# Law Firm of Jeffrey Burr - Estate Planning and Probate Attorneys in Las Vegas > The Law Firm of Jeffrey Burr is a Las Vegas estate planning and probate law firm that has been protecting families and their assets since 1983. Our attorneys hold advanced degrees including MBAs, Masters of Accounting, and Masters of Laws in Taxation, and are dedicated to helping clients make informed decisions about their family's future. We offer free 30-minute consultations for wills and trusts. > Practice areas include: Estate planning (wills, trusts, powers of attorney, healthcare directives), asset protection, probate and trust administration, business planning and entity formation, and charitable planning. Our attorneys help clients minimize probate hassles, reduce tax consequences, and create customized plans based on each family's unique goals and financial situation. We serve Las Vegas, Henderson, Summerlin, and all of Southern Nevada. --- ## Pages - [Update Trust & Schedule a Consultation](https://jeffreyburr.com/update-trust/): Law Firm of Jeffrey Burr: Update your trust documents today. Existing clients, submit your information easily. Contact us now. - [Las Vegas Probate Attorneys FB](https://jeffreyburr.com/las-vegas-probate-attorneys-fb/): Las Vegas probate attorneys at Jeffrey Burr Law Firm provide expert guidance. Contact us for probate assistance. - [Taking Title To Real Estate](https://jeffreyburr.com/estate-planning/taking-title-to-real-estate/): Protect your real estate with expert estate planning from Jeffrey Burr. Learn how taking title affects taxes and transfer. Contact us now. - [Nathan D. Nelson](https://jeffreyburr.com/our-team/nathan-d-nelson/) - [North Las Vegas](https://jeffreyburr.com/north-las-vegas/): North Las Vegas estate planning? Jeffrey Burr Law Firm offers expert guidance in probate and trust administration. Call us for a free consultation! - [Update](https://jeffreyburr.com/update/): Update your details with Jeffrey Burr Law Firm. Serving Las Vegas and Henderson, we offer estate planning and asset protection. - [Las Vegas](https://jeffreyburr.com/las-vegas/): Las Vegas estate planning? The Law Firm of Jeffrey Burr offers experienced probate and trust administration. Contact us now for expert legal help. - [Henderson](https://jeffreyburr.com/henderson/): Jeffrey Burr offers experienced Henderson estate planning and probate services. Contact us today to protect your family's future. - [Las Vegas Asset Protection Attorneys](https://jeffreyburr.com/las-vegas-asset-protection-attorneys/): Las Vegas asset protection from the Law Firm of Jeffrey Burr. Protect your wealth with expert legal strategies. Contact us now. - [Living Trust Attorney Las Vegas](https://jeffreyburr.com/living-trust-attorney-las-vegas/): Living trusts are a valuable estate planning tool for anyone, regardless of your lifestyle or wealth. Contact Jeffrey Burr's Living Trust Attorneys today. - [Las Vegas Estate Planning Attorneys](https://jeffreyburr.com/las-vegas-estate-planning-attorneys/): Las Vegas Estate Planning: The Law Firm of Jeffrey Burr provides expert estate planning services. Protect your legacy with our legal expertise. - [Las Vegas Probate Attorneys](https://jeffreyburr.com/las-vegas-probate-attorneys/): Jeffrey Burr - [You're In!](https://jeffreyburr.com/opt-in/): Estate planning and wealth preservation are key. The Law Firm of Jeffrey Burr helps you protect your legacy. Subscribe now for expert articles and insights. - [Thank You- Get In Touch](https://jeffreyburr.com/thank-you-get-in-touch/): Thank you for contacting Jeffrey Burr Law Firm! We - [Thank You-Subscribe](https://jeffreyburr.com/thank-you-subscribe/): Thanks for subscribing! Law Firm of Jeffrey Burr provides estate planning, probate, and asset protection in Las Vegas and Henderson. Check your email. - [Thank You](https://jeffreyburr.com/thank-you/): Law Firm of Jeffrey Burr: Thank you! Your inquiry is received. Contact us immediately for urgent needs. Explore our estate planning services. - [Español](https://jeffreyburr.com/espanol/): Law Firm of Jeffrey Burr: Expertos en planificación patrimonial y sucesión en Nevada. Programe una consulta gratuita para proteger su legado. - [Nevada Probate](https://jeffreyburr.com/nevada-probate/): At the Law Firm of JEFFREY BURR, our firm’s experienced probate attorneys have been guiding families through the difficult probate process. - [Welcome John Gubler Law Firm](https://jeffreyburr.com/welcome-john-gubler-law-firm/): Welcome John Gubler - [California Consumer Privacy Act Notice](https://jeffreyburr.com/california-consumer-privacy-act-notice/): Jeffrey Burr, LTD's CCPA Notice: Learn your rights regarding personal data. This guide explains our data practices. - [Privacy Policy](https://jeffreyburr.com/privacy-policy/): Review the Law Firm of Jeffrey Burr's privacy policy. Learn how we handle your data and protect your information. Read our policy now. - [Derek N. Hatch](https://jeffreyburr.com/our-team/derek-n-hatch/): Derek N. Hatch is an associate attorney at Jeffrey Burr. Derek focuses his practice on tax litigation and estate planning. - [Jeffrey L. Burr](https://jeffreyburr.com/our-team/jeffrey-l-burr/): Jeffrey L. Burr has been recognized as one of the top tax and estate planning attorneys in Nevada - [A. Collins Hunsaker](https://jeffreyburr.com/our-team/a-collins-hunsaker/): A. Collins Hunsaker is an associate attorney at Jeffrey Burr and the Director of Estate Planning. - [John R. Mugan](https://jeffreyburr.com/our-team/john-r-mugan/): John R. Mugan is an accomplished attorney with over thirty years of extensive estate planning and business law experience including estate and trust litigation. - [Corey J. Schmutz](https://jeffreyburr.com/our-team/corey-j-schmutz/): Corey J. Schmutz practices primarily in the areas of estate and business planning and probate. Corey is licensed to practice law in both Nevada and California. - [Kari L. Stephens](https://jeffreyburr.com/our-team/kari-l-stephens/): Kari L. Stephens has been practicing probate and trust law in Las Vegas for nearly 25 years, and has previously practiced law in both Oregon and Washington. - [J. Burke Williamson](https://jeffreyburr.com/our-team/j-burke-williamson/): J. Burke Williamson is an Attorney at JEFFREY BURR. Serving the Southern Nevada community. - [Our Team](https://jeffreyburr.com/our-team/): Jeffrey Burr's Las Vegas team: Estate planning and asset protection attorneys serving families for 40 years. Contact us. - [Community Involvement](https://jeffreyburr.com/community-involvement/): Law Firm of Jeffrey Burr: Committed to Southern Nevada. Explore our community involvement, events, and educational seminars. - [Contact Us](https://jeffreyburr.com/contact-us/): Contact the Law Firm of Jeffrey Burr today. Serving the Las Vegas area with two offices. - [Tax Court Litigation](https://jeffreyburr.com/tax-controversy/tax-court-litigation/): Need tax litigation help? The Law Firm of Jeffrey Burr in Nevada offers expert representation in tax court. Contact us now. - [Video Library](https://jeffreyburr.com/video-library/): The video library provided by the Law Firm of Jeffrey Burr. Serving the Southern Nevada community. - [Blog](https://jeffreyburr.com/blog/): Estate planning insights from the Law Firm of Jeffrey Burr. Discover expert legal advice and explore crucial topics. Subscribe today for updates. - [Seminars](https://jeffreyburr.com/seminars/): Upcoming seminars from the Law Firm of Jeffrey Burr. Serving the Southern Nevada community. Contact us today! - [Press/Publications](https://jeffreyburr.com/press-publications/): Discover the Law Firm of Jeffrey Burr's press and publications. Get expert legal insights on estate planning and asset protection. - [Nevada On-Shore Trust](https://jeffreyburr.com/estate-planning/nevada-onshore-trust/): Safeguard your assets with a Nevada On-Shore Trust. The Law Firm of Jeffrey Burr provides expert asset protection in Las Vegas. Contact us now. - [Tax Audits](https://jeffreyburr.com/tax-controversy/tax-audits/): The IRS has a significant amount of power to inspect the books and records of taxpayers to determine and assess tax liabilities. - [Offers in Compromise](https://jeffreyburr.com/tax-controversy/offers-in-compromise/): The tax attorneys at JEFFREY BURR have helped their clients save tens of millions of dollars in taxes through successful Offers in Compromise. - [Nevada Department of Taxation](https://jeffreyburr.com/tax-controversy/nevada-department-of-taxation/): The Nevada Department of Taxation has increased its audit and enforcement efforts involving State sales and use taxes and modified business taxes. - [IRS Levy and Lien](https://jeffreyburr.com/tax-controversy/irs-levy-and-lien/): A tax lien against your property will make it very difficult to sell your home or to refinance it. The IRS can seize other assets as well. - [IRS Collection Division](https://jeffreyburr.com/tax-controversy/irs-collection-division/): An installment agreement is a payment arrangement whereby the IRS allows a taxpayer to pay their tax debt over a period of time by way of a monthly payment. - [IRS Alter Ego and Successor Liability](https://jeffreyburr.com/tax-controversy/irs-alter-ego-and-successor-liability/): The IRS may file a lien against a business or individual based upon a tax liability of a different entity via the alter ego or successor liability theories. - [Innocent Spouse Relief](https://jeffreyburr.com/tax-controversy/innocent-spouse-relief/): To fully benefit from the innocent spouse relief provisions, it is critical that you contact a tax attorney as soon as you receive notice from the IRS. - [Tax Controversy](https://jeffreyburr.com/tax-controversy/): Las Vegas tax controversy? Jeffrey Burr Law Firm offers expert tax relief. Get help with audits, levies, and more. - [Charitable Planning](https://jeffreyburr.com/charitable-planning/): Besides the moral benefits of private philanthropy, charitable transfers have the potential to generate substantial federal income and estate tax savings. - [Trust Administration](https://jeffreyburr.com/trust-administration/): Las Vegas trust administration lawyers at Jeffrey Burr protect families and their assets. Get expert legal help for estate planning now. - [Asset Protection](https://jeffreyburr.com/asset-protection/): Safeguard your assets with Jeffrey Burr's asset protection in Las Vegas. Get a customized plan integrated with your estate planning. Contact us. - [Probate FAQs](https://jeffreyburr.com/probate/probate-faqs/): Probate FAQs: Get answers from the Law Firm of Jeffrey Burr, serving Southern Nevada. Learn about probate costs and procedures. Contact us now! - [Navigating Probate](https://jeffreyburr.com/probate/navigating-probate/): Las Vegas probate attorneys at Jeffrey Burr guide you through the process. Get expert legal help and support. Contact us now. - [The Probate Resolution Process](https://jeffreyburr.com/probate/the-probate-resolution-process/): Our probate attorneys and paralegals will assist you throughout the probate resolution process, from start to finish. - [Asset Protection FAQs](https://jeffreyburr.com/asset-protection/asset-protection-faqs/): Asset protection FAQs from the Law Firm of Jeffrey Burr.Serving the Southern Nevada community. Contact us today! - [Business Planning](https://jeffreyburr.com/asset-protection/business-planning/): At the Law Firm of JEFFREY BURR, we offer counsel in a variety of business planning areas to help you overcome challenges while meeting your future goals. - [Family Limited Partnership](https://jeffreyburr.com/asset-protection/family-limited-partnership/): The Family Limited Partnership ("FLP") is a popular tool used by families to hold their business and investment assets. - [Limited Liability Company](https://jeffreyburr.com/asset-protection/limited-liability-company/): LLC attorney in Henderson, NV: The Law Firm of Jeffrey Burr helps you protect assets with strategic LLC formation and estate planning. - [Nevada Series LLC](https://jeffreyburr.com/asset-protection/nevada-series-llc/): Nevada is one of a few states that allow for the formation of a "series LLC." The series LLC is a unique, flexible form of a limited liability company (LLC). - [Succession/Exit Planning](https://jeffreyburr.com/asset-protection/succession-exit-planning/): The transition of a company to its successor owners must be planned for in advance and properly executed to be successful. - [Buy/Sell Agreements](https://jeffreyburr.com/asset-protection/buy-sell-agreements/): A properly drawn Buy/Sell Agreement will accomplish two important goals. The Law Firm of Jeffrey Burr will help you accomplish these two goals. - [Probate](https://jeffreyburr.com/probate/): Our experience and knowledge of Nevada probate law allow us to effectively guide you through probate administration. - [Establishing Nevada Residency](https://jeffreyburr.com/estate-planning/establishing-nevada-residency/): Nevada has some of the most favorable asset protection and trust laws in the country. Establishing Nevada residency can provide significant tax benefits. - [Revocable Living Trust](https://jeffreyburr.com/estate-planning/revocable-living-trust/): At the Law Firm of JEFFREY BURR, we will help you develop an estate plan that will provide for administration of your assets through a revocable living trust. - [Powers of Attorney](https://jeffreyburr.com/estate-planning/powers-of-attorney/): The grant of a Power of Attorney is useful as it allows one to provide for the management of his or her affairs in the event of incapacity or unavailability. - [Pet Trusts](https://jeffreyburr.com/estate-planning/pet-trusts/): Secure your pet's care with a pet trust. Jeffrey Burr, serving Las Vegas, provides expert estate planning for your furry friends. Get started now. - [Last Will and Testament](https://jeffreyburr.com/estate-planning/last-will-and-testament/): Secure your legacy with a Last Will and Testament. Jeffrey Burr, Las Vegas & Henderson estate planning attorney, can help. Contact us for a free consultation. - [Health Care Directive](https://jeffreyburr.com/estate-planning/health-care-directive/): A Health Care Directive is also known as a directive to physicians. A Health Care Directive is not part of a Will. - [Offshore Trust](https://jeffreyburr.com/estate-planning/offshore-trust/): Of relatively recent origin, the Offshore Asset Protection Trust (OAPT) is the ultimate asset protection tool. - [Passport Trust](https://jeffreyburr.com/estate-planning/passport-trust/): The Passport Trust® is an asset protection vehicle that combines the flexibility and simplicity of a domestic asset protection trust. - [Integrated Estate Planning](https://jeffreyburr.com/estate-planning/integrated-estate-planning/): Integrated estate planning is all about making sure that all of the pieces to your estate plan fit well together. - [Homestead Exemption](https://jeffreyburr.com/estate-planning/homestead-exemption/): Nevada law provides that upon a homeowner's filing of a Homestead Declaration form with the County Recorder, the equity in a person's principal residence. - [Estate Planning For LGBTQ](https://jeffreyburr.com/estate-planning/estate-planning-for-lgbt/): The Law Firm of JEFFREY BURR recommends consulting with a family law attorney who is experienced in dealing with the LGBTQIA+ community. - [Domestic Asset Protection Trust](https://jeffreyburr.com/estate-planning/domestic-asset-protection-trust/): Protect your assets with a Nevada DAPT. Jeffrey Burr Law Firm, serving Las Vegas, offers expert asset protection. Contact us now. - [Firm Overview](https://jeffreyburr.com/firm-overview/): Jeffrey Burr: Las Vegas estate planning, probate, and trust administration. Get expert guidance and secure your family's future. - [Home - Law Firm of Jeffrey Burr](https://jeffreyburr.com/): Jeffrey Burr Law Firm: Southern Nevada estate planning and probate experts. Protect your legacy with our experienced legal team. - [Estate Planning](https://jeffreyburr.com/estate-planning/): Las Vegas estate planning from Jeffrey Burr. Protect your assets with wills, trusts, and expert legal guidance. Contact us today. --- ## Posts - [How to Protect Your Spouse and Children Without Going Through Probate in Nevada: Expert Nevada Estate Planning Strategies](https://jeffreyburr.com/how-to-protect-your-spouse-and-children-without-going-through-probate/): Learn how to protect your spouse and children without going through probate in Nevada. Contact The Law Firm of Jeffrey Burr today. - [Navigating Nevada Probate: Smart Ways to Protect Your Estate and Family](https://jeffreyburr.com/navigating-nevada-probate-ways-to-protect-your-estate-and-family/): Navigating Nevada probate can be a very long and difficult process that no one should navigate alone. Contact The Law Firm of Jeffrey Burr today. - [Do I Need a Will or a Trust in Nevada? Key Differences for Las Vegas Residents](https://jeffreyburr.com/do-i-need-a-will-or-a-trust-in-nevada/): Do I need a will or a trust in Nevada? This is a question that we come across often. Read about key differences for Las Vegas residents. - [Estate Planning For Blended Families](https://jeffreyburr.com/estate-planning-for-blended-families/): Estate planning for blended families in Nevada requires care. Jeffrey Burr’s attorneys create trusts and plans that protect spouses, children, and assets. - [What Questions Should I Be Asking My Estate Planning Attorney?](https://jeffreyburr.com/what-questions-should-i-be-asking-my-estate-planning-attorney/): Wondering what questions to ask your estate planning attorney? The Law Firm of Jeffrey Burr provides essential guidance for Nevada residents. - [AFRs for August 2025](https://jeffreyburr.com/afrs-for-august-2025/): AFRs for August 2025. For short term, mid-term, and long term. Annually, semi-annual, quarterly, and monthly. - [Estate Planning for Newlyweds: Why It Matters in Nevada](https://jeffreyburr.com/estate-planning-for-newlyweds/): Estate planning for newlyweds in Nevada ensures your assets, spouse, and children are protected. Start your marriage with clarity and peace of mind - [Reviewing and Updating Estate Plans: Why It’s a Must, Not a Maybe](https://jeffreyburr.com/reviewing-and-updating-estate-plans/): Creating an estate plan is one of the most important things you can do to protect your family, your assets,... - [Securing Your Legacy: Strategic Planning for the 2026 Estate and Gift Tax Changes](https://jeffreyburr.com/securing-your-legacy-strategic-planning-for-the-2026-estate-and-gift-tax-changes/): As we prepare for significant changes in federal tax policy, one of the most important developments on the horizon is... - [FinCEN NOTICE](https://jeffreyburr.com/fincen-notice/): FinCEN Not Issuing Fines or Penalties in Connection with Beneficial Ownership Information Reporting Deadlines. WASHINGTON, D. C. – FinCEN has... - [The Truth About Powers of Attorney: What They Are, What They Aren’t, and Why They Matter](https://jeffreyburr.com/the-truth-about-powers-of-attorney/): Read more in our blog about the truth about powers of attorney. The Law Firm of Jeffrey Burr has been serving Southern Nevada for over 40 years. - [BOI Reporting Deadline Extended: Key Updates from FinCEN](https://jeffreyburr.com/boi-reporting-deadline-extended-from-fincen/): FinCEN just released the attached notice regarding Beneficial Ownership Information (BOI) reporting under the Corporate Transparency Act (CTA). Below is... - [AFRs for January 2025](https://jeffreyburr.com/afrs-for-january-2025/): AFRs for January 2025. For short term, mid-term, and long term. Annually, semi-annual, quarterly, and monthly. - [Reminder: The Corporate Transparency Act](https://jeffreyburr.com/reminder-the-corporate-transparency-act/): The Corporate Transparency Act (CTA) went into effect on January 1, 2024, requiring companies to report information about "beneficial owners"—those... - [AFRs for September 2024](https://jeffreyburr.com/afrs-for-september-2024/): AFRs for September 2024. For short term, mid-term, and long term. Annually, semi-annual, quarterly, and monthly. - [Biden 2025 Budget Proposal Could Slash What Your Heirs Get](https://jeffreyburr.com/biden-2025-budget-proposal/): Biden's 2025 Budget: Jeffrey Burr Law Firm explains how to prepare for estate planning changes and protect your wealth. - [Why Adding Children as Joint Tenants to a Home Might Not Be the Best Estate Planning Strategy](https://jeffreyburr.com/why-adding-children-as-joint-tenants-to-a-home-might-not-be-the-best-estate-planning-strategy/): Avoid the pitfalls of adding children as joint tenants. Learn about estate planning with the Law Firm of Jeffrey Burr. Get expert advice now. - [The Elon Musk Effect: The Benefits of Incorporating Your Business in Nevada](https://jeffreyburr.com/the-elon-musk-effect/): Considering the "Elon Musk Effect," Law Firm of Jeffrey Burr helps you incorporate in Nevada. Benefit from tax advantages and legal protections. - [AFRs for June 2024](https://jeffreyburr.com/afrs-for-june-2024/): AFRs for June 2024. For short term, mid-term, and long term. Annually, semi-annual, quarterly, and monthly. - [Navigating Estate Planning for Second Marriages in Nevada](https://jeffreyburr.com/navigating-estate-planning-for-second-marriages-in-nevada/): Nevada estate planning for second marriages requires careful consideration. The Law Firm of Jeffrey Burr offers expert guidance for blended families. - [AFRs for May 