May 2011 - Law Firm of Jeffrey Burr

Just for Vets ~ Non-Service Related Pensions

Posted on May 23, 2011 by Law Firm of Jeffrey Burr

Two little-known benefits available to vets or their widows are the Improved Pension and the Aid and Attendance Program. The Improved Pension is an asset and income based program available to vets or their widows whose assets and income are below certain levels as adjusted annually for inflation. The Aid and Attendance Program provides additional […]

Comparison of Portability and Exemption Trust

Posted on May 18, 2011 by Law Firm of Jeffrey Burr

Last week, I prepared and gave a presentation to the Financial Planning Association of Nevada on some of the details of the 2010 Tax Act and its impact on estate planning. One interesting thing that I came across in preparing my presentation was a comparison of an estate relying on the new portability provisions versus […]

Disposition of Tangible Personal Property By List or Statement – What Is “Tangible Personal Property”?

Posted on May 9, 2011 by Law Firm of Jeffrey Burr

Nevada, like most states, permits a person’s Last Will And Testament and Trust to refer to a separate, written statement or list to dispose of “tangible personal property” not otherwise specifically disposed of by the terms of the Last Will And Testament or Trust. In this regard, the question often asked is “What is tangible […]

What Is a Trust?

Posted on May 4, 2011 by Law Firm of Jeffrey Burr

Stupid question, right? Everyone knows what a trust is…or do they? Some people wrongly assume that a trust is an entity, like a corporation or limited liability company. While many states do recognize an organized business trust entity, the vast majority of trusts are not technically recognized as entities by the state. Simply stated, a […]

Large IRAs and Portability Under the 2010 Tax Act

Posted on May 2, 2011 by Law Firm of Jeffrey Burr

Owners of large IRAs prior to the 2010 Tax Act generally had to decide between the income tax benefits of leaving the IRA to his or her spouse and the potential estate tax benefits of leaving some or all of the IRA to a credit shelter trust or a trust for children or grandchildren. […]