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If you have followed my blog you will see that I have often discussed the proper use of a Revocable Living Trust to avoid probate at death. The trust is a perfect vehicle to transfer real estate to heirs without the hassle and expense of probate. You may also know that real estate held with right...
News years resolution: Spend more time posting estate planning ideas. Its a new year full of resolutions which, I think, warrants a new look. The old theme proved to be a little to dark and dreary. Please let me know what you think. I owe an apology to those of you who have followed this blog...
This is a great question I have recently recived. It is a very common concern. “My questions deals with a husband and wife living in Utah with 4 children - all over the age of 18. I understand that the interest in real property that is owned in “joint tenancy with rights of...
I recently received the following question via email: “I have heard that in Nevada if there is certain language in a pour over assets are transferred to the trustee of a revocable trust without submitting to probate. Is this information correct?” Generally, to avoid probate, the assets...
This week republicans attempted once again to effect a complete repeal of the estate tax. A 57-41 vote fell three votes short of advancing the bill. Under current law the estate tax is scheduled to disappear in 2010. However, it rears its ugly head again in 2011 with only a $1 Million...
If you have previously had an estate planning trust prepared, check your deeds to make sure all of your real estate is deed into the name of your trust. The number one pitfall of the revocable living trust is failing to deed your property to it. Your trust only governs the property it owns. If...
Joel Schoenmeyer in his Death and Taxes Blog and Jennifer Sawday in her California Estate Planning Blog are both noted fans of the HBO series “Big Love” which depicts a polygamist family living in Utah. Both planners have recently commented upon the unique story line in a recent...
Asset protection strategies have often led individuals to various offshore locales such as the Cayman Islands to create irrevocable trusts beyond the reach of United States judgments. Such planning is expensive and troublesome for a number of reasons. Nevada is one of a very few states that has...
It depends. Generally, for basic estate planning purposes, people execute a revocable living trust. This trust provides the many benefits that I have discussed in prior posts including probate avoidance, privacy, planning for incapacity, and estate tax avoidance. However, a revocable living...
I had the “pleasure” to spend half of my day in the cattle drive known as the Friday probate calendar in the Eighth Judicial District Court, Las Vegas. The upside is that the Probate Commissioner in Las Vegas may be the single most pleasant judge I have ever stood before. Nonetheless,...