2024](https://jeffreyburr.com/afrs-for-may-2024/): AFRs for May 2024. For short term, mid-term, and long term. Annually, semi-annual, quarterly, and monthly. - [Maximize Your Legacy: Hidden Tax Benefits In Estate Planning](https://jeffreyburr.com/maximize-your-legacy-hidden-tax-benefits-in-estate-planning/): Protect your legacy with Law Firm of Jeffrey Burr. Benefit from expert estate planning and discover hidden tax advantages in Henderson, NV. - [AFRs for April 2024](https://jeffreyburr.com/afrs-for-april-2024/): AFRs for April 2024. For short term, mid-term, and long term. Annually, semi-annual, quarterly, and monthly. - [Attorney Fees For Probate in Nevada](https://jeffreyburr.com/attorney-fees-for-probate-in-nevada/): Hiring an attorney for probate can be overwhelming. I often get asked how much families can expect to pay their attorney to go through probate in Nevada. - [AFRs for March 2024](https://jeffreyburr.com/afrs-for-march-2024/): AFRs for March 2024. For short term, mid-term, and long term. Annually, semi-annual, quarterly, and monthly. - [Proper Estate Planning is a Process, Not an Event](https://jeffreyburr.com/proper-estate-planning-is-a-process-not-an-event/): Estate planning is a process, not an event. Jeffrey Burr Law Firm ensures your plan stays updated, protected, and effective. Contact us for expert guidance! - [The Corporate Transparency Act](https://jeffreyburr.com/the-corporate-transparency-act/): Understand the Corporate Transparency Act (CTA) with Jeffrey Burr. Learn about reporting requirements and how to stay compliant. - [AFR's for February 2024](https://jeffreyburr.com/afrs-for-february-2024/): AFRs for August 2024. For short term, mid-term, and long term. Annually, semi-annual, quarterly, and monthly. - [Flat Fee Probate In Nevada: A Cost-Efficient And Streamlined Solution For Estate Settlement](https://jeffreyburr.com/flat-fee-probate-in-nevada/): In Nevada, flat fee probate has emerged as a popular alternative to traditional hourly billing. This approach offers a number of benefits. Contact us today! - [AFR’s for August 2023](https://jeffreyburr.com/afrs-for-august-2023/): AFRs for August 2023. For short term, mid-term, and long term. Annually, semi-annual, quarterly, and monthly. - [When are the Beneficiaries of a Will Notified?](https://jeffreyburr.com/when-are-the-beneficiaries-of-a-will-notified/): Many people are familiar with the concept of the reading of the Will. This is the time when all of the family members gather together with the attorney present. - [How Long Does Probate Take In Nevada?](https://jeffreyburr.com/how-long-does-probate-take-in-nevada/): Probate in Nevada varies by estate size & complexity. Small estates may be quicker, but larger ones take longer. Delays can occur. Contact us for guidance! - [Estate and Gift Tax Planning](https://jeffreyburr.com/estate-and-gift-tax-planning/): A critical step in achieving one’s financial aspirations should include implementing strategic tax planning opportunities to decrease their taxable estate.... - [Asset Protection: Formalities Matter](https://jeffreyburr.com/asset-protection-formalities-matter/): For those of our clients with asset protection trusts (Nevada On-Shore TrustsTM or NOSTs), we would like to remind you... - [AFR’s for September 2022](https://jeffreyburr.com/afrs-for-september-2022/): AFRs for September 2022. For short term, mid-term, and long term. Annually, semi-annual, quarterly, and monthly. - [Build Back Better Act](https://jeffreyburr.com/build-back-better-act/): After a year of speculation and legislative uncertainty, congress was unable to pass the Build Back Better Act. - [One... Two... Three... Trust](https://jeffreyburr.com/one-two-three-trust/): We continue to meet with clients who still utilize what's called a Two Trust or an AB trust. Back in its day, having an AB Trust allowed... - [Sanders' 99.5% Act Estate Tax Proposal](https://jeffreyburr.com/sanders-99-5-act-estate-tax-proposal/): Recently, Bernie Sanders presented his proposed tax reform legislation, which outlines drastic changes to the estate and gift tax exemption.... - [Having a Will Does Not Avoid Probate](https://jeffreyburr.com/having-a-will-does-not-avoid-probate/): We often get asked whether having a Will is sufficient to avoid probate in Nevada. The question is usually asked... - [Adult Children and Your Liability](https://jeffreyburr.com/adult-children-and-your-liability/): Avoid liability! Jeffrey Burr Law helps protect your assets if your adult child drives your car. Transfer the title today. - [Becoming a Resident of Nevada](https://jeffreyburr.com/becoming-a-resident-of-nevada/): While a person may have several residences or places where he or she lives, in the United States a person may only have one domicile or legal residence. - [Limited Liability Companies, Family Limited Partnerships, and Asset Protection](https://jeffreyburr.com/limited-liability-companies-family-limited-partnerships-and-asset-protection/): What is an LLC? A Limited Liability Company (“LLC”) is a type of business organization that is comprised of members... - [10 Estate Planning Tips for Newlyweds](https://jeffreyburr.com/10-estate-planning-tips-for-newlyweds/): Whether or not it’s your first walk down the aisle, it’s important to nail down particular aspects of your estate planning during this pivotal time... - [Celebrating 20 Years of Service Excellence](https://jeffreyburr.com/celebrating-20-years-of-service-excellence/): Can you believe it's been 20 years since our beautiful ray of sunshine and receptionist, Denise Williams, joined Jeffrey Burr? - [Nevada Asset Protection for California Residents](https://jeffreyburr.com/nevada-asset-protection-for-california-residents/): Nevada asset protection for California residents. The Law Firm of Jeffrey Burr helps you protect your assets with a Nevada DAPT. Get expert advice now. - [Nevada Electronic Wills & Trusts](https://jeffreyburr.com/nevada-electronic-wills-trusts/): Law Firm of Jeffrey Burr: Expert guidance on Nevada electronic wills and trusts. Ensure your estate planning is up-to-date. Contact us now. - [Providing Long-term Healthcare Assistance for Loved Ones in Tough Economic Times](https://jeffreyburr.com/providing-long-term-healthcare-assistance-for-loved-ones-in-tough-economic-times-2/): Family members providing long-term healthcare assistance for other family members in these tough economic times must also remember to take care of themselves. - [Jeffrey Burr Named 2017 Mountain States Super Lawyers](https://jeffreyburr.com/jeffrey-burr-named-2017-mountain-states-super-lawyers/): Congratulations to Jeffrey Burr on being named to the 2017 Mountain States Super Lawyers. Jeffrey Burr has been helping families... - [Nevada Supreme Court Upholds Public Policy of Domestic Asset Trusts](https://jeffreyburr.com/nevada-supreme-court-upholds-public-policy-of-domestic-asset-trusts/): Just a few weeks ago, the Nevada Supreme Court issued their ruling in a case involving a domestic asset protection... - [Nevada Passes Assembly Bill 314 Regarding Probate and Trusts](https://jeffreyburr.com/nevada-passes-assembly-bill-314-regarding-probate-and-trusts/): On June 2, 2017, Assembly Bill 314 was approved by the Governor and will become Nevada law on October 1,... - [Introducing the Passport Trust](https://jeffreyburr.com/introducing-the-passport-trust/): Clients that come into our office looking for asset protection in the form of a domestic asset protection trust (“DAPT”)... - [Where There's a Will, There's a Way](https://jeffreyburr.com/where-theres-a-will-theres-a-way/): Nevada law provides for two ways of creating a valid and binding Last Will and Testament. The first method is... - [Enforcement of No-Contest Clauses](https://jeffreyburr.com/enforcement-of-no-contest-clauses/): Most wills and trusts, in my experience, contain no-contest clauses, which say something like: if a beneficiary contests the terms... - [Management of Trust Assets-Uniform Prudent Investor Act](https://jeffreyburr.com/management-of-trust-assets-uniform-prudent-investor-act/): Most individuals who establish a revocable trust during their lifetime also name themselves as the initial trustee of their trust.... - [Fix Your Trust?](https://jeffreyburr.com/fix-your-trust/): I received a mailer last week from a law office claiming that with a simple free workshop they could FIX... - [Even if the Estate Tax is Repealed, a Trust is Still the Best Option](https://jeffreyburr.com/even-if-the-estate-tax-is-repealed-a-trust-is-still-the-best-option/): One of President Trump’s most prominent items on his ‘to do’ list as the Nation’s 45th President was to repeal... - [Selecting a Trustee](https://jeffreyburr.com/selecting-a-trustee/): As you prepare to meet with your estate planning attorney, you will undoubtedly agonize over questions like these: Who will... - [Alicia McKenna Celebrates 20 Years with Jeffrey Burr](https://jeffreyburr.com/alicia-mckenna-celebrates-20-years-with-jeffrey-burr/): Celebrating Alicia McKenna's 20th anniversary with Jeffrey Burr Law Firm! Honoring her dedication to Trust Administration in Henderson, NV. - ['Tis the Season](https://jeffreyburr.com/tis-the-season/): As we near the end of 2016 and Christmas approaches, our thoughts turn to those less fortunate. Many of our... - [PROPOSED 2704 REGULATIONS (GIFT & ESTATE TAX DISCOUNTING)](https://jeffreyburr.com/proposed-2704-regulations-gift-estate-tax-discounting/): Our office recently sent a letter to our clients who could potentially be affected by proposed changes to Section 2704... - [Nevada Remains a Top-Ranked Dynasty Trust State](https://jeffreyburr.com/nevada-remains-a-top-ranked-dynasty-trust-state/): A local law firm recently published a chart which named Nevada as one of the top two jurisdictions that are... - [Proposed §2704 Regulations to Take Away Discounting](https://jeffreyburr.com/proposed-%c2%a72704-regulations-to-take-away-discounting/): In an effort to keep you informed of developments in federal gift and estate tax laws, we are writing to... - [Planning for the Unexpected ... Divorce](https://jeffreyburr.com/planning-for-the-unexpected-divorce/): The recent news of the “Brangelina” (Brad Pitt and Angelina Jolie) split has me thinking... even the perceived “match made... - [If I’m Not Leaving Millions, Do I Need an Estate Plan?](https://jeffreyburr.com/if-im-not-leaving-millions-do-i-need-an-estate-plan/): Even if you are not a celebrity or self-made millionaire, failing to plan properly will leave a huge mess for... - [Nevada's new Commerce Tax](https://jeffreyburr.com/nevadas-new-commerce-tax/): You may have recently received a “Welcome Letter” from the Nevada Department of Taxation notifying you of the newly enacted... - [LLC Operating Agreements](https://jeffreyburr.com/llc-operating-agreements/): LLC Operating Agreements: Jeffrey Burr explains why these agreements are crucial for all LLCs. Get expert advice today. - [Determining The Validity Of Your Will During Your Lifetime](https://jeffreyburr.com/determining-the-validity-of-your-will-during-your-lifetime/): Nevada will validity: The Law Firm of Jeffrey Burr explains how to secure your estate plan, providing legal clarity and asset protection. - [Melina Barr-Nicolatus Celebrating 30 Years with Jeffrey Burr](https://jeffreyburr.com/melina-barr-nicolatus-celebrating-30-years-with-jeffrey-burr/): Longevity says a lot about a firm. Longevity of its employees in particular. We have several long-term employees, but our... - [The Power of Sentimental Value](https://jeffreyburr.com/the-power-of-sentimental-value/): Sentimental value can sometimes be worth more than economic value. Having represented family members fighting over family mementos worth little... - [Dangers of Outright Distributions](https://jeffreyburr.com/dangers-of-outright-distributions/): Avoid outright distributions! Jeffrey Burr in Henderson, NV, explains the risks and offers estate planning to protect your inheritance. - [Non-Judicial Settlement Agreements in Nevada](https://jeffreyburr.com/non-judicial-settlement-agreements-in-nevada/): One of the primary reasons a person creates a revocable trust is to avoid probate, the formal court supervision of... - [The Importance of Business Succession Planning](https://jeffreyburr.com/the-importance-of-business-succession-planning/): Business succession planning is a topic that many business owners sweep under the rug – waiting until they absolutely have... - [Limited Liability Companies](https://jeffreyburr.com/limited-liability-companies/): Limited Liability Companies (“LLCs”) are a type of business entity recognized in all fifty states. LLCs provide the protections of... - [Don't Leave Your Heirs to Make Decisions About Your Legacy - Have a Plan](https://jeffreyburr.com/dont-leave-your-heirs-to-make-decisions-about-your-legacy-have-a-plan/): Ensure your legacy! The Law Firm of Jeffrey Burr offers expert estate planning in Henderson, NV. Contact us today to protect your wishes. - [Holdback When Making Trust Distributions to Beneficiaries](https://jeffreyburr.com/holdback-when-making-trust-distributions-to-beneficiaries/): Upon the death of a person who created a revocable or living trust the trust agreement typically provides for distributions... - [Mortgaged Real Estate and Trusts](https://jeffreyburr.com/mortgaged-real-estate-and-trusts/): It is common for a person (hereinafter the “trustor”) to create a living trust to avoid the expense and time... - [Form 8971: Consistent Basis Reporting For Inherited Property](https://jeffreyburr.com/form-8971-consistent-basis-reporting-for-inherited-property/): Per recent changes in the law, Executors may have additional reporting obligations. Executors may now be required to report the... - [Medical Directives](https://jeffreyburr.com/medical-directives/): Nearly 75% of survey respondents reported they did not have an advance medical directive in a 2014 study conducted by... - [Death Dossier. Finale Folder. Bucket Brief. Mortality Memo.](https://jeffreyburr.com/death-dossier-finale-folder-bucket-brief-mortality-memo/): Here’s a summary of the documents or categories of documents that are helpful to gather and keep with or nearby your estate planning paperwork... - [Individual Successor Trustee-Conflict Of Interest](https://jeffreyburr.com/individual-successor-trustee-conflict-of-interest/): Many people who establish Trusts prefer to nominate an individual, often a child or other family member, as a Successor... - [Proper Execution of a Last Will and Testament](https://jeffreyburr.com/proper-execution-of-a-last-will-and-testament/): This past year our probate department reviewed numerous Wills that were not executed or signed properly. In some cases, through... - [Selling Real Property In Probate](https://jeffreyburr.com/selling-real-property-in-probate/): When a person dies, they often times leave real property to their beneficiaries. So long as there are sufficient assets... - [Powers of Attorney for Children Who Have Recently Attained the Age of Majority](https://jeffreyburr.com/powers-of-attorney-for-children-who-have-recently-attained-the-age-of-majority/): In recent news Aden Hailu, a 20-year-old woman and student at the University of Nevada, Reno, died on January 4,... - [Planning for Digital Assets](https://jeffreyburr.com/planning-for-digital-assets/): More and more estates these days include digital assets in two main categories: devices and accounts. Typically both devices and... - [Don't Forget to Plan for your Pets](https://jeffreyburr.com/dont-forget-to-plan-for-your-pets/): Pet Planning: Ensure your pets are cared for. The Law Firm of Jeffrey Burr helps you include pet trusts in your estate plan. Contact us today for guidance. - [A Trust Offers Flexibilty And Certainty Where Other Planning Techniques Fall Short](https://jeffreyburr.com/a-trust-offers-flexibilty-and-certainty-where-other-planning-techniques-fall-short/): Trusts: Jeffrey Burr offers flexible estate planning solutions. Protect your legacy and ensure your wishes are met. Contact us today. - [Happily Ever After… Round Two.Estate Plan Considerations for Blended Families](https://jeffreyburr.com/happily-ever-after-round-two-estate-plan-considerations-for-blended-families/): According to the U. S. Census Bureau, blended families now outnumber traditional families. Blended families come in all shapes and... - [Equitable Remedies and Judicial Activism: A Dangerous Combination](https://jeffreyburr.com/equitable-remedies-and-judicial-activism-a-dangerous-combination/): Legal remedies are judicial remedies that parties have by right as set out in law and statutes. These remedies are... - [Estate Planning Mistakes to Avoid](https://jeffreyburr.com/estate-planning-mistakes-to-avoid/): As an estate planning attorney, I often find it of interest to read about a celebrity’s estate plan. Celebrity estate... - [Tom Clancy’s Estate and the Importance of Planning for Blended Families](https://jeffreyburr.com/tom-clancys-estate-and-the-importance-of-planning-for-blended-families/): Tom Clancy, renowned author, died on October 1, 2013. Tom died with an estate worth approximately $83 million. Tom was... - [Crummey Indeed; Providing Proper Crummey Notices to Beneficiaries of an ILIT is Essential to Preserve Tax Benefits.](https://jeffreyburr.com/crummey-indeed-providing-proper-crummey-notices-to-beneficiaries-of-an-ilit-is-essential-to-preserve-tax-benefits/): Ensure your ILIT's tax benefits with proper Crummey notices. The Law Firm of Jeffrey Burr in Henderson can help. - [Do Not Forget State Inheritance-Estate Tax In Your Estate Planning](https://jeffreyburr.com/do-not-forget-state-inheritance-estate-tax-in-your-estate-planning/): Estate planning in Nevada? The Law Firm of Jeffrey Burr offers insights on state inheritance and estate taxes. Plan wisely. - [Do I Really Need An Attorney To Prepare My Estate Plan?](https://jeffreyburr.com/do-i-really-need-an-attorney-to-prepare-my-estate-plan/): Estate Planning: Avoid DIY mistakes. The Law Firm of Jeffrey Burr provides expert legal estate planning in Henderson, NV. Get professional help now. - [Avoiding Family Disputes: Utilizing Lists Disposing of Personal Property in Your Estate Plan](https://jeffreyburr.com/avoiding-family-disputes-utilizing-lists-disposing-of-personal-property-in-your-estate-plan/): When the owner of these personal property items dies, the items are generally given to the beneficiaries named in the owner’s will or trust. - [Marriage Equality Creates Estate Planning Opportunities and Consequences](https://jeffreyburr.com/marriage-equality-creates-estate-planning-opportunities-and-consequences/): The recent decision of the U. S. Supreme Court in Obergefell v. Hodges made clear that same-sex couples have the... - [The Necessity of a Will In Estate Plans With A Revocable Living Trust](https://jeffreyburr.com/the-necessity-of-a-will-in-estate-plans-with-a-revocable-living-trust/): The main component of the estate plan for most people is a revocable living trust that they establish during their... - [Burr, Mugan listed in 2015 Mountain States Super Lawyers Magazine](https://jeffreyburr.com/burr-mugan-listed-in-2015-mountain-states-super-lawyers-magazine/): Congratulations to Jeffrey Burr and John Mugan for once again being name in the 2015 Mountain States Super Lawyers Magazine. - [Suggestions to Simplify and Strengthen Your Existing Estate Plan](https://jeffreyburr.com/suggestions-to-simplify-and-strengthen-your-existing-estate-plan/): If you have been keeping up on the reading of our newsletters, blog posts, and other mailers, you might have... - [Nevada Improves its Trust Decanting Statute](https://jeffreyburr.com/nevada-improves-its-trust-decanting-statute/): Trust decanting. It’s a fancy and fascinating sounding topic, right? Well, maybe only to my estate planning peers. Nevada updated... - [AFR's for July 2015](https://jeffreyburr.com/afrs-for-july-3/): AFRs for July 2015. For short term, mid-term, and long term. Annually, semi-annual, quarterly, and monthly. - [Nevada Expands Probate Avoidance](https://jeffreyburr.com/nevada-expands-probate-avoidance/): The main component of the estate plan for most people is a revocable living trust that they establish during their... --- # # Detailed Content ## Pages --- ## Posts Navigating the complexities of estate planning can be daunting, especially when considering how to protect your loved ones without the lengthy probate process. By understanding the nuances of Nevada probate laws and exploring alternatives like living trusts, you can create a plan that minimizes delays and maximizes protection for your family. We will delve into the implications of probate laws, the benefits of living trusts, various estate planning strategies, common mistakes to avoid, and how Nevada estate planning attorneys can assist you in this process. What Are Nevada Probate Laws and How Do They Affect Your Family? Nevada probate laws govern the process of administering a deceased person's estate, which can significantly impact family members left behind. Understanding these laws is crucial for anyone looking to protect their loved ones from the potential pitfalls of probate. The probate process involves validating a will, settling debts, and distributing assets, which can be time-consuming and costly. The historical evolution of the probate system underscores its broad jurisdiction over both real and personal property, highlighting the comprehensive nature of this