Lee Kiefer & Park

When an individual’s “estate” (i.e., the total value of all assets owned by that individual at the time of death) reaches a certain value, the individual will have to pay estate tax at the time of death. This means that the individual’s heirs will forfeit a portion of their inheritance to the estate tax.

Reducing the Taxable Estate in Nevada

The impact of the estate tax can be reduced or avoided if the individual reduces the value of his or her estate during the individual’s lifetime (i.e., before death). This is known as reducing the taxable estate.

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Reducing the Taxable Estate in Nevada When an individual’s “estate” (i.e., the total value of all assets owned by that individual at the time of death) reaches a certain value, the individual will have to pay estate tax at the time of death. This means that the individual’s heirs will forfeit a portion of their inheritance to th...

It may be hard to believe, but it’s 2024. You probably have a lot going on, so time passes quickly. You spend much more time earning money than thinking about how to make the most of it. Financial planning and making the right money decisions are an ongoing task. If you don’t take time to review your financial health regularly, you may find yourself in a position where it is too late to make corrections.

Nine Financial To-Dos to Help You Stay on Track in 2024

If you’re looking to safeguard your hard-earned assets and ensure they’re protected for the future, it’s essential to consult with a skilled lawyer about protecting your assets. Our team of highly experienced Las Vegas attorneys that understand how to safeguard assets can assist you in creating a plan that works for you.

Here are nine suggestions for your 2024 financial health to-do list:

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Nine Financial To-Dos to Help You Stay on Track in 2024 It may be hard to believe, but it’s 2024. You probably have a lot going on, so time passes quickly. You spend much more time earning money than thinking about how to make the most of it. Financial planning and making the right money decisions are an ongoing task. If you don’t take time... Read M...

If you’re starting a company, the documents you are required to file with the Secretary of State depend on which type of entity you choose. There are many benefits to operating as a formal business entity, but this will typically require forms to be completed and filed with the Secretary of State. If the forms are incomplete or incorrect, you may miss out on some of the benefits of forming the entity in the first place, including protecting the business’ assets.

Which Documents Must You File With the State to Start a Company?

The team of attorneys at Lee Kiefer & Park helps Nevada businesses by discussing the company objectives with the client to help them choose which type of entity is right for them, create it, and ensure the appropriate protections are in place. There is far more to starting a business than filling out forms.

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Which Documents Must You File With the State to Start a Company? If you’re starting a company, the documents you are required to file with the Secretary of State depend on which type of entity you choose. There are many benefits to operating as a formal business entity, but this will typically require forms to be completed and filed with the Secretary of State....

The five-by-five rule pertains to certain withdrawal rights a beneficiary may have under the terms of a trust. It is an optional provision that may be added to a trust if the person creating the trust (the settlor) desires those benefitting from the trust (the beneficiaries) to have the ability to withdraw certain amounts from the trust.

The Five By Five Rule and What It Means for Trusts and Beneficiaries

It goes by many names, including the five-and-five power, five-by-five power, or five-or-five power. It’s a provision in the trust that grants a beneficiary the annual power to withdraw the greater of $5,000 or 5% of the trust’s assets, while avoiding certain negative tax consequences (which are beyond the scope of this post) that might otherwise be applicable if the withdrawal right were exercised outside of those parameters. This withdrawal power is usually in addition to the other distribution provisions of the trust.

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The Five By Five Rule and What It Means for Trusts and Beneficiaries The five-by-five rule pertains to certain withdrawal rights a beneficiary may have under the terms of a trust. It is an optional provision that may be added to a trust if the person creating the trust (the settlor) desires those benefitting from the trust (the beneficiaries) to have the ability to w...

Effective estate planning requires valid and properly executed legal documents and an overall strategy to accomplish your goals. You need to determine your priorities and decide how you want your assets to be managed and distributed on your behalf during periods of incapacity and after your death.

Essential Considerations for Estate Planning

Estate planning is most commonly thought of as being needed by the elderly or severely ill. The truth is, everyone can find estate planning documents helpful, especially if you have children, own substantial assets, or operate a business. This area of law isn’t just about what happens after you die. It’s also about what happens while you’re living but incapacitated.

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Essential Considerations for Estate Planning Effective estate planning requires valid and properly executed legal documents and an overall strategy to accomplish your goals. You need to determine your priorities and decide how you want your assets to be managed and distributed on your behalf during periods of incapacity and after your death. L...

Trusts are legal arrangements that can be simple or very complex. In order to ensure your objectives are achieved and that you are not creating any problems down the road, you will want to be sure your trust is properly drafted and created. While you may save money in attempting to draft your own trust, it may cost you (or your beneficiaries) when you (or they) run into trouble later.

Can I Create My Own Trust?

A trust is a legal arrangement allowing the trustee (which can be you or a third party) to manage assets for a beneficiary or beneficiaries. Trusts are created in many ways to accomplish different objectives.

