Relationship Between Estate Taxes and Gift Taxes Explained

In my prior blog several months ago, I explained in general terms the rules concerning lifetime gifting and potential gift taxes associated with such gifts. I now move on to the estate tax.

The estate tax and gift tax are linked at the hip, so to understand the estate tax, it’s necessary to lay some groundwork by explaining the relationship between the estate and gift taxes. > > > Read the full article

The Probate Process Explained

Per Black’s Legal Dictionary probate is defined: to admit a will to proof or to administer a decedent’s estate.  For a better understand of probate, read our helpful article on “What is Probate“.

Black’s succinctly and accurately describes the probate process as one applying to both those individuals who die with a will (testate) and those who die without a will (intestate). > > > Read the full article

Las Vegas Attorney Robert Graham Allegedly Disappears with Millions of Client Money

It’s very important to have a reputable attorney for your probate needs. This article is an example of a possible worst-case scenario. Whether or not the allegations are true will remain to be seen. At Grant Morris Dodds, we believe in being beyond reproach. Thousands of clients have trusted us over the years with their probate court & probate needs. > > > Read the full article

What is Probate?

You have likely heard the term “probate” used in the context of handling a person’s affairs upon their death.  Probate is indeed the administering of a decedent’s estate through a formal legal process usually under the jurisdiction of a specific court.  For example, in Nevada that court is simply called probate court.  

Here are a few things you may want to know about the probate process:

1. > > > Read the full article

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. > > > Read the full article

How to Create a Living Will and Why it’s Important

What Is A Living Will?

A living will (sometimes called an Advanced Directive, Healthcare Directive, Directive to Physicians, or DNR Order) is a legal document that any person with capacity can execute to inform physicians, first responders, or even family members of their wishes and preferences as relating to emergency or end-of-life medical care in the event that person is not able to make or communicate those wishes. > > > Read the full article

MOVING FROM GOLD TO SILVER: BECOMING A NEVADA RESIDENT

Welcome to NevadaA gold rush motivated multitudes to migrate through Nevada on their way to California in the mid-1800’s and inspired the state’s nickname—the Golden State.  Today, a reverse relocation of sorts is happening as people trade in the Golden for the Silver State.  While its crowded roadways and bulging urban areas may partially explain this inverse exodus, California’s increased tax rates1 are surely a major factor in some residents’ decisions to leave the temperate coastal climes for a new life in the desert.  > > > Read the full article

Estate Planning and the Capital Gain Tax

Back in the heyday of estate planning when just about everyone who died owning a home and an IRA would have an estate subject to this tax, the choice between paying estate tax versus paying capital gain tax was an easy one to make. Up until the last few years, the highest estate tax bracket was 55% and the top long-term capital gain tax bracket was only 15%. > > > Read the full article

Has A Loved One Died Without A Will?

My Loved On died Without A WillThe pain you feel at the loss of a loved one is often compounded if your loved one died without a will.  During a time when you should be able to grieve, the uncertainty created by the lack of a will can cause real problems that you cannot handle on your own.  Some of those are very urgent and can compound and create further complications if you make the wrong choice.   > > > Read the full article