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Balasco Referral

What We Do In Preparing Probates

I want to invite you into a room in my office that very few people get to visit. It is one of the most important areas, my library. This is ...my knowledge base and where I go to find answers to legal questions as well as any tax and accounting questions.

Hello folks and welcome back to another episode of Legal Concepts Revealed. I'm Kirk Kaplan with Crest Key Legal and Accounting, and in during this episode I will discuss how we prepare for the probate process. As you will see it is much more than filing forms and appearing in court.

Many people do not realize but probates involve accounting and tax elections. Something to look at is how to allocate deductions between the deceased estate income tax return, and potentially allocating those expenses on the estate's income tax return.

An example of this type of probate is a Canadian citizen to recently passed. This person owned property in Las Vegas and I am assisting this family with the proper tax elections which in turn can effect their tax situation in Canada.

This is when I refer to theThe Tax Advisor's Guide to the Canada - U.S. Tax Treaty, as it guides me when I'm thinking about whether I'm going to have an election under the tax treaty, or if we're gonna be filing the deceased last tax return here.

If you haven't done your proper estate planning, we're not only doing pleadings with the court, but we also want to make proper tax elections in those pleadings and petitions so that we get proper court orders. What is special about Crest Key Legal and Accounting is that we can do all of these things under one roof. We can work on the probate process as well as file the appropriate taxes.

We guide you through the tax elections, through the court system, and ultimately, what needs to be reported to the Internal Revenue Service. That's our strength at Crest Key Legal and Accounting, everything is done under one roof.

Many probate attorneys do not have the knowledge of taxes and accounting like we do. They simply know how to file the probate with the court system. Then you must rely upon an accountant that doesn't understand Nevada statutes in regards to the accounting rules that you have to report in the probate.

We have the understanding of the law required for the probate pleadings, then we can enact and issue accountings under the Nevada revised statutes required under the probate. We will then use those accountings to properly prepare the estate's income tax return, and reportings to the heirs.

We combine everything, so that everything works from beginning to end, that all the heirs, have no questions on what happened. I hope you found this information useful. For more information visit our probate administration page here: https://crestkey.com/personal-law-services/probate-administration/[+] Show More

A visit to a Magic Shop

RIP Kirbie Kaplan Oct 3, 2022

Pinball Hall of Fame Museum ~ Revocable Living Trust ~ LEGAL CONCEPTS REVEALED

Advisors and Professionals

Meet McManus New

The true answer to the question, What do I do for a living...?

Meet McManus ~ Legal Concepts REVEALED ~

What do we do

Revocable Living Trust ~ Red Rock Canyon ~ LEGAL CONCEPTS REVEALED

Selling While In Trust ~ Red Rock Canyon ~ LEGAL CONCEPTS REVEALED

Collaborations

Community Property and Vesting on Real Property in the Las Vegas Valley

How you take title on your Real Property effects the tax benefits and rights of survivorship. Dave of The Radcliffe Group and Kirk D. Kaplan. Esq., CPA share the ...options of protecting your home after the sale. Kirk knows the tips and tools to help you in protecting your home. Check out our video and contacts us with any questions you may have.
Dave Radcliffe, CFAC, CDPE
The Radcliffe Group
Keller Williams Realty Southwest
Cellular 702-379-3401
Secure E-Fax 702-543-5903
[email protected]
http://daveradcliffevegas.com/
http://www.facebook.com/VegasLuxuryRealEstate[+] Show More

Community Property and Vesting on Real Property in the Las Vegas Valley

Real Estate 101 Tips for International Investors in Las Vegas

How to Protect Your Las Vegas Property Before & After the Sale

The true answer to the question, What do I do for a living...?

Meet McManus New

Probate Videos

Probate - What happens when someone dies without a Will.

A significant mis belief exists when someone dies without a Last Will and Testament that the state in which the deceased died will receive the deceased's property. For 99.99% ...of all people who die without a Last Will and Testament, the deceased's property WILL NOT GO TO A STATE OF THE UNION. On the office chance a state receives anything is because the deceased did not have any heirs (those individuals such as spouses, children, grandchildren, siblings, and nieces and nephews). When property goes to the to a state, it is known as escheat.