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Can I, Should I, Create My Own Living Trust? We Explain Here. Trusts are legal arrangements that can be simple or very complex. In order to ensure your objectives are achieved and that you are not creating any problems down the road, you will want to be sure your trust is properly drafted and created. While you may save money in attempting to draft your own......

Aretha Franklin knew how to perform music, but she may not have known much about probate law. If she did, she may have formalized her estate plans instead of writing them on a piece of paper that ended up under a sofa cushion.

Thy Will Be Done: What Makes a Nevada Will Legal?

Aretha Franklin was one of the most influential singers in modern music. She was a musical prodigy at a young age. She suffered career ups and downs. Over her lifetime, she earned 18 Grammy awards and the nickname: Queen of Soul. Franklin died in 2018 in her hometown of Detroit, Michigan, at the age of 76.

After she died, her family didn’t think she had a will, according to the New York Times. In 2019, two handwritten documents were found at her home. One was in a locked cabinet, the other was in a spiral notebook under a couch cushion.

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Thy Will Be Done: What Makes a Nevada Will Legal? Aretha Franklin knew how to perform music, but she may not have known much about probate law. If she did, she may have formalized her estate plans instead of writing them on a piece of paper that ended up under a sofa cushion. Without a will, your property passes to your heirs (i.e., your... Read Mo...

If you and your new spouse both had children before your second (or most recent) marriage, estate planning can be more complicated. While you may want the best for your children, you will also wish to avoid conflicts with your new spouse.

What Does My Second Marriage Mean for My Children's Inheritance?

What a second marriage means for your child’s inheritance depends on the situation. Mixed families can present some issues when it comes to estate planning.

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What Does My Second Marriage Mean for My Children’s Inheritance? What a second marriage means for your child’s inheritance depends on the situation. Mixed families can present some issues when it comes to estate planning. At LKP, we can help you navigate complex problems that may arise in the context of your mixed family after you pass away. LKP are experienced...

Congratulations on doing something important that many fail to do – you met with an attorney and created an estate plan. For most people, that shouldn’t be the end of the story. There are many moving parts to a comprehensive estate plan, which plans for your assets after you pass away or during a period of incapacity. Over time, some aspects may change, or you may have new or different objectives.

Why Should I Change My Estate Plan?

An estate plan is like a house. Over time you buy new furniture, paint rooms different colors, renovate, or add to it. What you want and need from your home changes over time. The same is true with an estate plan.

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Why Should I Change My Estate Plan? Congratulations on doing something important that many fail to do – you met with an attorney and created an estate plan. For most people, that shouldn’t be the end of the story. There are many moving parts to a comprehensive estate plan, which plans for your assets after you pass away or during ...

No matter where your business starts, before you open your doors you need to think, plan, and lay the groundwork. You can prevent a lot of trouble if part of your preparation includes addressing legal issues from the start and using the right type of business entity.

What are the Steps to Starting a Business in Nevada?

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What are the Steps to Starting a Business in Nevada? No matter where your business starts, before you open your doors you need to think, plan, and lay the groundwork. You can prevent a lot of trouble if part of your preparation includes addressing legal issues from the start and using the right type of business entity. We help Nevadans start businesse...

A limited-liability company (LLC) generally protects against personal liability. This is an important reason why business owners create LLCs. If asset protection isn’t a priority for you, it probably should be.

Does an LLC Protect You from Personal Liability?

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Does an LLC Protect You from Personal Liability? A limited-liability company (LLC) generally protects against personal liability. This is an important reason why business owners create LLCs. If asset protection isn’t a priority for you, it probably should be. LKP attorneys work with clients to establish LLCs to protect the client’s assets. If ...

For California residents, going across the border to create a Nevada LLC doesn’t provide an advantage in most cases. In fact, it may end up being more expensive with no real benefit.

Setting up a legal entity to own your business, instead of holding it as a sole proprietorship, is a good idea. It’s a way to create a layer of protection for your personal assets in the event of unexpected legal or financial problems with your business. If the entity is formed correctly and the ongoing formalities are carried out, your personal assets should receive a measure of protection from business creditors, including judgment creditors.

Are There Advantages to Filing for an LLC in Nevada or California?

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Are There Advantages to Filing for an LLC in Nevada or California? For California residents, going across the border to create a Nevada LLC doesn’t provide an advantage in most cases. In fact, it may end up being more expensive with no real benefit. Setting up a legal entity to own your business, instead of holding it as a sole proprietorship, is a good idea. It....

Through estate planning, you can prevent your assets from going through the probate process after you pass away. You may use one or more methods to accomplish this, and one is living trust, which allows you to control assets while you’re in good health.

What Type of Trust Avoids Probate?