legal process. What Is Probate in Nevada and Why Should You Avoid It? Probate in Nevada is a legal process that validates a deceased person's will and oversees the distribution of their assets. It can take several months to over a year, depending on the complexity of the estate. Avoiding probate is often desirable because it can lead to significant delays in asset distribution, increased legal fees, and public disclosure of personal affairs.... --- Probate is the court-supervised process for settling an estate, distributing assets, and handling creditor claims. Understanding Nevada's specific rules and recent legislative updates is crucial. This guide explores practical probate-avoidance strategies—living trusts, transfer on death deeds, beneficiary designations, joint ownership, gifting, and domestic asset protection trusts—to help you maintain privacy, speed up the process, and save your family money. You'll learn how each method works in Nevada, the steps to implement them, and how recent reforms like SB 404 are changing eligibility and priorities for smaller estates. We'll cover the probate process and timelines, how to set up and fund a trust, TOD deeds and beneficiary tactics, advanced strategies like DAPTs and digital asset planning, and simplified procedures for small estates. Jeffrey Burr has been protecting families and their assets for more than 40 years. Recognized as leaders in Southern Nevada in estate planning law, we are committed to developing customized estate planning solutions based on your family’s unique goals, dynamics, and financial situation. What Is Probate in Nevada and How Has SB 404 Changed the Process? Probate in Nevada is the legal process where a court validates a will, appoints an executor, inventories assets, pays debts, and distributes remaining property to heirs. This process legally transfers ownership and resolves competing claims. It involves filings in Nevada probate court, notifying interested parties, and following Nevada Revised Statutes (NRS) procedures. This often results in public records, longer timelines, and higher costs compared to non-probate transfers. SB 404, effective October 1, 2025,... --- Deciding whether you do need a will or a trust in Nevada can feel overwhelming, especially with estate values, probate delays, and privacy concerns on the line. Without clear guidance, assets may get tied up in Clark County probate or distributed by default under state law. This article maps out the fundamental differences between wills and trusts, the scenarios favoring each option, the benefits of trusts, the Nevada probate process, decision criteria for combining tools, and how an experienced Nevada estate planning attorney can tailor a plan to your needs. Our team at Jeffrey Burr has been serving Southern Nevada for over 40 years. What Are the Fundamental Differences Between a Will and a Trust in Nevada? A will is a legal document that designates beneficiaries, an executor, and guardianship for minors, but it requires probate to validate and distribute assets, exposing the estate to public record. In contrast, a trust is a legal arrangement where a grantor transfers assets to a trustee for the benefit of named beneficiaries, avoiding probate when properly funded and offering greater privacy and management flexibility. Understanding these distinctions helps Las Vegas residents choose the right vehicle for asset control and probate avoidance. Estate Planning Tool Mechanism Primary Benefit Last Will and Testament Executor oversees probate distribution Simplicity and guardianship designation Revocable Living Trust Trustee manages titled assets outside court Probate avoidance and privacy Irrevocable Trust Assets transferred permanently to trust Enhanced asset protection Pour-Over Will Transfers unfunded assets into trust at death Safety net... --- Estate planning for blended families requires careful customization to address the unique dynamics and potential conflicts that may arise. This involves open communication, tailored trusts, clear beneficiary designations, and potentially prenuptial agreements, all designed to ensure fairness and clarity in asset distribution and guardianship arrangements. At The Law Firm of Jeffrey Burr, our estate planning attorneys bring over 40 years of experience helping Southern Nevada families create trusts, update beneficiary designations, and establish strategies that ensure fairness, clarity, and peace of mind. Key strategies for customizing estate planning in blended families: Open Communication Discussing your wishes and concerns with all family members, including children from previous marriages, is crucial to avoid misunderstandings and potential conflicts. Tailored Trusts Trust structures that divide assets into two sub-trusts, such as a Survivor’s Trust (marital trust) and an Exemption Trust, can provide ongoing support for the surviving spouse while also ensuring that the remaining assets ultimately pass to the intended beneficiaries, including children from prior relationships. . Beneficiary Designations Regularly review and update beneficiary designations on life insurance policies, retirement accounts, and other assets to reflect your current wishes and ensure assets are distributed as intended. Prenuptial Agreements These agreements can help define separate and marital property, protecting assets for children from previous marriages and clarifying financial expectations. Life Insurance Consider using life insurance to provide immediate financial support to specific beneficiaries, potentially bypassing probate and ensuring funds are available for their needs. Guardianship Arrangements Carefully consider who will be appointed as guardian for... --- Estate planning attorneys guide you through preserving your wealth, protecting loved ones, and avoiding probate delays by crafting wills, trusts, and powers of attorney that match your family’s needs and Nevada’s laws. Asking targeted questions about experience, documents, processes, fees, state regulations, life events, and ongoing support ensures your plan is robust and tailored. This article covers seven critical areas: evaluating attorney qualifications, understanding essential documents, walking through the planning process, clarifying costs, leveraging Nevada’s advantages, updating for life changes, and securing long-term counsel. By the end, you’ll know exactly how to vet an estate planning attorney and schedule a consultation with The Law Firm of Jeffrey Burr for personalized guidance in Southern Nevada. How Do I Evaluate an Estate Planning Attorney’s Experience and Qualifications? Assessing an attorney’s background ensures you partner with someone equipped to handle complex estates, tax planning, and creditor protection strategies that fit your goals. Focus on tenure, specialization, credentials, and real-world successes to gauge expertise. How Long Have You Practiced Estate Planning Law? A minimum of 5–10 years practicing exclusively in estate planning indicates familiarity with evolving statutes, complex family scenarios, and sophisticated planning tools. Attorneys with four decades of combined firm experience anticipate challenges, streamline trust administration, and navigate probate effectively. Their tenure yields efficiency, risk mitigation, and confidence in the outcome. Do You Specialize Exclusively in Estate Planning and Probate? Specialists devote 100% of their practice to wills, trusts, guardianships, and probate administration rather than dividing time among general practice areas. This focused... --- The IRS has released the Applicable Federal Rates under Sec. 1274(d) of the Internal Revenue Code for August 2025. These rates are used for various tax purposes, including minimum rates for loans. The AFRs are as follows Annual Semi-annual Quarterly Monthly Short-term 4. 03% 3. 99% 3. 97% 3. 96% Mid-term 4. 06% 4. 02% 4. 00% 3. 99% Long-term 4. 82% 4. 76% 4. 73% 4. 71% --- Getting married marks the beginning of a new life chapter, and with it comes more than just shared homes and joint bank accounts. It also brings important legal and financial decisions that many newlyweds overlook: estate planning. Whether you’re entering your first marriage or your second, creating an estate plan early on helps ensure your spouse and loved ones are protected, your assets are properly managed, and your future is built on clarity and peace of mind. Why Estate Planning Is Especially Important for Nevada Newlyweds Nevada is a community property state, meaning that, without a written agreement to the contrary, most assets and debts acquired during your marriage are presumed to belong equally to both spouses. This can have a major impact on how your property is treated if something unexpected happens. And if this is a second marriage? That often means blended families, children from prior relationships, and separate assets you may want to keep protected. Here’s why estate planning should be a priority: Clarify what is community vs. separate property Ensure children from prior relationships are protected Prevent unintended inheritance outcomes Avoid probate and potential family disputes Legally designate who can make medical and financial decisions for you Key Estate Planning Considerations for Newlyweds 1. Separate vs. Community Property If you want to keep certain assets as separate property—such as a house, investment account, or business owned before marriage—you’ll need to take extra steps. That may include creating a premarital or postmarital agreement, or clearly stating your... --- Creating an estate plan is one of the most important things you can do to protect your family, your assets, and your wishes—but it’s not a one-and-done task. Life changes, and so should your estate plan. Whether you created your estate plan five years ago or five months ago, regularly reviewing and updating it is critical to ensure it still reflects your current circumstances, relationships, and financial goals. An outdated estate plan can cause confusion, unintended outcomes, or even litigation. Why Review Your Estate Plan? An estate plan is a snapshot in time, but life isn’t static. Over the years, you may experience major life events, changes in wealth, or shifts in family dynamics that could affect your original plan. Here are some of the most common reasons to update your estate plan: 1. Changes in Personal Circumstances Marriage or Divorce Getting married or divorced can significantly impact your beneficiaries and how assets should be distributed. An ex-spouse may still be listed as a beneficiary if documents aren’t updated. Birth or Adoption of Children or Grandchildren You may want to include new family members in your estate plan, establish guardianship provisions, or create trusts for minors. Death of a Beneficiary or Trustee If someone named in your plan has passed away or is no longer able to serve in their role, you’ll need to revise your documents. 2. Changes in Financial Situation or Assets Buying or Selling a Home Inheriting Property Starting or Selling a Business Significant Changes in Wealth... --- As we prepare for significant changes in federal tax policy, one of the most important developments on the horizon is the anticipated reduction in the estate and gift tax exemptions set to take effect in 2026. For many individuals and families—especially those with considerable wealth or family-owned businesses—this shift presents both a challenge and an opportunity. Under the Tax Cuts and Jobs Act (TCJA), the exemptions were temporarily raised to levels that allowed estates valued at up to approximately $12–$13 million per individual to pass on to heirs without incurring federal taxes. In 2025, the gift and estate tax exemption stands at $13,990,000, and couples making joint gifts can effectively double that amount. However, this period of favorable taxation is coming to an end, and the anticipated reversion to lower exemption levels could dramatically alter estate planning strategies. Understanding the Current Exemptions The high exemption amounts provided by the TCJA have allowed many families the flexibility to structure their wealth transfers effectively, safeguarding large estates from federal taxation and preserving legacies across generations. With the sunset of these provisions scheduled at the end of 2025, it is expected that the federal government will reduce the exemption levels substantially, returning to the 2017 thresholds. Adjusted for inflation, the single taxpayer limit could drop back to an estimated $7 million. Consequently, many estates that were once considered tax-exempt may soon fall into a taxable bracket. Anticipated Changes in 2026 The potential impact of these changes is far-reaching. For high-net-worth individuals, the sudden... --- FinCEN Not Issuing Fines or Penalties in Connection with Beneficial Ownership Information Reporting Deadlines. WASHINGTON, D. C. – FinCEN has announced that it will not issue any fines, penalties, or take any enforcement actions against companies for failing to file or update beneficial ownership information (BOI) reports under the Corporate Transparency Act by the original deadlines. No enforcement actions will be taken until the deadlines established in the newly issued interim final rule have passed. This decision aligns with the Treasury’s commitment to reducing regulatory burdens on businesses while prioritizing the reporting of BOI for entities that pose the most significant law enforcement and national security risks. On March 21, 2025, FinCEN issued an interim final rule extending BOI reporting deadlines and providing additional guidance to affected businesses. The rule acknowledges the need for clarity while ensuring that BOI remains a valuable resource for national security, intelligence, and law enforcement purposes. FinCEN has also opened a public comment period on potential revisions to existing BOI reporting requirements. These comments will be considered as part of a forthcoming notice of proposed rulemaking, anticipated later this year, aimed at minimizing burdens on small businesses while maintaining the integrity of BOI reporting. --- When it comes to estate planning, one of the most misunderstood tools is the Power of Attorney (POA). Many people assume that having a POA means everything is “taken care of” – even after they pass away. But here’s the truth: a Power of Attorney is only effective while the person who created it is alive, and in most cases, only while they are incapacitated. Let’s break that down and explain why it’s such an essential – and time-sensitive – legal document. Myth: A Power of Attorney Works After Death One of the most common misconceptions we hear is: "Don’t worry – I’m the Power of Attorney, so I’ll handle everything after they pass. " Unfortunately, that’s not how it works. A Power of Attorney is a legal document that gives someone (called the “agent” or “attorney-in-fact”) the authority to act on your behalf only during your lifetime. And in many cases, that authority kicks in only if you become incapacitated, such as from an illness, injury, or cognitive decline. The moment you pass away, your Power of Attorney becomes void. From that point on, only your will or trust and the successor trustee, court-appointed executor, or personal representative will govern what happens to your estate. Types of Power of Attorney: Financial vs. Health Care There are two primary types of POAs, and they serve very different roles: Financial Power of Attorney This document allows your chosen agent to manage your financial affairs. It can be drafted to be: Immediate,... --- FinCEN just released the attached notice regarding Beneficial Ownership Information (BOI) reporting under the Corporate Transparency Act (CTA). Below is a brief summary: BOI Reporting Deadline Extended: FinCEN has extended the reporting deadline by 30 days from February 19, 2025. The new deadline is now March 21, 2025, for most reporting companies. Regulatory Review: FinCEN plans to revise the BOI reporting rule to reduce the burden on lower-risk entities, including many small businesses. However, for now, all required entities must file. Court Ruling Impact: The extension follows a court ruling (Smith, et al. v. U. S. Department of the Treasury), which initially paused BOI reporting. That pause has been lifted, making BOI reporting mandatory again. Exempt Entities: Plaintiffs in National Small Business United v. Yellen and entities associated with that case are not required to report at this time. We are encouraging our corporate clients who have not yet filed to contact our office so that we can file for their entity. Contact Us for BOI Reporting Assistance Navigating BOI reporting requirements can be complex, and missing the deadline can result in penalties. If your business needs assistance with filing or understanding these new regulations, our experienced team at Jeffrey Burr is here to help. Contact our office today to ensure your compliance with FinCEN’s reporting requirements. --- The IRS has released the Applicable Federal Rates under Sec. 1274(d) of the Internal Revenue Code for January 2025. These rates are used for various tax purposes, including minimum rates for loans. The 7520 rate is 5. 20% The AFRs are as follows Annual Semi-annual Quarterly Monthly Short-term 4. 33% 4. 28% 4. 26% 4. 24% Mid-term 4. 24% 4. 20% 4. 18% 4. 16% Long-term 4. 53% 4. 48% 4. 46% 4. 44% --- The Corporate Transparency Act (CTA) went into effect on January 1, 2024, requiring companies to report information about "beneficial owners"—those who own at least 25% of or exercise substantial control over the reporting company. Newly formed Companies that fall under the definition of “Reporting Companies” will need to file the Beneficial Ownership Information (“BOI”) report with the Financial Crimes Enforcement Network (“FinCEN within 90 days of formation. Reporting Companies formed prior to January 1, 2024 will have until January 1, 2025 to file the BOI report with FinCEN. The law exempts certain categories of businesses such as significantly tax-exempt entities and large operating companies. Large operating companies, put simply, have more than 20 full-time employees in the United States, a physical office in the United States and more than $5 million in U. S. gross receipts. Trusts are exempt from filing under the Act unless they own an interest in or control a Reporting Company. For trusts that own an interest in a Reporting Company, the following individuals will be considered beneficial owners: Any trustee, direction advisor, protector, designated representative or other individual acting on behalf of the trust (whether a fiduciary under state law or not): Who has the power to dispose of trust assets when the trust(s) and such individual (collectively) holds at least a 25% ownership interest in the reporting company; Who controls a majority of the voting power or voting rights of the reporting company; Who directs, determines or has substantial influence over important decisions made... --- The IRS has released the Applicable Federal Rates under Sec. 1274(d) of the Internal Revenue Code for September 2024. These rates are used for various tax purposes, including minimum rates for loans. The 7520 rate is 4. 80% The AFRs are as follows Annual Semi-annual Quarterly Monthly Short-term 4. 57% 4. 52% 4. 49% 4. 48% Mid-term 4. 02% 3. 98% 3. 96% 3. 95% Long-term 4. 37% 4. 32% 4. 30% 4. 