Nevada and all 50 other states of the Union have a statutory scheme designating who in line will take when and how much by share. Nevada has such statutory scheme called Succession and is located in Chapter 134 of the Nevada Revised Statutes. Other states may call their statutes intestacy (meaning dying without a will who will take). These statutes arise out of public policy believing that people do not intentionally disinherit family. This prevents or mitigates unintentional impoverishment and causing people to seek state assistance.

While NRS Chapter 134 exists to protect families in Nevada and thus possibly eliminate the need to have a will created, the Chapter may provide for someone you do not want to receive property after you die. If that is so, then consideration should be given to creates a Last Will and Testament, or created a Revocable Living Trust, or other transfer method to direct your property to whomever you desire.

___________________________________________________________________________
About our Law Firm:

Crest Key Legal and Accounting is a law and accounting firm focusing personal, business, and international matters in Las Vegas Nevada.

Our firm takes a caring approach, and we are very much focused on improving the lives of everyone who walks through our doors. Our goal is to be your personal advisor, your business enabler, and your international envoy. Acting as a live connection to your interests locally or abroad, connect you to effective strategies for positive outcomes and work diligently to solve your problems.

Our approach is to build awareness of your individual situation by spending time with you and the asking questions relevant to your specific needs and desired outcome. Let us be your first advisor.
Through thoughtful dialogue it is our goal to help build awareness of your situation by understanding your circumstances, concerns, specific needs, and desired outcomes.

We are your FIRST ADVISOR – What does that mean? We pride ourselves on enabling business success by providing advice on business structures, maintenance, and planning. We are tax professionals who have been dealing with taxation matters, including tax controversies, for more than 20 years. Our work with businesses is a forward-looking approach to create evolutionary change for our clients.

Our Practice areas include:
Estate Planning
Probate Administration
Trust Planning
Trust Administration
Healthcare Directives
Revocable Trusts
Fiduciary accounting
Tax Preparation & Tax Planning Read More Great Articles @ https://www.crestkey.com/blog/[+] Show More

Probate - What happens when someone dies without a Will.

A significant mis belief exists when someone dies without a Last Will and Testament that the state in which the deceased died will receive the deceased's property. For 99.99% ...of all people who die without a Last Will and Testament, the deceased's property WILL NOT GO TO A STATE OF THE UNION. On the office chance a state receives anything is because the deceased did not have any heirs (those individuals such as spouses, children, grandchildren, siblings, and nieces and nephews). When property goes to the to a state, it is known as escheat.

Nevada and all 50 other states of the Union have a statutory scheme designating who in line will take when and how much by share. Nevada has such statutory scheme called Succession and is located in Chapter 134 of the Nevada Revised Statutes. Other states may call their statutes intestacy (meaning dying without a will who will take). These statutes arise out of public policy believing that people do not intentionally disinherit family. This prevents or mitigates unintentional impoverishment and causing people to seek state assistance.

While NRS Chapter 134 exists to protect families in Nevada and thus possibly eliminate the need to have a will created, the Chapter may provide for someone you do not want to receive property after you die. If that is so, then consideration should be given to creates a Last Will and Testament, or created a Revocable Living Trust, or other transfer method to direct your property to whomever you desire.

___________________________________________________________________________
About our Law Firm:

Crest Key Legal and Accounting is a law and accounting firm focusing personal, business, and international matters in Las Vegas Nevada.

Our firm takes a caring approach, and we are very much focused on improving the lives of everyone who walks through our doors. Our goal is to be your personal advisor, your business enabler, and your international envoy. Acting as a live connection to your interests locally or abroad, connect you to effective strategies for positive outcomes and work diligently to solve your problems.

Our approach is to build awareness of your individual situation by spending time with you and the asking questions relevant to your specific needs and desired outcome. Let us be your first advisor.
Through thoughtful dialogue it is our goal to help build awareness of your situation by understanding your circumstances, concerns, specific needs, and desired outcomes.

We are your FIRST ADVISOR – What does that mean? We pride ourselves on enabling business success by providing advice on business structures, maintenance, and planning. We are tax professionals who have been dealing with taxation matters, including tax controversies, for more than 20 years. Our work with businesses is a forward-looking approach to create evolutionary change for our clients.