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What Type of Trust Avoids Probate? Through estate planning, you can prevent your assets from going through the probate process after you pass away. You may use one or more methods to accomplish this, and one is living trust, which allows you to control assets while you’re in good health. LKP focuses on how we can help our clients r...

Not all assets must go through probate in Nevada. The probate process has a bad reputation for delay and bureaucracy. You may fear the worst if a loved one recently passed, but it may not be as painful as you think. State law limits the property involved. If there is no such property, or its value is limited, there might be no need for probate, or the estate may qualify for a simpler resolution.

What Assets Are Subject to Nevada State Probate?

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What Assets Are Subject to Nevada Probate? Not all assets must go through probate in Nevada. The probate process has a bad reputation for delay and bureaucracy. You may fear the worst if a loved one recently passed, but it may not be as painful as you think. State law limits the property involved. If there is no such property, or... Read Mor...

Living with a disability can come with many challenges. One challenge is receiving Supplemental Security Income (SSI) and Medicaid while also being able to access funds to meet needs that aren’t covered by SSI and Medicaid. Fortunately, there is a way to ensure a loved one’s needs are met without jeopardizing their eligibility for SSI and Medicaid: special needs trusts in Nevada. If you need to set up a special needs trust, contact one of our experienced attorneys to discuss your needs and options.

What Is a Special Needs Trust in Nevada?

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Special Needs Trusts in Nevada | Creation & Benefits A special needs trust allows the beneficiary to have money and/or property without jeopardizing his or her eligibility for SSI or Medicaid.

If you create a Trust in Nevada, what happens after you die? Creating a Trust involves placing assets into the care of a third party, known as a trustee, upon your death. The assets are held and administered for someone else’s benefit, known as the beneficiary. When you pass, the person you appointed to manage the Trust’s assets (i.e., the trustee) will begin to carry out the provisions of your Trust.

The management of every Trust will be unique to the Trust itself and the wishes of the person who created it. The legal term for the management of one’s Trust is: “Trust administration.” Although each Trust administration will have some unique aspects, in Nevada, there are certain commonalities in Trust administration. Some include settling Trust debts, transferring property titles, and sending notices to creditors and beneficiaries.

Regardless of the the size of the Trust, there will be numerous steps. Our Trust administration attorneys can help with the process.

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What Happens to My Trust When I Die? The Trust Administration Process If you create a Trust in Nevada, what happens after you die? Creating a Trust involves placing assets into the care of a third party, known as a trustee, upon your death. The assets are held and administered for someone else’s benefit, known as the beneficiary. When you pass, the person you appoin...

A will usually comes to mind when people think of estate planning; however, you may want to consider a trust if you plan for your children to inherit any of your assets. You can establish specific stipulations or certain conditions for your children through the implementation of a trust.

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Placing Conditions on a Trust for Children A will usually comes to mind when people think of estate planning; however, you may want to consider a trust if you plan for your children to inherit any of your assets. You can establish specific stipulations or certain conditions for your children through the implementation of a trust. What is tru...

An LLC is a type of business entity used to operate a business. Limited Liability Companies (LLCs) can be formed by individuals, partners, or groups. The owners of an LLC are called “members,” and one or more of the owners may also serve as the manager of the LLC – or you may have someone who is not an owner serve as the manager. A principal, but not the only, advantage of an LLC is its limited liability protections. For example, debts of the LLC are not pursued through its members or owner since the LLC, as a company, is a separate entity. And the reverse is true as well – the LLC does not bear the burden of a member’s or owner’s individual debts. An LLC also provides flexibility regarding federal taxes, ownership and the number and types of members. Although more complex than a sole proprietorship, an LLC is still simplistic in operation, maintenance, and performance while offering a measure of protection to members and owners from liability. The LLC is one of the most popular vehicles for protecting assets, including real estate.

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What is an LLC, and Why Use an LLC to Hold Property? An LLC is a type of business entity used to operate a business. Limited Liability Companies (LLCs) can be formed by individuals, partners, or groups. The owners of an LLC are called “members,” and one or more of the owners may also serve as the manager of the LLC – or you may have... Read More...

A will usually comes to mind when people think of estate planning; however, you may want to consider a trust if you plan for your children to inherit any of your assets. You can establish specific stipulations or certain conditions for your children through the implementation of a trust.

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www.lkpfirm.com/placing-conditions-on-a-trust-for-children/

Placing Conditions on a Trust for Children A will usually comes to mind when people think of estate planning; however, you may want to consider a trust if you plan for your children to inherit any of your assets. You can establish specific stipulations or certain conditions for your children through the implementation of a trust. What is tru...

Nevada is a great place to plan for your retirement and for your estate. Nevada does not have a state income tax. So, while federal taxes will still apply to your income, retirement benefits and social security benefits, you will not pay any incremental state tax on such items to the state of Nevada. In addition, Nevada does not impose an inheritance or estate tax on your estate when you pass away.