28% --- President Biden issued his budget proposal on March 11, 2024. The document’s full title is “General Explanations of the Administration’s Fiscal Year 2025 Revenue Proposals. ” Transformative Tax Changes Will Redistribute Wealth If even some of these proposals are enacted into law it could dramatically change taxation of the wealthiest Americans and substantially reduce the wealth that will be able to be passed to their future generations. Never say never. No one can predict what negotiations in Congress might result in. No one can predict the upcoming election. Many similar proposals have been floated by Democrats many times over many years. Some or all of these may, in fact, be enacted. Given how costly and impactful these provisions could be, the safer and wiser course of action for those who seek to preserve wealth and pass it on is to plan now. But the changes proposed so accurately zero in on many of the most common wealth transfer strategies that whether you planned years ago, plan now, or just wait, your options to shift wealth will be dramatically limited. Further, the proposals to increase income taxes on the wealthy will exacerbate the estate tax changes. You should consider planning for all of the harsh Biden budget proposals being enacted. Perhaps, some or all might be. So, creating grantor, irrevocable, trusts, and making gifts to them before year end might be prudent. If you’re still a fence sitter set up the trust and put $1,000 in it. That way, if you... --- When it comes to estate planning, many homeowners consider adding their children as joint tenants to their home. This approach has an initial appeal due to its simplicity and the avoidance of probate. However, it's crucial to understand the significant risks and disadvantages that come with this strategy. Let's explore why this might not be the best option for your estate plan. What is Joint Tenancy? Joint tenancy is a form of property ownership where two or more individuals hold equal shares in a property. A key feature of joint tenancy is the "right of survivorship," which allows the property to pass automatically to the remaining joint tenants upon the death of one tenant, bypassing probate. The Initial Appeal of Joint Tenancy Bypassing Probate: Joint tenancy allows for the straightforward transfer of property upon the death of one tenant, avoiding the probate process. Immediate Transfer of Ownership: The right of survivorship ensures an immediate transfer of ownership to the surviving joint tenants, simplifying the inheritance process. Risks and Disadvantages of Adding Children as Joint Tenants Loss of Control Over the Property Decision-Making: Once children are added as joint tenants, the original owner loses sole authority over the property. Significant actions, like selling or refinancing the home, require the consent of all joint tenants. Potential Conflicts: Disagreements among joint tenants can complicate decisions about the property, potentially leading to legal disputes. Exposure to Financial Liabilities Divorce Settlements: If a child goes through a divorce, the property could be considered part of... --- In the fast-paced world of entrepreneurship, decisions about where to establish your business can significantly impact its success. Lately, there's been a surge of interest in incorporating businesses in Nevada, and it's not just due to the state's stunning landscapes and vibrant cities. The “Elon Musk Effect” has been a driving force behind this trend, as more entrepreneurs are drawn to the benefits that Nevada offers for business incorporation. Elon Musk, the visionary CEO behind companies like Tesla and SpaceX, has long been associated with innovation and success. His decision to establish a significant presence in Nevada has not gone unnoticed. In a recent article by the Las Vegas Review Journal, aptly titled "The Elon Musk Effect: Why more businesses want to incorporate in Nevada," it was noted that “There were more than 108,000 business entities registered in Nevada in 2023, a roughly 150 percent increase from 2019, according to data from the Secretary of State’s Office. ” Musk's endorsement of Nevada as a favorable destination for business incorporation underscores several key benefits that the state offers: Tax Advantages One of the most compelling reasons for incorporating in Nevada is its favorable tax environment. With no state income tax, no franchise tax, and no corporate income tax, businesses can retain more of their profits, allowing for greater investments and growth opportunities. Legal Protections Nevada boasts robust legal protections for business owners, including strong asset protection laws and privacy provisions. These protections offer entrepreneurs peace of mind, knowing that their assets... --- The IRS has released the Applicable Federal Rates under Sec. 1274(d) of the Internal Revenue Code for June 2024. These rates are used for various tax purposes, including minimum rates for loans. The AFRs are as follows Annual Semi-annual Quarterly Monthly Short-term 5. 12% 5. 06% 5. 03% 5. 01% Mid-term 4. 66% 4. 61% 4. 58% 4. 57% Long-term 4. 79% 4. 73% 4. 70% 4. 68% --- Finding love again after the loss of a spouse or a divorce can bring immense joy, but it also brings new considerations, especially when it comes to estate planning for blended families in Nevada. Here are five key strategies to avoid common pitfalls and ensure a smooth transition of assets for your loved ones: Error #1: Not Updating Beneficiaries When entering a second marriage, it's crucial to review and update beneficiary designations on financial accounts, including retirement plans and life insurance policies. In Nevada, failing to designate your current spouse or child as the primary beneficiary can lead to unintended consequences, such as assets going to a previous spouse. Regularly review and update beneficiary designations to align with your current wishes. Error #2: Neglecting Your Will and Trust While beneficiary designations cover certain assets, your Trust or Will plays a critical role in distributing the rest of your estate. Ensure your estate plan reflects your wishes for asset distribution, especially if you want to provide for both your current spouse and children from a previous marriage. Considerations such as who inherits the family home and sentimental items should be clearly outlined in your estate planning documents. Error #3: Equal Treatment for Unequal Situations Not all heirs are in the same financial position, particularly in blended families. Considerations such as unequal contributions to the marriage or special needs of certain heirs should guide your estate planning decisions. Discuss these matters openly with your spouse and legal advisor to create a fair... --- The IRS has released the Applicable Federal Rates under Sec. 1274(d) of the Internal Revenue Code for May 2024. These rates are used for various tax purposes, including minimum rates for loans. The 7520 rate is 5. 40% The AFRs are as follows Annual Semi-annual Quarterly Monthly Short-term 4. 97% 4. 91% 4. 88% 4. 86% Mid-term 4. 42% 4. 37% 4. 35% 4. 33% Long-term 4. 55% 4. 50% 4. 47% 4. 46% --- Estate planning is the best way to build, protect, and preserve your legacy. By utilizing Wills, trusts, and powers of attorney, you can craft a plan tailored to your unique needs. At the Las Vegas Law Firm of Jeffrey Burr, we've been assisting individuals and families throughout the community for over 40 years, offering customized solutions to protect your family and assets. Crafting Your Legacy with Precision Crafting the perfect estate plan is more than just a legal process – it's a reflection of your life's work and your hopes for the future. Our dedicated team understands the importance of this journey. With our decades of experience and legal expertise, we're here to guide you through every step of the process, ensuring your legacy is preserved according to your wishes. Guidance for Optimal Tax Efficiency At the Law Firm of Jeffrey Burr, we recognize that minimizing tax consequences is a critical element of any comprehensive estate plan. That's why our estate planning attorneys are either CPAs or hold advanced degrees in taxation and are dedicated to ensuring your plan addresses tax concerns most efficiently and effectively possible. Whether it's structuring trusts or implementing strategic tax-saving measures, we work to protect your assets and maximize your benefits. Your Trusted Partner in Estate Planning Excellence We understand that estate planning can feel overwhelming, but you don't have to navigate it alone. Our team is here to provide the guidance and support you need to make informed decisions about your future. From creating... --- The IRS has released (Rev. Rul. 2024-04) the Applicable Federal Rates under Sec. 1274(d) of the Internal Revenue Code for April 2024. These rates are used for various tax purposes, including minimum rates for loans. The AFRs are as follows Annual Semi-annual Quarterly Monthly Short-term 4. 89% 4. 83% 4. 80% 4. 78% Mid-term 4. 30% 4. 25% 4. 23% 4. 21% Long-term 4. 45% 4. 40% 4. 38% 4. 36% --- Hiring an attorney for probate can be overwhelming. I often get asked how much families can expect to pay their attorney to go through probate in Nevada. NRS 150. 060 outlines how an attorney can charge for probate. In most cases, an attorney will charge either on an hourly basis or based on the value of the estate. This decision often depends on the complexity of the estate. If the estate is complex or there are disputes between family members, typically fees are charged on an hourly basis. If the attorney charges based on the value of the estate, NRS 150. 060(4) provides for the following compensation for ordinary probate services as follows: “If the attorney is requesting compensation based on the value of the estate accounted for by the personal representative, the court shall allow compensation of the attorney for ordinary services as follows: (a) For the first $100,000, at the rate of 4 percent; (b) For the next $100,000, at the rate of 3 percent; (c) For the next $800,000, at the rate of 2 percent; (d) For the next $9,000,000, at the rate of 1 percent; (e) For the next $15,000,000, at the rate of 0. 5 percent; and (f) For all amounts above $25,000,000, a reasonable amount to be determined by the court. ” As an example, if the total estate value were $300,000, the total attorney fees for ordinary services would be $9,000. 00. In addition to the compensation for ordinary services, NRS 150. 061 allows an attorney to receive compensation... --- The IRS has released (Rev. Rul. 2024-04) the Applicable Federal Rates under Sec. 1274(d) of the Internal Revenue Code for March 2024. These rates are used for various tax purposes, including minimum rates for loans. The 7520 rate is 5. 00% The AFRs are as follows Annual Semi-annual Quarterly Monthly Short-term 4. 71% 4. 66% 4. 63% 4. 62% Mid-term 4. 13% 4. 09% 4. 07% 4. 06% Long-term 4. 40% 4. 35% 4. 33% 4. 31% --- "There is an important lesson I have learned during my over 40 years as an estate planner. That lesson is that estate planning is not an event, it is a process. " So many practitioners focus on the creation of the documents necessary to create a plan. However, they fail to understand that an estate plan is fluid and necessarily needs updating over time. In addition, often not enough attention is paid to all of the ancillary work that is necessary to carry out a proper estate plan such as titling of assets, keeping separate property separate, designing a plan that provides asset protection, keeping current on tax laws that may affect the plan as well as choosing the right individuals or trust company as Trustee. As you are aware, at Jeffrey Burr, we pay close attention to all of the tasks and laws that cause an estate plan to be effective and relevant for our clients and their families. If you are reading this, you are already aware that we send out semiannual newsletters to keep you informed of important estate planning issues such as law or tax changes, and to give you ideas to strengthen and enhance your plan. We also send out communications as necessary to inform you of urgent pending law changes and resultant planning opportunities. Part of the process of estate planning is also to assist you in funding your trust and the other entities that are created. We take great care in assisting you... --- If you own a small business or family office, you could soon be required to report ownership details to the federal government—or possibly face stiff penalties. Here's what you need to know. What is it? The Corporate Transparency Act (CTA), which went into effect on January 1, 2024, requires otherwise unregulated companies to report information about "beneficial owners"—those who own at least 25% of or exercise substantial control over the reporting company. Newly formed Companies that fall under the definition of “Reporting Companies” will need to file the Beneficial Ownership Information (“BOI”) report with the Financial Crimes Enforcement Network (“FinCEN”), a bureau of the U. S. Department of Treasury, beginning on January 1, 2024. Companies formed after January 1, 2024, will have 90 days after formation to file the BOI report with FinCEN. Reporting Companies formed prior to January 1, 2024, will have until December 31, 2024, to file the BOI report with FinCEN. A Reporting Company is broadly defined as any entity formed by a filing with a secretary of state or any foreign entity that is registered to do business in the United States, which includes corporations, limited liability companies, and limited partnerships. The law exempts certain categories of businesses such as significantly tax-exempt entities and large operating companies. Large operating companies, put simply, have more than 20 full-time employees in the United States, a physical office in the United States, and more than $5 million in U. S. gross receipts. What is the Impact on Trust Administration?... --- The IRS has released (Rev. Rul. 2024-03) the Applicable Federal Rates under Sec. 1274(d) of the Internal Revenue Code for February 2024. These rates are used for various tax purposes, including minimum rates for loans. The AFRs are as follows Annual Semi-annual Quarterly Monthly Short-term 4. 68% 4. 63% 4. 60% 4. 59% Mid-term 3. 98% 3. 94% 3. 92% 3. 91% Long-term 4. 18% 4. 14% 4. 12% 4. 10% --- Settling an estate can be a complex and emotionally charged process. In Nevada, flat fee probate has emerged as a popular alternative to traditional hourly billing. This approach offers a number of benefits, including cost predictability, transparent pricing, and a streamlined process. Depending on the situation, flat fee probate in Nevada can be a wise decision. Cost Predictability: One of the most significant advantages of opting for flat fee probate in Nevada is cost predictability. Flat fee probate eliminates the uncertainty of traditional hourly billing. With a clear understanding of the upfront cost, beneficiaries can focus on grieving and estate settlement without worrying about unexpected legal fees. Transparent Pricing: Flat fee probate typically comes with a clear breakdown of fees, which allows you to understand what you're paying for. This transparency eliminates the risk of surprise charges or hidden fees, ensuring you're fully informed about the costs involved. Streamlined Process: Flat fee probate incentivizes attorneys to complete the process efficiently. This can lead to a quicker resolution and distribution of assets. Reduced Stress: Navigating the probate process can be stressful and emotionally draining. Flat fee probate can help to reduce this stress by eliminating the uncertainty of legal fees. Beneficiaries can focus on their loved one's legacy without worrying about escalating costs. Encourages Open Communication: With a flat fee agreement in place, clients are more likely to communicate openly and honestly with their attorney. This can lead to better collaboration and a stronger relationship between the attorney and the client.... --- The AFRs are as follows Annual Semi-annual Quarterly Monthly Short-term 5. 12% 5. 06% 5. 03% 5. 01% Mid-term 4. 19% 4. 15% 4. 13% 4. 11% Long-term 4. 19% 4. 15% 4. 13% 4. 11% --- Many people are familiar with the concept of the reading of the Will. This is the time when all of the family members gather together with the attorney present. The terms of the Will are then read aloud for everyone to hear all at once. Generally, the terms of the Will reveal the identity of the persons who are nominated to serve as the executor and the names of the beneficiaries who have been designated to receive the deceased family member’s property. As a practical matter, however, the reading of the Will simply does not occur as it once may have in the past. So how and when are the beneficiaries notified of their inheritance? An executor will be named in the Will. The testator is encouraged to let the executor know that he or she has been named to carry out the terms of the Will upon the testator’s death. Accordingly, the executor will often already have a copy of the Will or will contact the attorney that drafted the Will in order to obtain a copy. Under Nevada law, the person in possession of the original Will must either turn the Will over to the executor, or lodge it with the Court within 30 days of the testator’s death. Once the will is filed with the Court, it becomes public record and can be seen by anyone. However, the law does not require that the lodged Will be sent out to the named beneficiaries under the Will. Once... --- I often get asked how long it takes to complete a probate in Nevada. The answer is not always simple. The length of probate depends on a number of factors including, but not limited to: the size of the estate; the complexity of the assets; the family dynamics; and the caseload of the probate court. In cases where the total estate assets are less than $100,000. 00, Nevada law allows for a more streamline procedure that can be handled relatively quickly. However, even in these smaller probate estates, if a court hearing is required, there may be a long wait time before the court is available to hear your case. For example, in Clark County, hearing dates are set approximately four months from the date the court documents are filed. Other counties in Nevada with lower caseloads may have a shorter waiting period. In estates over $100,000. 00, a minimum of two court hearings are typically required in addition to a 60-90 day creditor period which runs in-between the first and second court hearing. In Clark County, a typical probate with assets over $100,000. 00 will take approximately one year if everything goes smoothly. This timeframe can be extended significantly if there are delays in taxes, selling property or disputes between family members or other beneficiaries. If you or any of your family members have questions about probate in Nevada, please reach out to our office. --- A critical step in achieving one’s financial aspirations should include implementing strategic tax planning opportunities to decrease their taxable estate. The federal tax rate applied to wealth transfers upon death or made through lifetime gifts is 40%. At such a high rate, this can significantly decrease the number of assets and legacy one can leave for future generations. Accordingly, it is no surprise that federal wealth transfer taxes (gift, estate, and generation-skipping transfer taxes) profoundly influence day-to-day estate planning for wealthy clients. Fortunately, each taxpayer has a coupon that shelters some of their transferred assets from federal wealth transfer taxes. This coupon is known as the unified credit or lifetime exemption amount. In 2012, The American Taxpayer Relief Act (ATRA) permanently set this exemption amount at $5 million per individual, adjusted for inflation. Then, just five years later, the Tax Cut and Jobs Act (TCJA) temporarily doubled this exemption amount to $10 million, adjusted for inflation. The inflation-adjusted exemption amount for 2022 is $12. 06 million. Total wealth transfers upon death or throughout one’s life that are less than or equal to this exemption amount are free from federal wealth transfer taxes. In 2021, the Biden administration’s Build Back Better Act (BBBA) included proposals to decrease the exemption amount back to ATRA’s $5 million per person, starting in 2022. This resulted in a rush of clients engaging in wealth transfer transactions to take advantage of the high exemption amount available in 2021. Ultimately, these proposals lacked support from Senators Kyrsten... --- For those of our clients with asset protection trusts (Nevada On-Shore TrustsTM or NOSTs), we would like to remind you of some of the things that you should be doing on a regular basis to maintain your NOST and any related entities. For the most part, these recommendations are small and simple steps that can be taken to help ensure your NOST and business entities would be respected in the event there is a challenge to the validity of your planning in court. Annual Meetings: It is recommended that the current serving trustees meet together annually and complete annual meeting minutes, including the completion of distribution authorization(s) to be signed by all the trustees. The paperwork for this meeting should be completed each year and kept with your records. We recommend you send copies of the distribution authorizations, minutes, and notes to our firm, and we will store them with your electronic file. Many clients request that our office host the meeting and prepare the annual documents. Asset Inventory Recordings: The statutes that govern the NOST provide that assets transferred to the NOST would be fully protected from creditors upon the later of two years from the time the asset was transferred to the NOST or six months from the time that a creditor discovered or should have discovered the transfer. Furthermore, the statutes provide that a creditor will be deemed to have discovered or should have discovered the transfer if the NOST has provided a public record of the... --- The Section 7520 rate is 1. 0% The AFRs are as follows Annual Semi-annual Quarterly Monthly Short-term 0. 25% 0. 25% 0. 25% 0. 25% Mid-term 0. 88% 0. 88% 0. 88% 0. 88% Long-term 2. 23% 2. 22% 2. 21% 2. 