Our Practice areas include:
Estate Planning
Probate Administration
Trust Planning
Trust Administration
Healthcare Directives
Revocable Trusts
Fiduciary accounting
Tax Preparation & Tax Planning Read More Great Articles @ https://www.crestkey.com/blog/[+] Show More

Probate - What are Personal Representative (Executor) Duties?

Probate - What property is subject to Probate?

This video defines property subject to probate, or in short, probate property.

The viewer of this video and/or the reader of this description will learn how to determine probate property, and ...thus fulfill a fiduciary duty to collect, or marshal, property the deceased left behind and report the same to heir of the deceased or devisees in a will in a probate.

Property a deceased lives behind is either non-probate or probate. Probate property is defined by what it is not. If property a deceased leaves behind neither transfers by operation-of-law nor by contract, then by default the property is subject to probate. So what does all of this mean?

Property Passing by Operation of Law:

A common example of property passing by operation of law usually found on a deed describing title held by concurrent owners such as joint tenancy, joint tenancy with operation of law, transfer on death deed, or if a married couple lives in a community property state such as Nevada, community property with rights of survivorship. A distinctive characteristic of this type of property conveyance is a governmental agency is involved - like the a county recorder office that records and tracks deeds to real property in a county or parish.

Property Passing by Contract:

A common example of property passing by contract is a life insurance policy, or a transfer on death bank account, and a revocable living trust. distinctive characteristic of this type of property conveyance is a private party is involved like a bank, an insurance company, a trust company, or a natural person.

Factors that do not determine property is subject to probate: Income and estate taxability, promises of the deceased before death, while indicative, writings alone on a bank statement or checks.

Factors that help determine whether property is subject to probate: Bank card at the bank or how bank indicates title, auto titles, deeds to real property, how insurance company indicates title.

________________________________________________________________________________________________
Crest Key Legal and Accounting is a law and accounting firm focusing personal, business, and international matters in Las Vegas Nevada.

Our firm takes a caring approach, and we are very much focused on improving the lives of everyone who walks through our doors. Our goal is to be your personal advisor, your business enabler, and your international envoy. Acting as a live connection to your interests locally or abroad, connect you to effective strategies for positive outcomes and work diligently to solve your problems.

Our approach is to build awareness of your individual situation by spending time with you and the asking questions relevant to your specific needs and desired outcome. Let us be your first advisor.
Through thoughtful dialogue it is our goal to help build awareness of your situation by understanding your circumstances, concerns, specific needs, and desired outcomes.

We are your FIRST ADVISOR – What does that mean? We pride ourselves on enabling business success by providing advice on business structures, maintenance, and planning. We are tax professionals who have been dealing with taxation matters, including tax controversies, for more than 20 years. Our work with businesses is a forward-looking approach to create evolutionary change for our clients.

Our Practice areas include:
Estate Planning
Probate Administration
Trust Planning
Trust Administration
Healthcare Directives
Revocable Trusts
Fiduciary accounting
Tax Preparation & Tax Planning Read More Great Articles @ https://www.crestkey.com/blog/[+] Show More

Probate - What happens when someone dies without a Will.

A significant mis belief exists when someone dies without a Last Will and Testament that the state in which the deceased died will receive the deceased's property. For 99.99% ...of all people who die without a Last Will and Testament, the deceased's property WILL NOT GO TO A STATE OF THE UNION. On the office chance a state receives anything is because the deceased did not have any heirs (those individuals such as spouses, children, grandchildren, siblings, and nieces and nephews). When property goes to the to a state, it is known as escheat.

Nevada and all 50 other states of the Union have a statutory scheme designating who in line will take when and how much by share. Nevada has such statutory scheme called Succession and is located in Chapter 134 of the Nevada Revised Statutes. Other states may call their statutes intestacy (meaning dying without a will who will take). These statutes arise out of public policy believing that people do not intentionally disinherit family. This prevents or mitigates unintentional impoverishment and causing people to seek state assistance.

