November 2014 - Law Firm of Jeffrey Burr

Income Tax Basis Adjustment of Trust Assets at Death of Trustor

Posted on November 26, 2014 by Law Firm of Jeffrey Burr

When a person (“Trustor”) establishes a revocable living trust during his or her lifetime for the Trustor’s benefit and transfers assets of the Trustor into the Trust, the income tax basis of the Trust asset remains the same as when the assets were owned by the Trustor individually. For example, if the Trustor transfers real estate […]

JURISDICTION OF THE NEVADA PROBATE COURT

Posted on November 17, 2014 by Law Firm of Jeffrey Burr

Jurisdiction is the power of a legal body (a court) to hear and make a judgment or ruling on a case. The Nevada Probate Courts are only able to hear and adjudicate probate cases that come within its jurisdiction. The Nevada Probate Court’s jurisdiction is set forth in NRS 136.010: Wills may be proved and letters granted […]

Asset Protection Update: The Trustee in a Chapter 7 Bankruptcy Can Control and Sell Assets of a Nevada Single Member LLC

Posted on November 3, 2014 by Law Firm of Jeffrey Burr

In a recent decision by the United States District Court, District of Nevada, in the case of In re Cleveland, that Court affirmed its position that a trustee in a Chapter 7 bankruptcy succeeds to all of a debtor’s rights in such debtor’s single-member LLC. 2014 WL 4809924 (D. Nev. Sept. 29, 2014). These rights include the power to […]