21% --- 2021 was an interesting year for estate planning professionals and high-net-worth individuals and families. After a year of speculation and legislative uncertainty, congress was unable to pass the Build Back Better Act. On September 15, 2021, the House Ways and Means Committee released legislative text detailing their proposed tax increases as part of President Biden's Build Back Better Framework. On September 27, 2021, the legislative text proposed by the House Ways and Means Committee was advanced in a bill sponsored by Rep. John Yarmuth, D-KY, and introduced to the House Rules Committee as the Build Back Better Act (H. R. 5376). The original bill included tax increases for high-income individuals and families, and sought to eliminate many of the key estate planning techniques utilized to reduce wealth transfer taxes. Some of the more relevant proposals in original bill, included: (1) reduction of the basic exclusion amount for federal gift, estate, and generation-skipping transfer tax purposes from $11,700,000 to $5,000,000, indexed for inflation; (2) different tax treatment for grantor trusts that would have limited them as an estate planning vehicle; and (3) disallowance of the use of entity-level valuation discounts for nonbusiness assets held in family-owned entities. Fortunately, the original bill was modified to eliminate the various sections relating to the items described above. The most recent legislative text of the Build Back Better Act (H. R. 5376) is found in the Rules Committee Print 117-18 released by the House Rules Committee on November 3, 2021, and subsequently amended by Rules... --- We continue to meet with clients who still utilize what's called a Two Trust or an AB trust. Back in its day, having an AB Trust allowed married couples to essentially double the amount that could be passed to the next generation by preserving the 1st spouse's exemption at their death and allowing an additional exemption at the 2nd spouse's passing. Unfortunately, the technique was only available through the use of a complicated "AB trust" which generally had to be prepared by an attorney to be effective. That all changed when Congress passed legislation called "portability," allowing a surviving spouse the right to use a deceased spouse's unused exemption even if it wasn't placed in an exempt trust. In addition, the lifetime exemption amount has increased dramatically in recent years and continues to increase with inflation every year, which allows for simpler and more cost-effective estate planning. Because of portability and the increase in the exemption amounts, many AB trusts are no longer necessary. With an AB Trust, the splitting of the first trust requires a trust administration at the first spouse's death, which may be costly and time consuming as an inventory of trust assets must be done, property must be appraised and valued, and allocations between sub-trusts need to be made. Now, because of portability and the current high exemption amount, the requirement that a surviving spouse make that allocation is sometimes unnecessary and economically impractical, and the surviving spouse can avoid a complex trust administration and simply... --- Recently, Bernie Sanders presented his proposed tax reform legislation, which outlines drastic changes to the estate and gift tax exemption. While it is our hope that this proposed law will not be enacted, it seems best to “plan for the worst and hope for the best,” given the unpredictable political climate, and the possible changes that may be made if a watered-down version of this potent proposed law passes. The good news is that the proposed reduction of the estate tax exemption amount from $11,700,000 to $3,500,000 would not occur until January 1, 2022. The same timing applies for the proposed reduction of the gift tax allowance to only $1,000,000, which means that people will not be able to gift more than $1,000,000 after 2021 without paying gift tax. Also, the proposed increase in the estate tax rate to 45% once a deceased person’s taxable estate exceeds $3,500,000, and 50% and higher when the amount subject to tax exceeds $10,000,000, will not apply until 2022. In addition to the above exemption and tax changes, gifting of up to $15,000 per year per person will be limited to $30,000 per donor per year for gifts to irrevocable trusts or of interests in certain “flow-through entities” beginning in 2022. The tougher news for many clients is that some of the primary tools and strategies that we have used in the past will not be available in the future, beginning upon the date that President Biden signs the bill into law if this... --- We often get asked whether having a Will is sufficient to avoid probate in Nevada. The question is usually asked by children of a deceased parent who are facing the time-consuming and expensive probate process because proper estate planning did not take place during the parent’s lifetime. The answer, in short, is that in Nevada having a Will is not enough to keep a person out of probate court at their death. A Will is a legal instrument that determines how assets are to be divided at a person’s death. Wills are an effective way to accomplish this goal. However, if a person only uses a Will, a probate will be required for the distribution of those assets that do not automatically transfer to another person, such as with real property. With only a Will, children and other beneficiaries can be stuck with a time-consuming, expensive, and public probate. In Nevada, if the deceased person’s assets exceed $25,000, or if there is real property involved, probate is normally required. If the value of the estate does not exceed $100,000, a petition can be filed in court, requesting that the estate be “set aside. ” This means that the estate's distributions can be made without the court intervening. If the property values between $100,000 and $300,000, the estate can go through probate by way of a “Summary Administration. ” If the value of the property exceeds $300,000, it must go through full probate, or “General Administration. ” There are several effective... --- According to Nevada law (NRS 41. 440), any liability imposed upon a spouse, son, daughter, parent, or other immediate family member arising out of his or her driving and operating a motor vehicle with the permission, express or implied, of such owner is hereby imposed upon the owner of the motor vehicle, and such owner shall be liable for any damages resulting from such negligence or willful misconduct. Of course, insurance will cover an accident, but only up to the coverage limits of the insurance. In California, a 22-year-old woman who was driving a parent’s vehicle struck and killed a woman and severely injured her two young children. A civil lawsuit was filed naming not only the daughter but also the parents, as they are also liable as owners of the vehicle. If you have adult children (over the age of 18) for whom you have purchased a vehicle and the vehicle is titled in your name, protect your assets and avoid any potential liability by transferring title of the vehicle into that child’s name. To prevent the adult child from selling the vehicle, or taking a loan against the title, you can list yourself as a lienholder on the back of the title. Visit your local DMV for instructions on how to transfer ownership of a vehicle. --- Generally, a person’s “domicile” is his or her primary legal residence. While a person may have several residences or places where he or she lives, in the United States a person may only have one domicile or legal residence. Each state has its own rules for establishing legal residence, and it is possible for more than one state to assert that a person is domiciled in that state, which may happen if a state is looking to levy taxes or assert jurisdiction over a person. Establishing “domicile” or “legal residence” in Nevada, as defined by statute, is a matter of being physically present in the state with the intent to indefinitely remain. If you are trying to get states (including Nevada) to recognize your status as a Nevada resident, the more “indicia of domicile” that point to Nevada, the better. The Nevada courts have listed some of those indicia of domicile as: having a Nevada mailing address, voter registration, school attendance in Nevada, receiving medical care in Nevada, conducting business, and financial affairs in Nevada, paying taxes, drafting wills, or being employed in Nevada. 1 Additional indicia of domicile are filing a declaration of domicile with the county clerk, registering a vehicle or vehicles in Nevada, obtaining a driver’s license, recording a homestead declaration for your residence in Nevada, using a Nevada address for primary correspondence, including credit cards, magazines, bank accounts, etc. , transferring significant cash and securities holdings to Nevada institutions, establishing relationships with professional advisors (attorneys, accountants,... --- What is an LLC? A Limited Liability Company (“LLC”) is a type of business organization that is comprised of members (the owners) and the managers. In recent years, the LLC gained prominence as both an effective business entity and an estate planning tool. It is recognized in all 50 states and it provides most, if not all, of the benefits of a corporation, yet is usually taxed as a partnership. This allows an LLC to avoid tax problems sometimes associated with the corporate business form. The LLC has two features distinguishing it from other types of business entities. First, an LLC possesses the corporate characteristic of limited liability for all its members without the burden of corporate formalities. This characteristic shields the individual LLC members from personal liability beyond their investment or capital commitment to the LLC for the debts and obligations of the LLC. Second, an LLC possesses the income tax flow-through attributes of a partnership. Unlike other types of business entities, the LLC avoids the infamous double taxation problems associated with the traditional C corporation. Due to the flexible nature of LLCs, these entities are favored as a part of comprehensive estate plans to achieve your gifting objectives, minimize potential estate tax liability upon your death, and protect your personal and business assets from the claims of creditors. How do LLCs offer asset protection? An LLC can protect your personal assets from being used to pay creditors of your business. If you structure your estate to limit the... --- Choosing colors, cakes, decorations, and invitations can seem daunting, but once the big day is over, there are other important considerations. Whether or not it’s your first walk down the aisle, it’s important to nail down particular aspects of your estate planning during this pivotal time. Estate planning isn’t just for those with more experience under their belt. Estate planning is for everyone—especially those who are married. This article is geared towards first-time marriages and will overview estate planning documents newlyweds should have. Creating an estate plan can be a bit costly up-front but will save time and money later. It’s beneficial to begin your life together on the right foot. Compared to planning a wedding, your estate planning is a piece of cake. As promised, here are 10 estate planning tips for newlyweds.   Talk with your significant other about the importance of estate planning. Talking about planning for the worst parts of life can feel scary and overwhelming. However, it’s one of the most important things you can do to have peace of mind for yourself, spouse, and family members. Share the importance of estate planning and why it’s necessary for the two of you to create or update your documents. Compile important documents. These documents include your marriage certificate, birth certificates, social security cards, passports, armed forces IDs, citizenship documentation, prenuptial and postnuptial documents, and any documents relating to children you may have. Also, track down existing estate planning documents you may have. These documents include but... ---   Can you believe it's been 20 years since our beautiful ray of sunshine and receptionist, Denise Williams, joined Jeffrey Burr? Her smile has been the first one welcoming our clients to the office, and we're so thankful for the past 20 years of her service. Congratulations, Denise! Here's to 20 more!   --- More and more clients are seeking asset protection as jury awards and the number of frivolous lawsuits continues to increase, in order to preserve their hard-earned assets to pass on to future generations. Such asset protection is available in various forms, including limited liability companies, corporations, homesteads, qualified retirement plans, offshore trusts, and domestic asset protection trusts. As of the date of this article, 18 states have adopted some form of Domestic Asset Protection Trust (“DAPT”) statute¹. Such statutes are not solely for the benefit of the residents of those 18 DAPT states. California has not yet passed a DAPT statute, however, many residents of California can still enjoy many of the protections DAPT states afford as long as certain conditions are met. This article discusses and explores the requirements of implementing a successful asset protection plan in such a situation, in which a California resident (a non-DAPT jurisdiction) sets up a Nevada DAPT. This article will show that a Nevada DAPT, structured as outlined below for a California resident, should provide a real benefit to the settlor by either (1) being upheld in its entirety if challenged, or (2), if a dispute arises, lead to an attractive settlement. ² First, the California resident must be a good candidate for a Nevada DAPT. To be a ‘good candidate’ the California resident should not have any impending litigation or creditor issues, and have other reasons for setting up the trust, which may include tax reasons – using up a lifetime exemption,... --- Concern over the coronavirus (COVID-19) is rampant. Many extreme measures are being taken and we are being urged to try to limit our activities to those that are more essential. In these uncertain times, we often reflect on our estate planning and end of life decisions. Because of the major impact these have on us and our families, we consider these activities essential and worthy of our immediate attention. However, for many, the thought of traveling or meeting in a public place seems unhealthy or risky. For those who are concerned about going out in public, we offer to meet with you either over the telephone or via video conferencing through Facetime, Skype Business, or Zoom. We have all been taught that a valid Will must be executed in the presence of two witnesses who are not related to the creator of the Will AND who are not listed as heirs of the Will. Also, to create a valid Trust, the Grantor (or creator) of the Trust should have his or her signature witnessed by a Notary. However, Nevada law now allows a Will and Trust to be signed, witnessed, and notarized electronically, or virtually, and still be legally valid. See NRS 163. 0095 and NRS 13. 085). Keep in mind that you still must be over the age of eighteen (18) and be of sound mind. We have several alternative means for helping you complete your vital estate plan. For an Electronic Will to meet the requirements of the... --- Earlier this year, the Las Vegas Review-Journal reported that nursing home costs in Nevada are more than $4,000 a year above the national median. In Nevada, a private room in a nursing home carries a median rate of $82,125 per year. * Given the current economic situation in Nevada, expensive nursing home costs can be devastating for families. Families are forced to balance a desire to provide quality care for a loved one with the economic realities of high healthcare costs and a depressed economy. Loved ones must be cautious as high healthcare costs can deplete savings in a short period of time. Fortunately, there is help. Families can find some relief through Medicaid where the family is unable to bear the costs to provide for a loved one. However, families should be aware that applying for state assistance can be complicated. Medicaid has specific rules and requirements that must be satisfied in order to receive aid. Family members providing long-term healthcare assistance for other family members in these tough economic times must also remember to take care of themselves. Providing care for an ageing or disabled family member is not only financially draining, but can also be emotionally draining. Family members, especially spouses, must not attempt to do more than is physically possible. This can lead to financial ruin or physical exhaustion. It is often not possible to provide adequate care alone. Even though economic times are tough, it is important to seek help. Jeffrey Burr Ltd. has a... --- Congratulations to Jeffrey Burr on being named to the 2017 Mountain States Super Lawyers. Jeffrey Burr has been helping families in the Las Vegas Valley for nearly 35 years. --- Just a few weeks ago, the Nevada Supreme Court issued their ruling in a case involving a domestic asset protection trust (DAPT) or a self-settled spendthrift trust (SSST), which our office calls the Nevada On-Shore Trust. The court decision can be accessed here. This case involved a dissolution of a marriage and whether a SSST can be invaded to satisfy a judgment for child support. In this case,Klabacka V. Nelson, the Nevada Supreme Court expressly upheld the validity of Nevada’s “self settled spendthrift trust” statute, found in Nevada Revised Statutes, Chapter 166. In the Court decision, the requirements for establishing a SSST were reinforced: “A spendthrift trust is created ‘if by the terms of the writing (construed in the light of if necessary) the creator manifests an intention to create such a trust. ’ In addition to the spendthrift requirements, to create a valid SSST, NRS 166. 015(2)(a) requires the settlor to name as trustee a person who is a Nevada resident. Further, NRS 166. 040(1)(b) provides that the SSST must (1) be in writing, (2) be irrevocable, (3) not require that any part of the trust’s income or principal be distributed to the settlor, and (4) not be ‘intended to hinder, delay or defraud known creditors. ’” We also note that the Court’s decision specifically stated that Nevada’s SSST statute is not subject to any type of “exception creditors. ” Many states which have joined Nevada in offering DAPTs, have built into their statutes exceptions for certain types of... --- On June 2, 2017, Assembly Bill 314 was approved by the Governor and will become Nevada law on October 1, 2017. Assembly Bill 314 has been in the works for the past two years by the Probate and Trust Section of the Nevada bar. The new Nevada law makes positive changes to existing probate and trust law in Nevada. Some of the major provisions of the bill include: Increasing the judgment exemption amount for Individual Retirement accounts from $500,000 to $1,000,000; Allowing the court to release Testamentary Trusts from on-going court supervision; Clarifying the existing no-contest laws; Explaining the rights of creditors related to non-probate transfers; Creating law to allow individuals over the age of 18 to authorize another person to order a burial or cremation in the event of his or her death; and Amends and clarifies many important issues relating to probate and trusts. We are excited for the passage of Assembly Bill 314 and expect the new bill will make positive changes for our clients. Attorney – Corey J. Schmutz --- Clients that come into our office looking for asset protection in the form of a domestic asset protection trust (“DAPT”) often ask us what additional protections an offshore trust could offer them. Some of those additional protections include a shorter statute of limitations for creditors to attack assets after the assets have been transferred into the trust, a higher standard of proof that creditors must meet to undo a transfer into an offshore trust, and the fact that the creditor must go to the foreign jurisdiction to pursue their claims. After reviewing these benefits, many clients are anxious to set up an offshore trust, but that excitement wanes considerably when the fees for setting up an offshore trust are discussed, as well as the formalities and complexities that must be adhered to in order to obtain those extra protections. To obtain those protections for our clients, but reduce the upfront costs in setting up an offshore trust and avoid some of the more stringent formalities of an offshore trust, our firm has created the Passport Trust ™. The Passport Trust ™ is an asset protection vehicle that combines the flexibility and simplicity of a domestic asset protection trust (DAPT) with the advantages of an offshore jurisdiction’s additional protections against creditors, if the need arises. A Passport Trust ™ includes “passport” provisions in the trust agreement that enable a DAPT to be redomiciled in a foreign non-US jurisdiction such as Nevis or the Cook Islands if there is ever a distress... --- Nevada law provides for two ways of creating a valid and binding Last Will and Testament. The first method is by drafting a will, in writing, that is signed by the testator or by an attending person at the testator’s direction, which is attested to by at least two competent witnesses who subscribe their names to the will in the presence of the testator. The second method is often referred to as a “holographic will,” wherein the signature, date and material provisions of a will are written by the hand of the testator. For a holographic will, there is no requirement that it be witnessed or notarized. When a document meant to be a Will does not comply with the requirements for either a witnessed or holographic Will, a court may not enforce the directions provided about who beneficiaries are and what they should receive. Instead, a court may substitute Nevada’s default rules governing disposition of a person’s estate, which may be completely different from a testator’s wishes. To ensure that your estate is distributed according to your wishes, it is important to seek professional legal assistance in drafting a Last Will and Testament or other testamentary documents. Be wary of download-able forms, templates, or non-legal professionals who attempt to provide low-cost alternatives for drafting Wills or Trusts, as these ‘low cost’ alternatives tend to be the much more expensive option in the long run, as families and loved ones have to pay extra attorney's fees and