Nevada residents may wish to know about a specific issue that many parents face when leaving assets to their children. When the parent has a disabled child, care needs to be taken in estate planning to avoid unforeseen consequences.
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.
While many Americans take advantage of states with no income taxes (like Nevada), the placing of financial assets into trusts is gaining scrutiny from officials in other states. For example, individuals who are in the process of selling a company may move shares from that company from one state to out-of-state trusts so that these gains will not be subjected to state income tax treatment.
There is a new 3.8 percent federal tax that will be imposed upon net investment income from trusts and estates. The tax will be applicable to these trusts and estates if the gross income exceeds $11,950.