Gift tax considerations and estate planning trusts
In a decision released on Feb. 13, the Internal Revenue Service set standards regarding issues about the gift tax, clarifying whether contributions to a trust are completed gifts. The letter also discussed whether the fair market value of property held in trust was...
Termination of a power of attorney
People who have established a power of attorney or agents who have been granted powers to act under a power of attorney may have questions regarding when the power may terminate. Several circumstances can result in the termination of a previously granted power of...
Updating the terms of a trust that has already become irrevocable
Las Vegas residents with an interest in estate planning issues may be interested in an article detailing one method for updating a trust after it has become irrevocable. This method may have tax consequences, good or bad, so professional guidance should be sought....
Facebook introduces new option for profiles after death
Many Nevada residents neglect to consider their digital assets like their social media profiles when they begin planning their estates. However, it may now be easier for Facebook users to dictate what will happen to their profiles in the event of their deaths with the...
Life insurance trusts and estate planning in Nevada
One of the most common assets that an individual will hold is a life insurance policy. However, they can be problematic when it comes to estate planning. One way to get around these issues is to create an irrevocable life insurance trust. What the trust will do is...
Family disputes are common even with estate plans
Disputes over the items a family member has in their estate when they die are common among Las Vegas families whether the deceased person had millions of dollars or died virtually penniless. Wills and trusts are effective ways to reduce the amount of discord after...
Effectiveness of a power of attorney upon a move
Many people in Nevada use a power of attorney as an important piece of their overall estate plans. A power of attorney may be used to allow another person to conduct business on behalf of the grantor's becoming incapacitated. Powers of attorney used to expire after a...
New proposal could impact Nevada estate taxes
President Obama issued a proposal at the 2015 State of the Union Address that would have closed loopholes available to those with assets in a trust. Currently, if assets are passed on to heirs, the heirs get what is called a step-up in basis. In other words, their...