court costs if... --- Most wills and trusts, in my experience, contain no-contest clauses, which say something like: if a beneficiary contests the terms of my will or trust they get nothing. Most clients like this language. They think it protects them from a beneficiary who comes swinging out of the corner so-to-speak and tries to claim more than what was left to him or her. The problem is that sometimes the no-contest clause protects a will or trust, but sometimes it doesn’t. Nevada law states that no-contest clauses will be enforced with certain exceptions. It will not be enforced if a beneficiary seeks (1) to enforce the terms of the will or trust, (2) to enforce his or her legal rights under the will or trust, or (3) to have a court construe or determine the legal effect of the will or trust. Also, a no-contest clause will not be enforced in certain circumstances if legal action is brought in good faith and based on probable cause. These exceptions combined with the overarching principle that law abhors forfeitures can at times render a no-contest clause seemingly meaningless. So if you suspect you will have problems with your beneficiaries, please consider consulting with an attorney at Jeffrey Burr, Ltd. about planning around your particular circumstance. --- Most individuals who establish a revocable trust during their lifetime also name themselves as the initial trustee of their trust. In such a case, the trustee has complete discretion as to the investment and management of the trust assets. For example, such a trustee can be very aggressive in his or her investment philosophy and invest in high risk, very speculative assets. Also, the trustee can have an unbalanced trust investment portfolio such as investments consisting of only one stock or in one sector. However, once the person who established the trust is no longer the acting trustee, the third party, successor trustee does not have such discretion. Most states, including Nevada, have adopted the Uniform Prudent Investor Act. Under this act, a third-party trustee must invest and manage the trust property as a prudent investor would, considering the terms, purposes, requirements for distribution, and other circumstances of the trust. In satisfying this prudent investor standard, the trustee shall exercise reasonable care, skill and caution. Also, a trustee who has special skills or expertise such as a stockbroker or hedge fund manager has a duty to utilize those special skills and expertise. Within a reasonable time after accepting a trusteeship or receiving trust property, the trustee is required to review the trust property and make and carry out decisions concerning the retention and disposition of assets in order to bring the trust portfolio into compliance with the purposes, terms, requirements for distribution and other circumstances of the trust and the... --- I received a mailer last week from a law office claiming that with a simple free workshop they could FIX MY TRUST. They pointed out a few reasons that my trust might not reflect my needs: Removing A/B Trust provisions. Protect my spouse from “gold-diggers” after I’m gone. Incapacity/guardianship planning. Protect my children’s future inheritance from creditors and divorce. Protect my future grandchildren’s interest from being controlled and spent by their parent who may be my son-in-law or daughter-in-law. Out-of-state documents. As much as I appreciate this other law office’s concern – they haven’t read my trust, so how do they know it’s broken? I realize that I’m just being defensive since I’m in the same line of business. In truth, the above items of concern are the same things that we talk about with clients when they establish or revise their documents. I thought it would be good to respond to each of these items so that our thousands of loyal readers have confidence that the trusts that we draft do not leave our office with intended deficiencies. A/B Trust: We’ve been contacting our clients about this problem for years! ! Due to the increased federal estate tax exemption amount, the administration of a married couple’s trust at the first spouse’s death can be greatly simplified by removing the A/B Trust which no longer provides any tax benefit and which probably results in a tax detriment. Gold-diggers: It’s possible to utilize features of trust design to protect the surviving... --- One of President Trump’s most prominent items on his ‘to do’ list as the Nation’s 45th President was to repeal the estate tax (also called the death tax) to stimulate economic growth and “Make America Great Again! ” Whether or not President Trump manages to repeal the estate tax, however, Trusts remain the best estate planning tools for the following reasons: 1. Protect Minor Beneficiaries If a beneficiary under the age of 18 is named in a will, or is a default beneficiary under state intestacy laws (which is the estate plan the State of Nevada provides for anyone who has not made their own), that minor will be entitled to their entireshare on their 18th birthday. I don’t know about the 18 year olds you know, but if I had received a big check at 18 I’d probably have nothing to show for it 10 years later except maybe a closet full of way too many clothes and cautionary tales for my children. To protect your minor beneficiaries, whether it be children or grandchildren, put their inheritance in a trust. In a trust, provisions specific to your situation and family may be drafted to perhaps delay an outright distribution until age 25 or 30. Provisions could also be added that would enable a trustee to pay for school, medical costs, a first car, or even a down payment on a house to assist that beneficiary with accomplishing worthwhile goals, rather than setting them up for failure with a blank... --- As you prepare to meet with your estate planning attorney, you will undoubtedly agonize over questions like these: Who will take care of my kids when I die? How will I leave my assets? How will I treat my son, Bobby, whom I haven’t heard from in years? Who takes care of me when I’m incapacitated? Etc. , etc... . But one of the most important questions-that isn’t often treated that way-is: who will be my trustee? Too often trustees are selected by default, like choosing a brother or sister just because they are family or the oldest child just because he or she is the oldest-as if being trustee is based on primogeniture. Too often little consideration is given to this important decision, and your beneficiaries and family are left to deal with it. See, even the best lawyer, asked to draft a “bullet-proof” trust, can’t protect against the unfit or, even worse, rogue trustee. So to help make sure that all the consideration you’ve given to how each piece of your property will be distributed isn’t for naught, select the right trustee. The one who has the acumen and fortitude to carry out your wishes. The one who will serve as the right manager of your assets. The one who understands what his or her expectations are. To help you make that decision, here is a list of some of the qualifications your trustee should have: 1. Investment knowledge. This includes knowledge of the financial markets, and knowledge... --- Congratulations Alicia on your 20 year anniversary with Jeffrey Burr. You are the foundation of our Trust Administration department and are so lucky to have you! Here's to many more years. --- As we near the end of 2016 and Christmas approaches, our thoughts turn to those less fortunate. Many of our clients express their desire to give to those in need and the various charitable institutions whose missions are to help those who cannot help themselves. However, some clients are unsure of how much to give, which charities to give to, and how they can make sure that the donation they make actually benefits those in need. A website designed to assist donors in choosing charities outlines four questions to ask of a charity before deciding whether to donate: Does the charity match your passion? Is the charity fiscally responsible, ethical and effective? Do you trust it enough to give without strings attached? Does the charity have strong leadership? Even with that guidance, choosing a charity (or charities) to donate to, how much to give to each charity, or when to make a gift can be difficult. Why not make one donation to one fund (which allows for an immediate charitable income tax deduction and which can be added to over time), which can grow tax free, enable you to make charitable contributions or gifts to multiple charities over time, and utilize the experience of experts to help you determine what charities you would like to give to, and leave a philanthropic legacy for your loved ones? All these things can be accomplished by using a popular charitable vehicle called a Donor Advised Fund, or “DAF. ” A DAF is basically... --- Our office recently sent a letter to our clients who could potentially be affected by proposed changes to Section 2704 of the Internal Revenue Code, which may eliminate valuation discounting for gift and estate tax purposes. It is not too late to schedule an appointment to discuss the implications on your estate plan if this new regulation is implemented. As a brief background, the US Treasury has recently issued Proposed Regulations that could have a dramatic impact on your estate planning by eliminating valuation discounts. For wealthy people looking to minimize their future certain estate tax, this is critical. If you are concerned about protecting a family business, family investment assets, or real estate from having to be sold in order to pay the federal estate tax at your death, then it is worth investigating this. Act Now: Time is of the essence. Once the Proposed Regulations are effective, which could be as early as year-end, the ability to purposely structure discounts on assets of your estate might be substantially reduced or eliminated, thus curtailing your tax and asset protection planning flexibility. Properly planning with this technique takes time to structure the various steps of the transaction. It is important to start as soon as possible in order to complete the planning before the regulations are finalized. Please call our office today at 702-433-4455 to schedule an appointment to review your estate plan. --- A local law firm recently published a chart which named Nevada as one of the top two jurisdictions that are best for establishing Dynasty Trusts. A Dynasty Trust is a special trust created to last for multiple generations. They use what is called the generation-skipping transfer tax exemption under the Internal Revenue Code (currently $5. 45 million per person) to pass family wealth to multiple generations without being eroded by estate taxes at each generation, which is what happens without a Dynasty Trust. In Nevada, a dynasty trust can last for one day less than 365 years. Other advantages of a Dynasty Trust include: Protecting trust assets from potential creditor claims against beneficiaries; Reducing a grantor’s estate by the amount of the gift transferred to the trust, plus the appreciation from those assets; and Removing the value of the trust assets from a number of succeeding generations’ estates for estate tax purposes. To discuss whether a Dynasty Trust is right for you, please contact the attorneys at Jeffrey Burr, LTD. today. --- In an effort to keep you informed of developments in federal gift and estate tax laws, we are writing to tell you of a potential change in the law. By way of background, when Congress passes provisions of the Internal Revenue Code, they authorize the United States Treasury to issue regulations as further interpretation and enforcement of the Code. The regulations that are the subject of this post are of particular interest for single clients with an estate greater than or approaching $5. 5 million or married clients with combined estates greater than or approaching $11 million. Proposed Regulations Issued: The Treasury (IRS) has recently issued Proposed Regulations that could have a dramatic impact on your estate planning by eliminating valuation discounts. For wealthy people looking to minimize their future certain estate tax, this is critical. If you are concerned about protecting a family business, family investment assets, or real estate from having to be sold in order to pay the federal estate tax at your death, then it is worth investigating this. Act Now: Time is of the essence. Once the Proposed Regulations are effective, which could be as early as year-end, the ability to purposely structure discounts on assets of your estate might be substantially reduced or eliminated, thus curtailing your tax and asset protection planning flexibility. Properly planning with these types of techniques takes some time to structure the various steps of the plan. It is important to start right away. What are Discounts Anyway? Here’s a... --- The recent news of the “Brangelina” (Brad Pitt and Angelina Jolie) split has me thinking... even the perceived “match made in Heaven” can end in divorce. The unexpected can become reality. So no matter how improbable divorce may be for you, plan for the unexpected. Nevada is a community property state, and there is a presumption in Nevada that property acquired during marriage is community property and, therefore, subject to an equal division upon divorce. Some property, however, is not considered community property, unless commingled with community property. For instance, property brought into the marriage is generally the separate property of the spouse who owned the property prior to marriage. Also, inheritance is generally separate property. How do we make sure, then, that commingling doesn’t happen? How do we deal with appreciation? How are mortgage payments treated? How are premium payments on life insurance, or 401(k)/IRA contributions treated? What do we do with family owned businesses? Sometimes these questions are left unconsidered, whether because of premarital bliss, naivety, or some other reason. But as the news of Brad Pitt and Angelina Jolie’s divorce shows, the outcomes of human relationships are unpredictable. Sometimes (or many times) unexpected things happen, and we should be ready when they do. Contact an attorney at JEFFREY BURR, LTD. to make sure you have the right plan and discuss with us your options for a separate property trust, a domestic asset protection trust, or other community property and separate property issues. --- Even if you are not a celebrity or self-made millionaire, failing to plan properly will leave a huge mess for your family. Some ways to make sure that your family is not scrambling to find assets upon your passing or spending thousands of dollars in court and attorney fees to transfer those assets to your beneficiaries are: 1. Make sure you at least have a simple Will. The Will tells a court who you would like your Executor to be, or person that you would like to manage and oversee the probate process. If you fail to nominate someone, the court will nominate someone for you. A Will also directs the court to distribute assets to your named beneficiaries in accordance with the terms you lay out. If you do not have a Will, the state substitutes its own estate plan for yours by distributing your assets according to the state’s intestacy statutes – which may inadvertently disinherit those who you actually wanted to leave your assets to. 2. Determine if a Living Trust is good for you. Living Trusts enable you to bypass the court probate process entirely. They enable for a smooth transition of assets from you to your beneficiaries after you are gone. Another benefit of the Living Trust is that it can provide for means to take care of you if you are ever incapacitated. 3. Title your Assets Properly. If you have a Living Trust, it is important to “fund” the Trust with your assets.... --- You may have recently received a “Welcome Letter” from the Nevada Department of Taxation notifying you of the newly enacted Commerce Tax laws. The Commerce Tax is a new tax levied annually on each business entity that (1) does business in Nevada, and (2) earned gross revenue in Nevada for the fiscal year that exceeds $4,000,000. However, even exempt entities or business entities whose gross revenues in a fiscal year do not exceed $4,000,000, will be required to take certain actions before the August 15th deadline. Exempt entities must file the Exempt Status Entity Form using the Tax ID number provided in the Welcome Letter. You can submit the Exempt Status Entity Form to the Department of Taxation by mail or through the Nevada Tax Center system. After submitting the Exempt Status Entity Form, your exempt entity will be in compliance with the Commerce Tax laws and will be removed from further Commerce Tax related mailings. The list of entities exempt from the Commerce Tax is limited to:  Natural person, unless such person is engaged in a business and files Schedule C, E (Part 1) or F with the federal tax return;  Governmental entity  Non-profit organization pursuant to section 501(c) of the Internal Revenue Code;  Business entity organized pursuant to NRS 82 or NRS 84;  Credit union  Grantor trust, excluding a trust taxable as a business entity for federal tax purposes;  Estate of a natural person, excluding an estate taxable as a business... --- Even single member LLC’s should have operating agreements. The importance of an operating agreement seems obvious when unrelated parties are partners in an LLC; but the need seems less apparent when there is one member or if the member of the LLC is a husband and wife or a joint trust. Having an operating agreement is a tangible item that demonstrates the intent that the LLC be treated as a legitimate business. A creditor attempting to pierce, or reverse pierce, the veil of the LLC is likely to use the lack of an operating agreement to try to prevail in litigation. The operating agreement should also be updated from time to time to reflect changes in ownership or management. For instance, in estate planning matters we often have clients assign their ownership of their LLC to a revocable trust or a Nevada On-Shore Trust (domestic asset protection trust). The resulting change in ownership or a change in the named manager should be updated in the operating agreement with an amendment to the operating agreement or a restatement of the operating agreement. --- One of the common fears of clients when doing their estate planning is that the terms of their last will and testament and/or their revocable trust will not be followed after their death. In this regard, there are a limited number of legal theories to challenge the validity of a will or trust of a decedent. The two most common legal theories are: (1) the decedent lacked the necessary legal capacity at the time the will (testamentary capacity) or trust (contractual capacity) was created, and (2) the decedent was unduly influenced by someone at the time the will or trust was created. When a will or trust is so challenged, one of the main problems is that the person who made the will or created the trust is now deceased. The maker of the will or trust is no longer available to confirm that these are their intentions, that they have the necessary legal capacity, that they are not being unduly influenced, and if necessary explain to the court or jury the reasons for the terms of their will and trust such as why a child is disinherited. This unavailability of the maker of the will or trust may lead to speculation on the part of the judge or jurors, and the substitution of their judgment of what they believe the will or trust should provide such as a child should not be disinherited. At least as to wills, there is now a solution to this problem in Nevada. For... --- Longevity says a lot about a firm. Longevity of its employees in particular. We have several long-term employees, but our longest running employee is Melina, who is celebrating 30 years with Jeffrey Burr this June! Melina Barr-Nicolatus started with Jeffrey Burr as a paralegal in June of 1986 and has been a support beam of this firm ever since. We wish Melina a very Happy 30th Anniversary with Jeffrey Burr Ltd. Here's to many more years. --- Sentimental value can sometimes be worth more than economic value. Having represented family members fighting over family mementos worth little or nothing money-wise, we have come to realize the power of sentimental value. Nevada, like many other states, allows a person to dispose of his/her tangible personal property by a written list referenced in the person’s will or trust. These lists allow a person to designate individual recipients of certain pieces of tangible personal property. The person can change the list as many times as he/she wants during his/her life. However, we oftentimes find the lists are never completed. In some cases the result is family dissension – often over the most unassuming items. Sometimes the cure to the potential family discord is simply completing the tangible personal property list that accompanies most wills and trusts. If you have promised a certain piece of tangible personal property to someone and you still wish to leave that property to that person, complete your tangible personal property list accordingly. This can facilitate the administration of your estate or trust when you die and hopefully prevent frivolous lawsuits that consume potential inheritances. For more information about the tangible personal