What changes in the law for 2018? CHANGES TO FEDERAL LAWS THE FEDERAL ESTATE TAX LAW The new tax law enacted in December has significantly changed the gift and estate tax laws. The law increased the current $5,000,000 estate tax exemption to $10,000,000 indexed for inflation since 2011. This means for those individuals who pass away in 2018, the …
What is Estate Planning?
Estate planning is the process of preparing your assets for your death or incapacity. It can also include planning for taxes and creditors. Your estate is simply anything that you own. An estate planning attorney prepares living trusts, living wills, powers of attorney, wills, advance directives, post-nuptial agreements, health care powers of attorney, and the Nevada Asset Protection Trust. Why ...
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 ...
10 Reasons Why You Should Not Use LLCs to Hold Real Estate
10 Reasons Why You Should Not Use LLCs to Own Real EstateBecause I am an estate planning and asset protection attorney, I speak to folks everyday about the formation of limited liability companies (“LLCs”). Usually, these folks want to protect their personal assets in the event one of their tenants gets injured on one of their rental properties. I form ...
When Insurance Fails
I had a client call in today with a sad story. He is in the service industry and was working for a company that is no longer in business. While he was working there, a claim arose based on some work he provided. However, when the company closed its doors, it stopped paying for the professional liability insurance. Now, the ...
Get Your Trust Fixed
Most people do not realize that a trust needs to be maintained and updated. We estimate that more than 75% of all living trusts are outdated! These oversights can cause tremendous problems later in our lives, even before we pass away. We can help prevent this problem! We have developed an effective process to ensure your trust documents will never ...
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 ...
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 …
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