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

I Just Received a Letter from the Medical Board: Now What?

Professional Licensing Boards are government agencies which regulate healthcare professionals.  This regulation includes ensuring that applicants for licensure are properly qualified and competent to practice in their respective healthcare fields.  It also includes ongoing monitoring of healthcare professionals and disciplinary actions.  The Professional Boards have the power to revoke a healthcare provider’s license, place it on suspension, levy fines, and issue other orders for discipline against a healthcare provider.  > > > Read the full article

Need to Plan for Children Reaching 18 and Beyond

Once your child reaches age 18, you as the parent no longer have the same legal rights to handle your child’s financial affairs, healthcare decisions or any of the other matters affecting your child. As long as your child is living and competent, the child is legally entitled to handle his or her own affairs; but if your child should become incapacitated, through injury or illness and the child is age 18 or older, in order to obtain control over the child’s financial and medical decisions, it will be necessary to file a petition with the guardianship court. > > > Read the full article

Last Wills and Testaments

(Republished from Vegas PBS Source Magazine; July 2013.)

Although a living trust is the estate planning and testamentary vehicle of choice for most people in Southern Nevada, for those who have modest size estates—such as where there is no real estate involved, and where the only assets are small bank accounts, home furnishings and heirlooms—a will may be the better choice. > > > Read the full article

Estate Planning: Who Should Own The Captive Insurance Company?

From an estate planning perspective, there are a variety of ways to structure the ownership of a captive insurance company to enhance the overall tax and asset protection benefits available through §831(b) captive planning. But first, a few words on Captive Insurance Companies and Internal Revenue Code section 831(b):

What is a captive insurance company?

Simply put, a captive insurance company is an insurance company that is owned by one or more business owners to provide insurance for the business. > > > Read the full article

How to Terminate a Trust

Trust agreements can terminate for any number of reasons. Following are several explanations of why a trust might end, come to its conclusion, and be terminated…

Natural Trust Termination

Upon the settlor’s death. Upon the death of the settlor (or within a reasonable time after death) a standard liquidating trust may terminate. Upon a designated age or date. > > > Read the full article

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.  > > > Read the full article

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.  > > > Read the full article

What is Estate Tax Portability?

Before 2010, married couples could pass on up to two times the federal estate tax exemption by including “A-B Trusts” or “A-B-C Trusts” in their estate plan. Because TRA 2010 was a temporary law, many wondered if portability was a concept that would only work for those dying in 2011 and 2012.  We can stop wondering.  > > > Read the full article