property list, contact the attorneys at Jeffrey Burr, Ltd. --- Many clients feel that once their children or grandchildren reach a certain age, they will have obtained a financial maturity that will enable those beneficiaries to make good financial decisions and not spend their inheritance in one visit to a casino. Thus, in many estate plans beneficiaries are entitled to receive their inheritance all at once when they reach a certain age, or to receive portions at certain ages. While a beneficiary at age 25 or 30 may very well be financially mature, there are dangers besides a beneficiary’s propensity to spend money to consider when crafting an estate plan. When a beneficiary is entitled to an outright distribution, those assets may become subject to more than a beneficiary’s spending habits; a judgment creditor can seize an inheritance to satisfy a claim, a bankruptcy court can seize an inheritance to pay creditors and costs of the bankruptcy proceeding, a divorce court may award some or all of an inheritance to that beneficiary’s soon-to-be ex-spouse, or if the beneficiary fails to create his or her own estate plan and something happens to him or her, the inheritance may become subject to a probate. If a minor is the beneficiary of an outright distribution, they will receive a check when they are 18, with no limitations in place for how they can spend it. To avoid those potential dangers, among others, you can direct through your estate plan documents that a beneficiary’s inheritance be held in trust for their benefit,with distributions to... --- One of the primary reasons a person creates a revocable trust is to avoid probate, the formal court supervision of an estate proceeding, upon their death. The goal is to have no court involvement whatsoever in the affairs and administration of the trust. Even with the creation of a revocable trust, there are situations in the past that a Nevada court was required to become involved in the trust administration process. For example, the creator of the revocable trust who is also the trustee becomes incapacitated or dies, and all of the nominated successor trustees under the terms of the trust are unable to serve for whatever reason. In that situation, there is no successor trustee to administer the trust. In the past, it was necessary to petition the court to assume jurisdiction of the trust and appoint a successor trustee. However, this is no longer necessary. In July of 2015, the Nevada legislature passed a law that allows for the resolution of certain matters relating to a trust without court approval through the use of a non-judicial settlement agreement. The law was effective October 1, 2015. The matters that may be addressed through a non-judicial settlement agreement are: 1. The investment or use of trust assets; 2. The lending or borrowing of money; 3. The addition, deletion or modification of a term or condition of the trust; 4. The interpretation or construction of a term of the trust; 5. The designation or transfer of the principal place of administration... --- Business succession planning is a topic that many business owners sweep under the rug – waiting until they absolutely have to address it, if they do so at all. These business owners give little attention to succession planning. They think it’s an issue that will work itself out. But what they don’t realize is that statistically most businesses fail to successfully transition to subsequent generations. Indeed, less than one-third of businesses successfully pass to the second generation, and that proportion is substantially less for the third and fourth generations and so on. In our experience, family conflicts are the primary contributor to unsuccessful business succession. The main family conflicts concern (1) the unwillingness to change traditions and adapt, which is required to operate a successful business, (2) the interjection of emotion in what should be logical business decisions, (3) the unrestrained willingness to hire unqualified family members, and (4) the lack of family unity. Unaddressed, these conflicts can relegate a business to the category of failed business succession, where statistics say two-thirds of businesses end up. However, with proper planning and counseling an otherwise prosperous business can be passed from generation to generation providing benefit to each. Michael D. Lum If you are a business owner and have not planned your business succession or have not visited the topic in a while, please contact an attorney at JEFFREY BURR who can help introduce you to a team of professionals and participate with your current advisors to help you plan for... --- Limited Liability Companies (“LLCs”) are a type of business entity recognized in all fifty states. LLCs provide the protections of a corporation and the flexibility and tax advantages of a partnership. An LLC possesses the corporate characteristic of limited liability for all its members. This characteristic generally shields the individual LLC members from personal liability beyond their investment or capital commitment to the LLC for the debts and obligations of the LLC. Thus, members are protected from being liable for debts incurred by the company, but the company’s assets are also protected from a member’s individual creditors. In Nevada (along with only a handful of other states), a charging order is the exclusive remedy for creditors of LLC members, which means that those creditors can generally only get money or property that is actually distributed to the liable member. The manager of the LLC, or the controlling member or members of the LLC, has some flexibility in withholding distributions to ensure that the creditor of the liable member does not get the company’s property. Additionally, an LLC possesses the income tax flow-through attributes of a partnership, avoiding the double taxation problems typically associated with traditional corporations. The LLC also has extremely valuable estate planning uses, such as for gifting and reducing estate tax liability, protecting family assets, and insurance planning considerations. Thus, the LLC is an extremely versatile tool from both business and estate planning perspectives. To determine whether an LLC could work for your business or as a part... --- We are left to wonder how Prince would have wanted his estate / legacy divided? Will his wishes be met? Read the article published by wealthmanagement. com, a division of Trust and Estates Magazine: http://wealthmanagement. com/people/lack-will-makes-prince-enigma-death-too? NL=WM-27&Issue=WM-27_20160427_WM-27_654&sfvc4enews=42&cl=article_1_2&utm_rid=CPG09000005742003&utm _campaign=5801&utm_medium=email&elq2=268f06efdf1d4b7889d3a4c11b1482c9> Don't hesitate to create some sort of estate plan. Contact the Law Offices of JEFFREY BURR to discuss preserving your legacy. --- Upon the death of a person who created a revocable or living trust the trust agreement typically provides for distributions of the Trust assets among various beneficiaries. A beneficiary of a Trust understandably wants his or her inheritance as soon as possible. Trustees also desire to complete the administration of the Trust, including distributions to the beneficiaries, as quickly as possible after the period for filing creditor claims has expired. The Trustee may also be a beneficiary or related to the Trust beneficiaries and these interesting “family dynamics” can put additional pressure on a Trustee to distribute the Trust quickly. Regardless of all these facts and competing interests for a quick termination of the Trust, it is good practice for a Trustee to retain a certain amount of the Trust monies from the final distribution to the beneficiaries. This retention is often called a “holdback. The amount of the holdback depends on the particular facts of each case. Oftentimes there is a final income tax return (Form 1040) of the decedent due the following calendar year that cannot be prepared and filed until after January 31 of the following year. For example, a person dies on June 1, 2016 with a Trust. The Successor Trustee is responsible for filing the deceased person’s final Form 1040 (or a state tax return if state income tax is involved) regarding any taxable income of the decedent from January 1, 2016 to the date of death. This final income tax return is due on... --- It is common for a person (hereinafter the “trustor”) to create a living trust to avoid the expense and time of probate. The creation of the trust is not the sole step in avoiding the probate process – the trust must be “funded”. “Funding” a trust is the process of the trustor conveying the title of his or her property into the name of the trust. For real property, this process requires the preparation, execution, and recordation of a deed. Some initially fear that their mortgaged real property cannot be conveyed to their trusts. The fear is based upon the “due-on-sale” clause contained in the mortgage agreement. Fortunately, federal law has brought clarity to the issue of mortgaged property and trusts. What is known as the Garn St. Germain Act prevents a lender from exercising its “due-on-sale” clause option to take action for “a transfer to an inter-vivos trust in which the borrower is and remains a beneficiary”. There are a few limitations with regard to what type of dwelling would fall under this exemption, but for the person who has a single family residence or condominium such relief is applicable. --- Per recent changes in the law, Executors may have additional reporting obligations. Executors may now be required to report the basis of estate assets to the IRS and the beneficiaries of the estate by filing the Form 8971. Executors will need to complete and file the Form 8971 for estates that are required to file an estate tax return after July 31, 2015. Estate tax returns are generally only required when the estate value is more than $5,430,000 in 2015 and $5,450,000 in 2016. (Currently it is unclear whether the Form 8971 will be required for estates filing an estate tax return only to elect “portability”, although it does not appear the Form 8971 will be required in those cases. ) Although the IRS has delayed the first deadline for filing the Form 8971, the current deadline is March 31, 2016. For additional information or if you need assistance in preparing the Form 8971, feel free to contact the attorneys at JEFFREY BURR. --- Nearly 75% of survey respondents reported they did not have an advance medical directive in a 2014 study conducted by the American Journal of Preventive Medicine. An advance medical directive may be a general power of attorney for healthcare matters, a directive to physicians, a living will, or any combination of those – in essence any document or documents which appoint an agent to make healthcare related decisions for you if you are not able to make them for yourself and gives instruction to that agent about what healthcare decisions you would make for yourself if you were able. The main reason why the respondents without these documents stated they did not have advance medical directives in place was a “lack of awareness. ” So, what were they not aware of? In Nevada, the Power of Attorney for Healthcare allows you to do the following: Nominate an agent (and alternate agents) to act on your behalf if you are unable to; Outlines your wishes regarding medical treatment and end of life decisions; and Nominates a person to serve as a guardian over you should the need arise. The Directive to Physicians is a statement of your desires regarding end of life decisions directed to your physician should the time come where your agent must make an end of life decision on your behalf. Having these documents in place can help avoid situations like Aden Hailu’s, discussed in a previous blog by Michael D. Lum, Esq. , where families and physicians... --- At the law offices of JEFFREY BURR, we help clients with their estate planning. But having the plan, a Will or Trust, is only part of the process. I found an interesting graphic on social media and I thought I would plagiarize the idea. The graphic discussed preparation of a “death dossier” – the files and documents that are helpful to gather in planning for your death. I thought of a few other names for this as listed in the title. Here’s a summary of the documents or categories of documents that are helpful to gather and keep with or nearby your estate planning paperwork: Estate Plan. Obviously I’m going to lead with this one, but have a copy of your Will or Trust package in a location where your Trustee and/or Executor will find them. While you are living, tell or show your Trustee where to find your binder. Our office typically maintains the original copies for our clients and we attempt to make contact with the Successor Trustee, Executor, and family members when we become aware of a client’s passing. Healthcare Power of Attorney – Directive to Physicians (including HIPAA release). These important documents are part of the estate plan and should be in your binder. Healthcare powers of attorney executed after about 2006 typically include a HIPAA release. Personal and Family Medical History. This is not part of your estate plan, but could be very helpful for your Executor and descendants. A list of physicians regularly seen... --- Many people who establish Trusts prefer to nominate an individual, often a child or other family member, as a Successor Trustee of their Trust in the event of their death. In this situation, the Successor Trustee is often also a beneficiary of the Trust. A conflict of interest exists in that the individual is, on one hand, a Trustee with a number of duties and responsibilities to the Trust and its beneficiaries, and on the other hand the individual is a beneficiary of the Trust with his or her own self-interests. Normally a Court does not allow conflict of interest situations. However, Courts recognize the fact that a person creating a Trust often wants a child or family member to serve as Successor Trustee and that the person is also one of the primary beneficiaries of the Trust. The Court allows this type of conflict of interest, but imposes a number of duties and responsibilities on the Successor Trustee. Some of these duties are: Loyalty – Trustee must administer the Trust in the interest of the Trust beneficiaries, deal fairly and impartially in Trust matters, have no self-dealing and no other conflicts of interests, and must communicate any material facts to the Trust beneficiaries. Impartiality– Trustee must administer a Trust so as to afford each beneficiary with the same level of benefits and protection. Administer Trust – Trustee must administer the Trust per the terms of the Trust agreement diligently and in good faith, must manage and preserve and make... --- This past year our probate department reviewed numerous Wills that were not executed or signed properly. In some cases, through affidavits from the subscribing witnesses, we were able to correct some of these errors and admit the Wills to probate. Unfortunately, in other cases, the problems were not able to be fixed. Most of these errors were from Wills that were not prepared by an attorney. Once a person is deceased, errors in the execution of a Will cannot always be corrected. This can result in complete devastation, with assets being distributed to persons that were not intended by the decedent. The Nevada requirements for the execution of a Will are set forth in the Nevada Revised Statutes Chapter 133. These requirements must be followed with exactness. One missing word can be the difference between a valid Will and an invalid Will. The requirements are not difficult; however, to someone who is not an attorney, the requirements are easy to miss. We have found that there are many incorrect Will forms floating around on the internet and are not worth the paper they are written on. If you have questions regarding the validly of your Will, contact an attorney and they will be able to quickly tell you whether your Will is properly executed. Attorney – Corey J. Schmutz --- When a person dies, they often times leave real property to their beneficiaries. So long as there are sufficient assets to pay off any creditors, the beneficiaries can choose whether to keep the property or sell it. If the beneficiaries choose to sell the property and the property has to go through the probate process, there are three ways to deal with selling the property: The beneficiaries can wait until the probate process is complete and the title has transferred into the beneficiaries’ name. At that point, because the title is held by the beneficiaries, they can sell the property and sign all of the closing documents individually. The only downside to this option is that the beneficiaries have to wait for the probate to be completed which can often take 6 months or more. The property can be sold during the probate process through a court’s confirmation of sale. In this process, the executor or administrator of the estate signs the documents to sell the property. Once a buyer is found, there is a court hearing to confirm the sale. At the court hearing, the property is placed up for auction by the court and any member of the public may overbid the buyer and purchase the property. This helps to make sure that the estate gets the highest price possible for the property. In some cases, the property may be sold during the probate process without a court confirmation hearing through the Independent Administration of Estate Act. This... --- In recent news Aden Hailu, a 20-year-old woman and student at the University of Nevada, Reno, died on January 4, 2016. In brief, Aden admitted herself to Saint Mary’s Regional Medical Center in Reno, Nevada (the “hospital”), in April of 2015. Through a series of tests, it appears doctors could not initially determine the cause of Aden’s illness. Aden appeared to be normal except she was not responding to IV fluids and she had inconsistent vital signs. Doctors determined that they should perform surgery on Aden to detect the source of her illness. During surgery, Aden went into cardiac arrest and fell into a coma. From the time Aden fell into a coma until her death, Aden’s family and the hospital were engaged in a court battle to determine Aden’s proper end-of-life treatment. Although it is not clear to this author whether or not Aden had expressed her desires for end-of-life treatment in a Power of Attorney or otherwise, this case is a good reminder that clients should have Powers of Attorney and Directive to Physicians prepared for their children who have recently attained the age of majority. This can help foreclose the need for guardianships in cases like Aden’s and also add clarity to such child’s intent for end-of-life procedures. If you have not thought about having Powers of Attorney or Directive to Physicians prepared for your children who have recently become adults, please contact an attorney at Jeffrey Burr to assist you in that regard. --- More and more estates these days include digital assets in two main categories: devices and accounts. Typically both devices and accounts have controlled access which requires a password. You might only have a handful of devices that require passwords, such as a smartphone, home computer, laptop, tablet, and a home security system. But the number and variety of accounts could be very surprising if you were to count them out. Online banking (brick & mortar, and online-only), e-mail accounts, social media Facebook, Twitter, Instagram, LinkedIn), online shopping and their related consumer credit accounts (Amazon, Ebay, retail store websites), life insurance, investment accounts, online photo storage or cloud backup services, blogs and websites that you manage, photo or video sharing websites (YouTube, Vimeo, Flickr), and media purchasing sites such as GooglePlay, AmazonPrime, and iTunes. Many of these accounts may contain information that you would like to pass on to the beneficiaries of your estate. This could include the transfer of wealth from an online investment account, to sharing photos and videos from your life, to enjoying the songs, movies, and TV shows that you have purchased online. The great question is this: If you were to pass away, would those who are named to handle your affairs be able to access these devices and accounts? Unfortunately, in many cases the answer is “No” unless careful preparation is made. The law is trying to keep up but there is no clear and reliable guarantee that your Executor or Successor Trustee will be... --- Most people are aware that a good estate plan should contain provisions to distribute assets to loved ones while avoiding probate. Have you thought about what will happen to your pets? It is important to include provisions in your estate plan to address what will happen to your pets in the event of your death. This can include who will care for your pets if something happens to you and can also include financial distributions to care for your pets. Although you cannot directly leave money to your pet, you may leave money to their caretaker. Nevada law also specifically allows for pet trusts to be established. This type of planning can give you the peace of mind that your family, including your beloved pets, will be taken care of should something should happen to you. If you are a pet owner, call one of our attorneys at 702-433-4455 to discuss how you can make sure your pets are included in