While NRS Chapter 134 exists to protect families in Nevada and thus possibly eliminate the need to have a will created, the Chapter may provide for someone you do not want to receive property after you die. If that is so, then consideration should be given to creates a Last Will and Testament, or created a Revocable Living Trust, or other transfer method to direct your property to whomever you desire.

___________________________________________________________________________
About our Law Firm:

Crest Key Legal and Accounting is a law and accounting firm focusing personal, business, and international matters in Las Vegas Nevada.

Our firm takes a caring approach, and we are very much focused on improving the lives of everyone who walks through our doors. Our goal is to be your personal advisor, your business enabler, and your international envoy. Acting as a live connection to your interests locally or abroad, connect you to effective strategies for positive outcomes and work diligently to solve your problems.

Our approach is to build awareness of your individual situation by spending time with you and the asking questions relevant to your specific needs and desired outcome. Let us be your first advisor.
Through thoughtful dialogue it is our goal to help build awareness of your situation by understanding your circumstances, concerns, specific needs, and desired outcomes.

We are your FIRST ADVISOR – What does that mean? We pride ourselves on enabling business success by providing advice on business structures, maintenance, and planning. We are tax professionals who have been dealing with taxation matters, including tax controversies, for more than 20 years. Our work with businesses is a forward-looking approach to create evolutionary change for our clients.

Our Practice areas include:
Estate Planning
Probate Administration
Trust Planning
Trust Administration
Healthcare Directives
Revocable Trusts
Fiduciary accounting
Tax Preparation & Tax Planning Read More Great Articles @ https://www.crestkey.com/blog/[+] Show More

Probate - What are Personal Representative (Executor) Duties?

Probate - When someone dies without a Will ~ Installment #024

Probate and Trust Administration - Disposition of Personal Property ~ Installment #028

Probate - What are Personal Representative's duties?

Friday Probate Reports - Episode 2

Nevada Revised Statutes 139.040

In the probate a father had filed a petition to be a personal representative of a the estate of his son. The ex-spouse of the deceased filed ...a competing petition saying she had standing to be the personal representative because she was the mother of the deceased's child.

The Probate Commissioner ruled that the father has priority over the ex-spouse of the deceased under NRS 139.040.

How this situation could have been avoided is by having a will properly created clearly setting out who you want named those individuals you want to serve as personal representative after you die.

Nevada Revised Statutes reflects public policy on what is believed an individual would want at death. What public policy says is likely not what one would want to provide for in the will or who will be selected as personal representative.

___________________________________________________________________________
About our Law Firm:

Crest Key Legal and Accounting is a law and accounting firm focusing personal, business, and international matters in Las Vegas Nevada.

Our firm takes a caring approach, and we are very much focused on improving the lives of everyone who walks through our doors. Our goal is to be your personal advisor, your business enabler, and your international envoy. Acting as a live connection to your interests locally or abroad, connect you to effective strategies for positive outcomes and work diligently to solve your problems.

Our approach is to build awareness of your individual situation by spending time with you and the asking questions relevant to your specific needs and desired outcome. Let us be your first advisor.
Through thoughtful dialogue it is our goal to help build awareness of your situation by understanding your circumstances, concerns, specific needs, and desired outcomes.

We are your FIRST ADVISOR – What does that mean? We pride ourselves on enabling business success by providing advice on business structures, maintenance, and planning. We are tax professionals who have been dealing with taxation matters, including tax controversies, for more than 20 years. Our work with businesses is a forward-looking approach to create evolutionary change for our clients.

Our Practice areas include:
Estate Planning
Probate Administration
Trust Planning
Trust Administration
Healthcare Directives
Revocable Trusts
Fiduciary Accounting
Tax Preparation and Tax Planning Read More Great Articles @ https://www.crestkey.com/blog/[+] Show More

Probate in the Ordinary Course in Nevada ~ Installment #032

Ways to convey property after death ~ Legal Concepts ~ REVEALED!

Trust Administration Videos

Trust Administration - Duties of a Trustee.

___________________________________________________________________________
About our Law Firm:

Crest Key Legal and Accounting is a law and accounting firm focusing personal, business, and international matters in Las Vegas Nevada.

