A 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
It was reported yesterday by the Guardian news service located in the United Kingdom that “more than 100 of Britain’s richest people have been caught hiding billions of pounds in secretive offshore havens, sparking an unprecedented global tax evasion investigation.”
The Guardian article included Chancellor George Osborne’s warning to alleged tax evaders, and their accountants and advisers: “The message is simple: if you evade tax, we’re coming after you.”
This is yet another example of a government cracking down on foreign ownership and investment. > > > Read the full article
By now, most of us know that U.S. Supreme Court Chief Justice John Roberts upheld “Obamacare” by ruling that the penalty imposed upon a person for failure to purchase health insurance is not a penalty, but is actually a tax.
For those individuals who are self-employed or retired and do not have W-2 wages withheld, it may be possible to avoid buying insurance and also avoid paying the tax/penalty. > > > Read the full article
The following article was written by David M. Grant and Jeremy K. Cooper and was originally published in COMMUNIQUÉ (May 2009, Vol. 30, No. 5), the official journal of the Clark County Bar Association.
“What’s good for the goose is good for the gander.” This timeless cliché accurately portrays the logic behind Nevada’s recent ground-breaking decision to extend charging order protection beyond the realm of partnerships and limited-liability companies (LLCs) to corporations operating as small businesses. > > > Read the full article
Nevada historically has been considered a favorable jurisdiction for forming and maintaining a trust. As one of the first states to pass legislation permitting the self-settled spendthrift trust, or domestic asset protection trust (“DAPT”) as it is sometimes identified, Nevada offers cutting edge laws in the areas of trust formation and administration. > > > Read the full article
The British Virgin Islands International Business Company. As stated above, many foreign jurisdictions have taken the International Business Companies (IBC) Act of the British Virgin Islands (BVI) and adopted it with hardly any change. For this reason the BVI’s laws are the “gold standard” in IBC legislation. As such, this outline will cover some of the particulars of the BVI IBC law. > > > Read the full article
What is an offshore company?
Generally, an offshore company is one that is incorporated, organized, formed, and/or governed outside the jurisdiction where its primary operations take place and where its owners are domiciled.
What are the typical requirements for registering an offshore company?
Must be formed from outside. Generally, an offshore company must be formed from outside the offshore jurisdiction. > > > Read the full article
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. > > > Read the full article
Imagine that you are preparing to fly an airplane from Los Angeles to Honolulu. You know that airplane engines need to be serviced and overhauled after a certain number of hours of operation and you also know that the plane you are going to fly to Honolulu, over 3,000 miles of open water, has not been serviced recently. > > > Read the full article
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. > > > Read the full article