Inherited IRAs Are Naked

The U.S. Supreme Court ruled that children with inherited IRAs from their parents will not be able to keep the IRA in bankruptcy.  What does that mean for your children?  If your child has either a bankruptcy, lawsuit, divorce or IRS problems then those creditors can take all or a part of the IRA your child inherited from you. The solution is simple: the ...

Humans Should Never Own Real Estate

I've been teaching attorneys, CPAs and Realtors for the past 12 years that title to real estate should never be owned by individuals.  Why? When an individual owns real estate the Probate Court must determine who will become the beneficiary when the individual dies.  This probate cost is approximately 5% of the fair market value of the real estate. If the ...

Yellow Dot Program

Nevada introduced a life-saving program that alerts “first responders” at a car accident scene that an occupant of the vehicle has special medical issues. This information is critical in the “golden hour” following an accident. Emergency workers can now increase the chance of survival for a victim who may be incapacitated. A yellow dot decal is placed on the rear ...

Will He Get the House if There’s a Divorce

There's a lot of confusion out there on how assets are divided upon death and divorce.  Although I'm not a divorce attorney, my clients get divorced and we have to deal with the division of assets held in their trusts. In this post, I will share with you 3 simple rules I learned from a judge to pass the Bar ...

Annual Open House with Santa!

Get Your Pictures with Santa and Free Guardianship NominationsOn Friday, December 5th from 2:00 pm to 5:00 pm the Law Offices of Gary Fales will be hosting none other than Santa Clause!You can name me as the guardian of your children if you can't think of anyone else.SantaBring the kids to our office after school for after-school snacks and to get ...

95% Chance You’ll Divorce If…

If you marry someone who is 20 years younger or older than you, then you have a 95% chance of divorcing according to the Department of Economics at Emory University.  As an attorney who helps folks protect their wealth I have a simple suggestion: don’t divorce.  If that’s not possible, plan ahead.  Those who are fortunately enough to be in …

In a Divorce, Commission Checks Get Split Unless…

LEARN MY FOUR SIMPLE RULES OF COMMUNITY PROPERTY AT MY FREE REAL ESTATE CE CLASS My students tell me they love the section I teach on Community Property.  I break down the complex laws to four simple rules to remember to protect your clients from losing everything in a divorce.  Plus, I apply these rules to death so you can see …

Death is 100% Certain

That may sound strange coming from an Estate Planning Attorney, but I want to help you focus on what matters most.  Yes, we should do what is reasonable to protect ourselves from losing our assets in a lawsuit.  However, I meet so many folks that want to prepare for a lawsuit, which may or may not happen; yet, they don’t …

Use LLC to Keep Your Name Off Real Estate

I often get calls about how to own real estate so that your name doesn’t appear on the real estate chain of title. Here’s how. 1. You must buy it in cash. 2. Form LLC and open a bank account. 3. Put the money for the purchase of the property in the bank account. 4. Make the offer in the …