Our firm takes a caring ...approach, and we are very much focused on improving the lives of everyone who walks through our doors. Our goal is to be your personal advisor, your business enabler, and your international envoy. Acting as a live connection to your interests locally or abroad, connect you to effective strategies for positive outcomes and work diligently to solve your problems.

Our approach is to build awareness of your individual situation by spending time with you and the asking questions relevant to your specific needs and desired outcome. Let us be your first advisor.
Through thoughtful dialogue it is our goal to help build awareness of your situation by understanding your circumstances, concerns, specific needs, and desired outcomes.

We are your FIRST ADVISOR – What does that mean? We pride ourselves on enabling business success by providing advice on business structures, maintenance, and planning. We are tax professionals who have been dealing with taxation matters, including tax controversies, for more than 20 years. Our work with businesses is a forward-looking approach to create evolutionary change for our clients.

Our Practice areas include:
Estate Planning
Probate Administration
Trust Planning
Trust Administration
Healthcare Directives
Revocable Trusts
Fiduciary accounting
Tax Preparation & Tax Planning Read More Great Articles @ https://www.crestkey.com/blog/[+] Show More

Trust Administration - Duties of a Trustee.

Trust Administration - What is a Trustee of a Trust; Who is the Trustee of a Trust?

Trust Administration - What are the duties of a Trustee?

A trustee is someone or entity selected in a trust document to administer or act on behalf of the trust, the property titled in the trust and then beneficiaries. The ...selected trustee usually has to affirm s/he or it has read the trust, understand its terms, agree to abide according to the terms of the trust and look out for the best interests of the beneficiaries.

Trustee duties are usually outlined in the trust documents, like look out for the best interests of the beneficiaries, distribute to beneficiaries according to the trust document, account for all income and expenses of administration, reporting income taxes to various taxing agencies.

Trustee needs to balance the interests of each beneficiary and not treat one or more beneficiaries better than other beneficiaries. This is call impartiality.

These are just a few of the duties a trustee owes to the trust and its beneficiaries.
_________________________________________________________________________________________________
About our Law Firm:

Crest Key Legal and Accounting is a law and accounting firm focusing personal, business, and international matters in Las Vegas Nevada.

Our firm takes a caring approach, and we are very much focused on improving the lives of everyone who walks through our doors. Our goal is to be your personal advisor, your business enabler, and your international envoy. Acting as a live connection to your interests locally or abroad, connect you to effective strategies for positive outcomes and work diligently to solve your problems.

Our approach is to build awareness of your individual situation by spending time with you and the asking questions relevant to your specific needs and desired outcome. Let us be your first advisor.
Through thoughtful dialogue it is our goal to help build awareness of your situation by understanding your circumstances, concerns, specific needs, and desired outcomes.

We are your FIRST ADVISOR – What does that mean? We pride ourselves on enabling business success by providing advice on business structures, maintenance, and planning. We are tax professionals who have been dealing with taxation matters, including tax controversies, for more than 20 years. Our work with businesses is a forward-looking approach to create evolutionary change for our clients.

Our Practice areas include:
Estate Planning
Probate Administration
Trust Planning
Trust Administration
Healthcare Directives
Revocable Trusts
Fiduciary accounting
Tax Preparation & Tax Planning Read More Great Articles @ https://www.crestkey.com/blog/[+] Show More

Trust Administration - Division of Marital Trust after Death of a Spouse ~ Installment #020

Estate Planning - Trust Funding ~ Installment #029

Estate Planning - A guide to choosing guardians for minor children ~ Installment #026

Probate and Trust Administration - Disposition of Personal Property ~ Installment #028

Trust Administration - "In Nevada" ~ Installment #021

Steps in a Trust Administration in Nevada (Assuming Trustee has accepted duties and responsibilities)
1) Determine beneficiaries,
2) Gather and protect assets/property of trust,
3) Report and inventory of trust assets/property and ...periodic accounting of inflows and outflows of trust property,
4) Determine and pay creditors,
5) Determine and pay taxes, and
6) Distribute to Beneficiaries.

Other aspects not discussed in video are:
1) Trustee to read, understand and accept duties (if she/he chooses)
2) Determine duties to beneficiaries (impartiality, investment strategy),
3) Invest so as to obtain return for applicable beneficiary (present or future),
4) Obtain beneficiary information, contact information.