Whether you are just starting to think about retirement planning or are more concerned about estate planning, it is important to know the difference between the two and the fundamentals behind them both.

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Retirement Planning and Estate Planning: the concepts and differences explained Nevada is a great place to plan for your retirement and for your estate. Nevada does not have a state income tax. So, while federal taxes will still apply to your income, retirement benefits and social security benefits, you will not pay any incremental state tax on such items to the state of Nevada...

Although death is the one thing life guarantees, it doesn’t make speaking about it any easier. Many people avoid having this difficult conversation with their parents. They prefer to put it off into some unknown time in the future. However, suppose a parent passes without any legal plan in place. In that case, their children may face challenging situations as they try to navigate their parent’s financial and health care needs.

Having an estate plan can prevent many issues that a family will face once their parents are gone. Written direction can lessen fights between other siblings who might otherwise argue about what their parents’ wishes would have been. Also, having all the necessary documents in place can alleviate the grief, stress, and sadness associated with losing a loved one.

This article will guide you on how to help an elderly parent through estate planning.

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Guiding an Elderly Parent through Estate Planning Although death is the one thing life guarantees, it doesn’t make speaking about it any easier. Many people avoid having this difficult conversation with their parents. They prefer to put it off into some unknown time in the future. However, suppose a parent passes without any legal plan in place. ...

When people think of estate planning, they usually think about wills. A will is an essential start part of estate planning because it directs how your property passes after your gone. However, with a will alone, there is a probate process, and courts are involved. But a will is only one tool in the estate planning process.

In Las Vegas and throughout the country, a “living trust” has become a popular estate planning tool because it allows an estate to circumvent Nevada’s complex probate process. Whether you are old or young, wealthy or not, a living trust may benefit you and your loved ones.

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The Benefits of a Living Trust in Nevada When people think of estate planning, they usually think about wills. A will is an essential start part of estate planning because it directs how your property passes after your gone. However, with a will alone, there is a probate process, and courts are involved. But a will is only one tool in the....

Although single parents share some of the same hurdles as other parents, they often face those hurdles without someone else to step in and help when unexpected life events happen. Doing things alone bears its own unique set of challenges.

In some situations, single parents may have the help of family, friends, or neighbors to rely on. But usually, they depend only on themselves. Though this can be trying and even overwhelming at times, the rewards of being a single parent are especially meaningful and memorable.

Single parents work hard to ensure that their children have complete and wonderful childhoods. However, one critical thing often gets overlooked or put off for one reason or another: estate planning for their children and their future. If you are one of the estimated 40% of single-parent households in Nevada, continue reading to discover how estate planning can work for you and your family.

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How to Create an Estate Plan as a Single Parent in Nevada Although single parents share some of the same hurdles as other parents, they often face those hurdles without someone else to step in and help when unexpected life events happen. Doing things alone bears its own unique set of challenges. In some situations, single parents may have the help of famil...

The process of estate planning includes preparing for the future while safeguarding your assets along the way, ensuring all your desires are in place to facilitate a smooth transition for your loved ones after you are gone. However, unanticipated situations can arise during your lifetime necessitating the need for others to step in and help while you are still living. For example, what would happen if you were in a severe accident, resulting in your incapacitation or ability to make decisions? Who would step in to help manage your finances? Is there a particular family member you would designate to make medical decisions for you? Would they know what to do? Would they have the power to act on your behalf?

These circumstances require some forethought and are an important part of estate planning that should not be avoided or procrastinated.

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Nevada Estate Planning: Why you should have health care power of attorney and a financial power of attorney The process of estate planning includes preparing for the future while safeguarding your assets along the way, ensuring all your desires are in place to facilitate a smooth transition for your loved ones after you are gone. However, unanticipated situations can arise during your lifetime necessitati...

The Nevada homestead exemption law is among the most generous in our nation. Thanks to Nevada’s strong public policy, residents in Nevada can now keep their homes despite entry of a judgment against them.

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Nevada's Homestead Exemption Laws and What it Can Do For You The Nevada homestead exemption law is among the most generous in our nation. Thanks to Nevada’s strong public policy, residents in Nevada can now keep their homes despite entry of a judgment against them. How does Nevada’s Homestead Exemption Law Work? Homestead Declaration forms are filed with ...

When a judgment is entered against you, a creditor will look to enforce it by seizing a debtor’s property. Once a creditor obtains that property, they will sell it to satisfy the debt. That process is referred to as “ex*****on.” Even if a judgment exists, certain types of assets cannot be taken from you because not all property is subject to ex*****on.

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Property Exempt from Ex*****on When a judgment is entered against you, a creditor will look to enforce it by seizing a debtor’s property. Once a creditor obtains that property, they will sell it to satisfy the debt. That process is referred to as “ex*****on.” Even if a judgment exists, certain types of assets cannot be take...