estate tax…. (Keep reading)
Posted in Firm News on April 26, 2018
J – “J” stands for Joint Ownership. A married couple who lives in a community property state will enjoy a step up in basis for a home they own jointly. For example, if a couple pays $100,000 for a home, and when the first spouse dies, it is worth $200,000, the living spouse’s new basis… (Keep reading)
Posted in Firm News on April 12, 2018
G-“G” stands for GENERATION SKIPPING TAX. When a person dies and transfers their assets to their heirs (traditionally, their children ) the government imposes a tax on that transfer, something usually called an estate tax. Those children would then later transfer some or all of those assets to their children. When this occurred, there would… (Keep reading)