Trust are typically administered when they become irrevocable.
_________________________________________________________________________________________________
About our Law Firm:
Crest Key Legal and Accounting is a law and accounting firm focusing personal, business, and international matters in Las Vegas Nevada.
Our firm takes a caring approach, and we are very much focused on improving the lives of everyone who walks through our doors. Our goal is to be your personal advisor, your business enabler, and your international envoy. Acting as a live connection to your interests locally or abroad, connect you to effective strategies for positive outcomes and work diligently to solve your problems.
Our approach is to build awareness of your individual situation by spending time with you and the asking questions relevant to your specific needs and desired outcome. Let us be your first advisor.
Through thoughtful dialogue it is our goal to help build awareness of your situation by understanding your circumstances, concerns, specific needs, and desired outcomes.
We are your FIRST ADVISOR – What does that mean? We pride ourselves on enabling business success by providing advice on business structures, maintenance, and planning. We are tax professionals who have been dealing with taxation matters, including tax controversies, for more than 20 years. Our work with businesses is a forward-looking approach to create evolutionary change for our clients.
Our Practice areas include:
Estate Planning
Probate Administration
Trust Planning
Trust Administration
Healthcare Directives
Revocable Trusts
Fiduciary accounting
Tax Preparation & Tax Planning Read More Great Articles @ https://www.crestkey.com/blog/[+] Show More

Three types of gifts/transfer in a Last Will and Testament or Trusts that are void under Nevada law.

Nevada has a public policy to protect persons from undue influence from individuals considered to be in a position to so unduly prevail upon a testator, grantor, or one who ...gives.

The following transfers (gift, devise, bequest, etc) are presumed void in under Nevada law in a Last Will and Testament, a Trust, or by gift.:
1) A person drafts the transfer instrument.
2) A depended adult receives, and
3) A person who materially participates in formulating transfer language.
Nevada Statute, NRS 155.0975.

Transfers of the three types above can be given validity if the transfer, testator, trust creator, visits with an attorney and obtains an independent opinion that the transfer is valid. Be sure to have the opinion accompany your Last Will and Testament, Trust, or gift document to ensure it is valid.

Disclaimer: This video is meant to give you the viewer a general understanding the law discussed therein and should not be relied upon. If the content of this video appears applicable to you, than you should visit with an experiences estate planning attorney in Nevada to discuss it.

___________________________________________________________________________
About our Law Firm:

Crest Key Legal and Accounting is a law and accounting firm focusing personal, business, and international matters in Las Vegas Nevada.

Our firm takes a caring approach, and we are very much focused on improving the lives of everyone who walks through our doors. Our goal is to be your personal advisor, your business enabler, and your international envoy. Acting as a live connection to your interests locally or abroad, connect you to effective strategies for positive outcomes and work diligently to solve your problems.

Our approach is to build awareness of your individual situation by spending time with you and the asking questions relevant to your specific needs and desired outcome. Let us be your first advisor.
Through thoughtful dialogue it is our goal to help build awareness of your situation by understanding your circumstances, concerns, specific needs, and desired outcomes.

We are your FIRST ADVISOR – What does that mean? We pride ourselves on enabling business success by providing advice on business structures, maintenance, and planning. We are tax professionals who have been dealing with taxation matters, including tax controversies, for more than 20 years. Our work with businesses is a forward-looking approach to create evolutionary change for our clients.

Our Practice areas include:
Estate Planning
Probate Administration
Trust Planning
Trust Administration
Healthcare Directives
Revocable Trusts
Fiduciary accounting
Tax Preparation & Tax Planning Read More Great Articles @ https://www.crestkey.com/blog/[+] Show More

Friday Probate Reports - Episode 3 - Aug 21 2020

The over all lesson learned here, hire competent legal counsel to assist you so you do not waste your money. The two attorneys in the hearing reported on here should ...not have been involved because neither had sufficient US Federal Income Tax experience. While one understood only because she was barely adequately educated, the other attorney had not clue on the income tax implications. The more clueless attorney represented the beneficiary who was to receive $60,000.00 pursuant to a court order. The trustee was represented by an attorney who was more knowledgable, but not enough to advise and educate the trustee not to threaten to holdback income taxes, which such threat caused the hearing.

