Trusts are a powerful part of an estate plan, offering long-term control over assets and potential tax benefits. However, they also come with complex tax obligations that trustees must understand. Knowing when a trust is required to file a tax return—and how to minimize income taxes, especially f...

If something unexpected happened tomorrow, would your assets be safe? Last year, we covered why asset protection is crucial to protecting your wealth from external risks so you can continue to grow it and pass it on to future generations. We pointed out that Nevada is the premier state for estab...

As we enter a new year, it's the perfect time to revisit your estate planning strategies to ensure they align with current laws and your long-term goals. With potential tax and legal changes on the horizon, staying informed and proactive will help you make the most of available opportunities and ...

On January 5, 2025, President Biden signed into law the Social Security Fairness Act, a significant legislative achievement resulting from the dedicated efforts of U.S. Senator Bill Cassidy, M.D. (R-LA). This act repeals the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO), two provisions that had long reduced Social Security benefits for public sector employees, including teachers, police officers, and firefighters.

As the year comes to a close, many people seek ways to make meaningful charitable contributions while also considering the tax benefits such gifts can provide. The following options and strategies can help you maximize your charitable impact and financial efficiency, particularly as recent update...

The 2024 U.S. presidential election is poised to influence policies across a wide array of sectors, from economic regulations to international relations. Estate planning is one area where certain election outcomes might have an impact, particularly regarding tax policies and the federal estate tax exemption. However, it’s essential to remember that estate planning is much more than a response to changes in tax law. In fact, 90% of what estate planning accomplishes has little to do with taxes. This article will break down the potential effects of the 2024 election on estate planning and, more importantly, why proactive estate planning should be a priority regardless of who is in office.

A Spousal Lifetime Access Trust (SLAT) is an estate-planning tool that can benefit high-net-worth couples looking to reduce estate taxes while preserving access to their wealth. With estate tax exemptions potentially halving in 2026 once the 2017 Tax Relief Act sunsets, SLATs offer an effective strategy to lock in current limits and reduce taxable estates. Here's an overview of how SLATs work, their advantages, and key considerations.

In a society where litigation is common and economic downturns are unpredictable, safeguarding your assets isn't just advisable—it's essential. Asset protection planning serves as a financial shield, ensuring your wealth remains secure from potential lawsuits, divorces, creditors, and long-term care issues. However, the effectiveness of this protection hinges on proactive planning. Establishing a trust, particularly in Nevada, can provide unparalleled security for your assets, offering peace of mind and long-term stability for you and your loved ones.

You’ve hoped, dreamed, and possibly waited years, and now you finally have a grandchild – congratulations! Becoming a grandparent is incredibly special and rewarding. Your priorities and goals can change overnight as your concerns about taking care of your children now also include ensuring your grandchild is protected. It’s time to include this new precious family member in your legacy planning.

You've probably heard about the importance of setting up a trust, funding it, and avoiding probate. But what do all these terms mean, exactly? How do you “fund” a trust, and why is avoiding probate so important?  We will break down these basic Estate Planning terms and concepts in an easy-to-dig...

The saying "April showers bring May flowers" means good times come after adversity. But what if April is bringing you a few too many showers? Sometimes, life comes at you all at once, and it can be hard to be positive and wait for the metaphorical May flowers to arrive when you're in the midst of one personal crisis after another. So, what do you do when April is simply a deluge, and May seems so far away?

Do you know the impact on you and your loved ones if your estate has to go through probate or guardianship court? Probate is a legal process where the court appoints an executor to administer the estate and distribute assets. In the case of a disability, an estate can go through guardianship court, where a guardian is appointed to handle the financial affairs and healthcare decisions of the disabled person. These court processes can happen when someone doesn’t previously have a trust with their assets coordinated properly with it. They are lengthy, expensive, stressful, and...avoidable.

If you've ever wished you had just one extra day to do something, now's your chance! February 29th is Leap Day, an extra day in the year you can use to catch up on a goal or have fun celebrating in a unique way. Here are some ideas of things to do on this extra day.

For a business owner, the end of the year is very busy, buttoning up payroll, making any last-minute large purchases or charity donations, contributing to their retirement account, and many other time-sensitive matters. Now that the end-of-year crunch has happened and a new year has begun, what s...

Let’s do an end-of-year review! If it’s been a while since you’ve updated your estate plan, here is your reminder. It's a good idea to put this task in your calendar every year around this time to coincide with your other financial end-of-year tasks, like charitable donations and retirement plan contribution top-offs. That way, your estate plan is continually updated, and any life changes that have happened throughout the year can be accounted for before the next year. Remember, your estate plan is not a static document - it needs to change along with you.

October is Cybersecurity Awareness Month, and with all the recent hacking of major entities like MGM Resorts International, Caesars Entertainment, and the Clark County School District, it feels appropriate to discuss what you can do to keep your personal information and finances safe. Thieves are...

It seems so natural when buying real estate that you’d put the property under your own name – after all, you are the owner. But what a lot of us don’t think about are the ramifications of having our personal information out there and the liability individual ownership creates for all our other assets. There are many reasons why putting your real estate into an LLC is a great idea to protect you and your finances. Car accidents, business deals gone wrong, and injuries on your property are just a few of the instances where insurance might not be enough protection. 

Summer is the perfect time for barbecues, family visits, and fun vacations. With all the activity that summer brings, and the fact that you're more likely to see family, now might be the right time to discuss estate planning with loved ones and to think about your own.  You no doubt spend a lo...

I don't need to tell you that we are currently under an intense heat dome that's been keeping our summer temps extremely high for way too many days. Us Las Vegans are accustomed to surviving in the desert heat, albeit with lots of air conditioning and sunscreen. But with high utility costs, const...

The concept of an Ethical Will has been around since biblical times. It was a way for people to pass on their shared stories, wisdom, and blessings to the next generation. It is not a legal document like a last will and testament. Instead of laying out who will inherit the assets, it leaves a type of moral inheritance such as philosophies, memories, life lessons, and wishes for loved ones and future generations. It can be as simple as a letter written to one’s children and grandchildren, or it can be a longer personal history. Read on to learn more about what Ethical Wills are, why you should write one, and what to include in yours.

Memorial Day honors our nation’s heroes who have made the ultimate sacrifice. As we cherish the legacies they leave behind, it can serve as a reminder that all of us have legacies to leave our loved ones and communities. For military service members, risking their lives for their country is part of the job, which makes it that much more important that they have an Estate Plan in place to protect themselves, their families, and to leave a legacy of their own design.

Easter Egg Hunts are a delight for kids, searching high and low for those candy-filled eggs. Setting up these scavenger hunts for your children is a beautiful pastime. However, what parents should want to avoid are these types of scavenger hunts later in life, making their children search everywhere for estate planning documents during a time of grief. Here are some tips on how to avoid a "hunt" for important documentation and take some of the strain out of a difficult situation.

Estate Planning is never static; it grows and changes along with you. When you're a business owner, it adds another level of complexity that you need to maintain to ensure everything with you and your business remains up to date. Depending on where you are in your life journey (and the life of your business), there are certain Estate Planning elements you should be aware of and questions you should ask yourself along the way. 

I recently watched a news story that said despite being squeezed by the higher prices of inflation, Americans aren't slowing down their holiday purchases. To make matters worse, even though the average credit card's APR now tops 19%, people are charging record amounts to their credit cards in ord...

The busyness and stress over the holiday season can easily disrupt intimacy in marriages. To avoid letting the crazy calendar, expenses, and relatives get you bickering with each other, we've compiled a quick list of tips to help you get through the holidays with a thankful heart and a strong uni...