your estate plan. --- The question I am often asked is "do I really need a trust? " This is usually followed by a statement along the lines of "I have named beneficiaries to receive all of my accounts and the only other asset I own is my house. " The short answer is: an estate of any size can benefit from a trust. Simply put, having a trust allows you to decide who will receive your assets, when they will receive your assets, and the manner in which your assets will be distributed to them. Most people understand that a trust is preferable to a will in that a trust avoids probate. Of course, assets titled in joint tenancy and assets having a beneficiary designation will also avoid probate. Both of these techniques will result in a property automatically passing to the surviving beneficiary without probate. If, however, your joint tenant and/or designated beneficiary should predecease you, then any such property becomes subject to probate once again unless and until you take further action with respect to the ultimate disposition of the property. A beneficiary, pay-on-death (POD) or transfer-on-death (TOD) designation will cause the timing of the distribution to occur upon an account owner’s death. Joint tenancy is also widely used as a tool to pass property upon a person’s death. The designation of joint tenancy, however, brings with it much more than simply being a gift upon death. Adding someone as a joint tenant to your property, gives that person present access... --- According to the U. S. Census Bureau, blended families now outnumber traditional families. Blended families come in all shapes and sizes, where at least one spouse has at least one child from a prior marriage or relationship. Due to the variety of situations and dynamics of each unique blended family, a cookie-cutter estate plan will not suffice to accomplish each individual family’s goals. It is important to discuss your family situation with an estate planning professional who can personalize a plan for you and your family which will enable you to meet your family’s needs and address any concerns you may have. For blended families, below are several items to consider as you and your loved ones plan for the future and preserve your legacy. Questions you may ask yourself when creating a new estate plan for your blended family may include: How can I provide for my children from a previous relationship and for my new spouse? How do I ensure my children’s inheritance is protected? Am I bringing significant separate property into the marriage that I want to keep apart from my community estate? In creating your new estate plan, it is important to evaluate your goals and priorities regarding how (and to whom) you want to distribute your assets after you are gone. An individual may leave their assets however and to whomever they please. In our experience, clients typically want to provide for their children and spouse. Providing for both in a blended family setting however... --- Legal remedies are judicial remedies that parties have by right as set out in law and statutes. These remedies are based on the law and statutes. A judge simply enforces the right as established by law. In contrast to legal remedies, equitable remedies are remedies, usually non-monetary, which a court fashions when the judge believes existing legal remedies do not adequately redress the injury or situation. Equitable remedies were developed at the time of King Henry VII in order to provide more flexible responses to changing social conditions than possible in existing laws and statutes. Equitable remedies are based on concepts of fairness and equity as determined by the judge. Such a determination oftentimes is largely dependent on the judge's personal beliefs and attitudes. The traditional role of a court is to interpret and enforce the Constitution and valid laws as written. The court was not to rewrite the law or impose the court's personal viewpoints regarding the law, but to take the law as written and apply it to the case as long as the law was not unconstitutional. Federal and state legislatures created the laws; courts interpreted and enforced them. Judicial activism is the belief that judges can and should creatively reinterpret the Constitution and laws to meet the vital needs of society when the federal and state branches of government and legislatures fail to do so. Again, this is based on the personal beliefs and viewpoints of the court as to what the vital needs of society... --- As an estate planning attorney, I often find it of interest to read about a celebrity’s estate plan. Celebrity estate plans can provide both good and poor examples of what should and should not be done by all of us. Recently, I came across an interesting article entitled “7 Estate Planning Lessons from Celebrities” which brought focus to this very topic. I would recommend reading it as the lessons provided are applicable to those with significantly less wealth than the celebrity examples found in the article. To bring focus to just two of the seven lessons provided in the article, I would like to focus on the estate plans of Philip Seymour Hoffman and Heath Ledger. Philip Seymour Hoffman didn’t want his children to become “trust-fund kids. ” However, it is reasonable to conclude that Hoffman had a desire that his children’s reasonable needs be met with his wealth. Against the advice of his attorneys, Hoffman’s estate plan was to leave his entire estate to his long-time girlfriend Mimi O’Donnell. It was Hoffman and O’Donnell’s mutual understanding that she would use his wealth to provide financially for the children, in her absolute discretion. This plan had two significant flaws. First, because Hoffman and O’Donnell were not married, the transfer of Hoffman’s estate to O’Donnell was taxable for estate tax purposes. Second, without proper instructions and guidelines as would typically be found in a trust agreement, there is no guarantee that O’Donnell will use Hoffman’s wealth in a manner that Hoffman... --- Tom Clancy, renowned author, died on October 1, 2013. Tom died with an estate worth approximately $83 million. Tom was survived by his wife, Alexandra Clancy, a daughter born to Tom and Alexandra and four adult children from Tom’s prior marriage. When Tom died, he left a Last Will and Testament (“Will”) that governed the disposition of his probate assets. The Will provided that his probate estate is to be divided into thirds – one-third to his wife in trust (the “Marital Trust”), one-third to his wife and all of his children in trust (the “Family Trust”) and one-third to his children from his prior marriage in trust (the “Children’s Trust”). Due to the size of Tom’s estate and his estate planning elections, Tom’s estate is required to pay a significant amount in estate taxes, apparently approximately $16 million. Tom’s personal representative (aka executor) allocated a portion of the taxes owed to Alexandra’s inheritance. Alexandra objected and claimed that based on a codicil that Tom executed, which amended the terms of his Will, Tom’s intent was that no portion of her inheritance would be responsible for the estate taxes. Rather, Alexandra claims the entire burden should be borne by the portion going to Tom’s four adult children from his prior marriage. As a result of Alexandra’s claim, a dispute ensued between her and Tom’s adult children. On August 21, 2015, a Baltimore judge ruled in favor of Alexandra, a decision that is likely to cause a protracted legal battle. This... --- A highly regarded estate tax-savings tool utilized in estate planning is the Irrevocable Life Insurance Trust, commonly referred to as an “ILIT”. Establishing an ILIT allows proceeds from a life insurance policy to escape estate taxes upon the death of the insured. Under the current income tax laws, proceeds from a life insurance policy are paid to the beneficiaries of the insurance policy entirely income tax free. For estate tax purposes, however, if you are the owner of a life insurance policy, the proceeds from that policy are included in your taxable estate on your death, and therefore become subject to the estate tax. For example, if you are single with estate assets (other than life insurance) valued at $5,000,000, and if the proceeds of a life insurance policy payable on your death amount to $2 million, the estate tax due is approximately $628,000. With an ILIT, on the other hand, the $2 million policy is removed from your taxable estate because the policy is owned by the trust. Thus, in the above example, placing the policy in a properly drafted ILIT would completely eliminate any estate tax on your death, while freeing up the entire $2 million for your heirs. In combination with the favorable income tax laws, an ILIT can ensure that the proceeds from a life insurance policy escape both income and estate taxes. Additionally, contributions to an ILIT in the form of premium payments can also be made gift-tax free. To enjoy those tax savings, it... --- The primary death tax concern in most estate planning situations is the federal estate tax. Generally speaking, federal estate tax is based on the dollar value of the trust-estate of the decedent, is due nine (9) months after the date of death, and is taxed at a forty percent (40%) tax bracket. The good news is that the federal estate tax equivalent exemption for deaths occurring in the 2015 calendar year is Five Million Four Hundred Thirty Thousand Dollars ($5,430,000. 00). In other words, if the net taxable estate is Five Million Four Hundred Thirty Thousand Dollars ($5,430,000. 00) or less, there is no federal estate tax. Also the federal estate tax equivalent exemption is indexed for inflation, so theoretically the amount of the exemption should increase each calendar year. Because of the large dollar amount of the exemption, federal estate tax is oftentimes not a major factor in the estate plan of many people. However, there is a potential second death tax when a person dies. Some U. S. states levy their own death tax called an inheritance or estate tax. Currently six (6) states have an inheritance tax, fifteen (15) states have an estate tax, and two (2) states have both. Most eastern states have an inheritance or estate tax, while most western states, including Nevada, have no inheritance or estate tax. The two (2) western state exceptions are Washington and Oregon. Unlike the federal estate tax, state inheritance tax is based on the amount a beneficiary inherits... --- Friends and family often ask me if they really need an attorney to prepare the estate planning documents. There are many forms on the Internet or online services that offer do-it-yourself planning. I admit, these forms are services are much cheaper than paying for an attorney... at least on the front end. The problem with doing your own estate planning documents is that you lack the legal advice that comes with estate planning documents. This legal advice is an important part of your estate plan; it ties all the legal documents and assets together into an integral, working plan. If you make a mistake in your estate planning documents or in how your assets are held, those mistakes cannot be fixed once you are deceased. I will admit that, as an attorney, I am biased in writing this post; however, as the attorney in the office that handles most of the probate cases, this year I have seen an increase in awful estate planning documents. Its only August and I have already seen a large number of invalid or incorrect wills, incorrect deeds and invalid trusts. I may be biased, but when mistakes are made, I end up fixing them on the back-end. These errors lead to very expensive probates and often times assets passing to unintended beneficiaries. Here is a list of the top mistakes I have seen this year: Improper witnessing of the will (missing language the Nevada law requires to admit the will to probate) Improper titling... --- Oftentimes the most treasured pieces of property in an estate are those items which you do not hold formal legal title to. Unlike a car or home where ownership is evidenced by a title or deed, there are typically no such records for family heirlooms such as china dishes, jewelry, photo albums or vinyl records signed by the Beach Boys. When the owner of these personal property items dies, the items are generally given to the beneficiaries named in the owner’s will or trust. But oftentimes the items are given by way of general provisions. For example, a will may provide that half of a person’s entire estate will go to Son and the other half will go to Daughter. In that case, half of the personal property items will go to Son and half will go to Daughter. The executor ultimately decides how to allocate the personal property items between Son and Daughter ,which may cause a rift between Son and Daughter if they do not see eye to eye on who gets what. They may ultimately decide to go to court to resolve their dispute, which costs time and money. The person creating the will or trust could specifically designate which items of personal property will go to Son and which will go to Daughter to avoid this outcome; however, this can be difficult because people collect, lose, and gift personal property items to family and friends throughout their lives. Thus, what a person owns in terms of... --- The recent decision of the U. S. Supreme Court in Obergefell v. Hodges made clear that same-sex couples have the right to marry nationwide. In so holding, all states must formally recognize same-sex marriages that were legally entered into in other states. In addition, states cannot deny applications for marriage licenses for individuals of the same gender. The ruling clarifies that same-sex married couples now have the same legal rights that are enjoyed by opposite-sex couples. It allows same-sex married couples to take advantage of estate planning techniques historically afforded only to husband and wife. At the same time, it also raises issues concerning the property rights and obligations of same-sex couples who have already been married for a number of years. While marriage equality may now be universally recognized across the nation, state laws of descent and distribution are no substitute for creating a customized estate plan that clearly reflects one’s wishes. State laws often produce undesired or unintended results, especially in an area where legal rights have only just been pronounced and may apply retroactively. Good reasons apply equally to all persons to proactively plan for the orderly distribution of their estate in documents that will be legally respected in the event of death or incapacity. Please contact us for a free 30-minute review of your estate plan to make sure it follows your wishes. -Attorney Kari L. Stephens --- The main component of the estate plan for most people is a revocable living trust that they establish during their lifetime. The terms of the revocable living trust control the disposition of any asset titled in the name of the trust. Trust assets can include real estate, investment accounts, financial accounts, stocks and bonds, certificates of deposit, vehicles and other personal property. The revocable living trust can also be the joint owner of an asset, most commonly with an individual. When the individual dies, the revocable living trust becomes the sole owner of the asset and the asset is subject to the terms of the trust. The revocable living trust can also be the designated beneficiary of an asset such as a life insurance policy, a retirement plan and an annuity. The proceeds are payable to the trustee of the revocable living trust, and again the ultimate disposition of these proceeds are controlled by the terms of the trust. An asset can also contain a payable on death (POD) designation wherein the asset is payable to the trust upon the death of the owner. So why should one have a last will and testament if they have established and funded a revocable living trust? Even when a person establishes a revocable living trust, unfortunately periodically one or more of the person’s assets such as a vehicle or a bank account or even real estate does not get properly re-titled into the revocable living trust for whatever reason. In this situation,... --- Congratulations to Jeffrey Burr and John Mugan for once again being name in the 2015 Mountain States Super Lawyers Magazine. Read more here: http://digital. superlawyers. com/superlawyers/mxslrs15#pg1 Jeffrey L. Burr John R. Mugan --- If you have been keeping up on the reading of our newsletters, blog posts, and other mailers, you might have noticed that we have been urging our clients to review their current estate planning documents with their estate planning attorney. Undoubtedly, it is very likely that if your estate plan has not been updated prior to 2009, that updates to your existing plan are warranted. Either changes in the laws governing your estate planning documents or changes in your life or the lives of your beneficiaries’ are the catalyst for these necessary updates. Many clients are surprised to learn that their current trust may be unnecessarily complex given some not-so-recent changes to the federal estate tax laws. Since 2011, a feature of the new estate tax laws is the concept of “portability” of the federal estate tax exemption between married couples. In simple terms, portability of the federal estate tax exemption between married couples means that if the first spouse dies and the value of the estate does not require the use of all of the deceased spouse’s federal exemption from estate taxes, then the amount of the exemption that was not used for the deceased spouse’s estate may be transferred to the surviving spouse’s exemption so that he or she can use the deceased spouse’s unused exemption plus his or her own exemption when the surviving spouse later dies. Even more simply stated, portability provides relief from the complex A-B trusts that were commonly drafted prior to 2011. Relief... --- Trust decanting. It’s a fancy and fascinating sounding topic, right? Well, maybe only to my estate planning peers. Nevada updated its trust decanting statute this last legislative session and the changes become effective on October 1, 2015, and can be found in Senate Bill 484. You may have heard of decanting for liquids. Let’s say that I don’t like the container that is holding my lemonade. I can take my lemonade and pour it, or decantit, into a nicer container. Maybe it’s a nice glass pitcher. Perhaps it’s an etched crystal carafe in which it can better breathe. Of course nobody really decants lemonade. I’m pretty sure decanting is reserved to liquor and wine. But it’s an analogy to what is available for an irrevocable trust. Trust decanting allows an irrevocable trust’s assets to be poured to another irrevocable trust. Often, the goal of the decanting is to change some quality of the original trust or to fix something that was overlooked. Nevada’s statutes detail what is permitted to be changed in the new or second trust and the changes in our state law are an attempt to remain competitive with other states that cater to capturing trust business. A few examples of why someone might want to decant a trust: To cure some administrative language, such as the addition of a Trust Protector or Trust Consultant. A Trust Protector or Trust Consultant can be advantageous for a long-term generation skipping trust in order to be able to change trustees,... --- The Section 7520 rate is 2. 2% The AFRs are as follows Annual Semi-annual Quarterly Monthly Short-term 0. 48% 0. 48% 0. 48% 0. 48% Mid-term 1. 77% 1. 76% 1. 76% 1. 75% Long-term 2. 74% 2. 72% 2. 71% 2. 70% --- The main component of the estate plan for most people is a revocable living trust that they establish during their lifetime. A properly drawn and funded revocable living trust will enable the surviving spouse and family members to avoid probate, the formal court supervision of an estate proceeding. The most common reason given for wanting to avoid probate is the cost of a probate proceeding. Since the court supervises the probate process from start to finish, significant administrative costs and fees are incurred. These fees and costs include fees of the personal representative, fees of the attorney, filing fees and court costs. However even when a person establishes a revocable living trust, periodically one or more assets such as a vehicle or a bank account does not get properly re-titled into the revocable living trust. In this situation, when the trustor dies the vehicle or bank account is in the name of the deceased trustor alone. Can probate still be avoided? The answer is maybe, depending on the value of the asset or assets. Under existing Nevada law, specifically NRS 146. 080, if the gross value of such asset does not exceed $20,000. 00 and does not include an interest in real estate, the person entitled to succeed to the property may execute an Affidavit showing the right to such property. This person, the claimant, is usually the trustee of the revocable living trust or the surviving spouse. The Affidavit, along with a death certificate, is furnished to the institution... --- --- > Contact the Law Firm of Jeffrey Burr for a free consultation. Las Vegas Office: 702.254.4455, 10000 W. Charleston Blvd., Suite 100, Las Vegas, NV 89135. Henderson Office: 702.433.4455, 2600 Paseo Verde Parkway, Suite 200, Henderson, NV. Hours: Monday-Friday, 8:00 AM - 5:00 PM. Visit jeffreyburr.com. ---