This matter revolved a court order where a trustee was ordered to distribute $60,000.00 a year to a beneficiary. Because the source of the funds used to distribute to the beneficiary was "income in respect of a decedent" (assets not previously income taxed to the deceased while living such as IRA, 401Ks, 403bs and etc.) the trustee wanted to hold back and pay to the Internal Revenue Service applicable taxes. The beneficiary said no, the court order said $60,000.00 is to be distributed. Not $60,000.00 less tax withholding. Ultimately the Probate Commissioner ruled the trustee was to distribute $60,000.00 to the beneficiary BECAUSE THE COURT ORDER SAID TO DISTRIBUTE $60,000.00.

The problem here is, this matter should have been handled by attorney who knew US Federal Income Taxes. Had a knowledgeable attorney helped at the beginning, this hearing and approximately $5,000.00 unnecessary attorney fees would not have occurred.

Stay tuned and view Episode ?? for the attorney's return over fight over whether the trustee should have reported the distribution to the IRS as taxable income to the beneficiary. Well, the beneficiary complained that the distribution was not taxable to him and thus complained in a subsequent hearing as such. Well, you will have to watch the Episode to find out how the beneficiary fared.

___________________________________________________________________________
About our Law Firm:

Crest Key Legal and Accounting is a law and accounting firm focusing personal, business, and international matters in Las Vegas Nevada.

Our firm takes a caring approach, and we are very much focused on improving the lives of everyone who walks through our doors. Our goal is to be your personal advisor, your business enabler, and your international envoy. Acting as a live connection to your interests locally or abroad, connect you to effective strategies for positive outcomes and work diligently to solve your problems.

Our approach is to build awareness of your individual situation by spending time with you and the asking questions relevant to your specific needs and desired outcome. Let us be your first advisor.
Through thoughtful dialogue it is our goal to help build awareness of your situation by understanding your circumstances, concerns, specific needs, and desired outcomes.

We are your FIRST ADVISOR – What does that mean? We pride ourselves on enabling business success by providing advice on business structures, maintenance, and planning. We are tax professionals who have been dealing with taxation matters, including tax controversies, for more than 20 years. Our work with businesses is a forward-looking approach to create evolutionary change for our clients.

Our Practice areas include:
Estate Planning
Probate Administration
Trust Planning
Trust Administration
Healthcare Directives
Revocable Trusts
Fiduciary accounting
Tax Preparation & Tax Planning Read More Great Articles @ https://www.crestkey.com/blog/[+] Show More

Estate Planning Videos

Estate Planning - Your Life Your Say, Healthcare Proxy

___________________________________________________________________________
About our Law Firm:

Crest Key Legal and Accounting is a law and accounting firm focusing personal, business, and international matters in Las Vegas Nevada.

Our firm takes a caring ...approach, and we are very much focused on improving the lives of everyone who walks through our doors. Our goal is to be your personal advisor, your business enabler, and your international envoy. Acting as a live connection to your interests locally or abroad, connect you to effective strategies for positive outcomes and work diligently to solve your problems.

Our approach is to build awareness of your individual situation by spending time with you and the asking questions relevant to your specific needs and desired outcome. Let us be your first advisor.
Through thoughtful dialogue it is our goal to help build awareness of your situation by understanding your circumstances, concerns, specific needs, and desired outcomes.

We are your FIRST ADVISOR – What does that mean? We pride ourselves on enabling business success by providing advice on business structures, maintenance, and planning. We are tax professionals who have been dealing with taxation matters, including tax controversies, for more than 20 years. Our work with businesses is a forward-looking approach to create evolutionary change for our clients.

Our Practice areas include:
Estate Planning
Probate Administration
Trust Planning
Trust Administration
Healthcare Directives
Revocable Trusts
Fiduciary accounting
Tax Preparation & Tax Planning Read More Great Articles @ https://www.crestkey.com/blog/[+] Show More

Estate Planning - Your Life Your Say, Healthcare Proxy

Estate Planning - Why you should NEVER keep a Will in a safety deposit box!

The simple answer to why you do not keep your Last Will and Testament in a safety deposit box is, it is harder to find and will cause significant additional ...wasted expenses to gain access. Simply put, if the person you named in your Last Will and Testament to be your Personal Representative (previously known as Executor) is not also named to have access to your safety deposit box, then the Bank where the box is located will require an order from the court granting you authority to access the box. Expect to pay an attorney $1,500.00 (which includes court filing fees), or for your DIYers, prepare yourself to spend 15-20 hours in finding the proper documents, completing them, determining the proper filing code, and filing the same. This time will also require you draft a proposed order granting you permission and other documents necessary to show the bank. If you make an error, the court will return your documents advising you of an error many times without telling you want is wrong. Once you obtain a court order and other documents, you may have to get them verified before presenting to the bank. Also, all the work you go through many not be acceptable to the bank because the order does not contain what the bank needs to follow the order.

Also, if the key to your safety deposit box is not findable, then the bank will require the safety deposit box lock corresponding to your key to be drilled. This will required you to coordinate with the bank a date and time for the Bank's chosen locksmith to meet and drill the box. Once the box is drilled, the lock will have to be replaced. Typical costs drill and then replace the lock hover around $2,000 as of the writing of this summary. Of course all the work must happen during banking hours.

The better way is to purchase a fire proof box and place your estate planning documents, including your Last Will and Testament therein. DO NOT LOCK THE BOX. If you lock the box, burglars that may invade your home will likely take it with them to open later away from the crime scene. You will have unwittingly given your original documents away. You will then pay your attorney more money to reproduce original documents again.
___________________________________________________________________________
About our Law Firm:

Crest Key Legal and Accounting is a law and accounting firm focusing personal, business, and international matters in Las Vegas Nevada.

Our firm takes a caring approach, and we are very much focused on improving the lives of everyone who walks through our doors. Our goal is to be your personal advisor, your business enabler, and your international envoy. Acting as a live connection to your interests locally or abroad, connect you to effective strategies for positive outcomes and work diligently to solve your problems.

Our approach is to build awareness of your individual situation by spending time with you and the asking questions relevant to your specific needs and desired outcome. Let us be your first advisor.
Through thoughtful dialogue it is our goal to help build awareness of your situation by understanding your circumstances, concerns, specific needs, and desired outcomes.

We are your FIRST ADVISOR – What does that mean? We pride ourselves on enabling business success by providing advice on business structures, maintenance, and planning. We are tax professionals who have been dealing with taxation matters, including tax controversies, for more than 20 years. Our work with businesses is a forward-looking approach to create evolutionary change for our clients.

Our Practice areas include:
Estate Planning
Probate Administration
Trust Planning
Trust Administration
Healthcare Directives
Revocable Trusts
Fiduciary accounting
Tax Preparation & Tax Planning Read More Great Articles @ https://www.crestkey.com/blog/[+] Show More

Estate Planning - Naming a Guardian for minors in your Last Will and Testament.

Estate Planning - Protecting assets from creditors before and after death.

Asset protection has always been a popular subject for a long time. Nevada really did have an effective mechanism until the early 2000s to protect ones own assets from forfeiture. ...When someone talks about asset protection, they usually are talking about preventing a creditor from taken property away from them. Typical creditors cited as the scariest are judgement creditors. Another creditor typically named are ex-spouses; s/he is not going to get half of my property, bank accounts and land!

Here are some definition used throughout this summary to allow for ease of discussion:

Spendthrift Trust - A trust created to protect assets funded therein from the creditors of a beneficiary of the trust
Trustor - one who creates a trust (could be a self settled Spendthrift Trust) and funds it (transfers property like bank accounts, securities, real property, etc to a trust).
Trustee - one who manages the trust assets according to the language the Trustor placed into the trust.
Independent / Distribution Trustee - someone or entity in Nevada that possesses a right to say no to distributions to you that you as a beneficiary may request.
Beneficiary - an individual or entity named to receive future enjoyment of some sort from the trust assets. A discretionary beneficiary is one whose future enjoyment is dependent upon the trustees discretion. In other words, a discretionary beneficiary possesses a right to request distribution, not a right to demand.

In early 2000s new statutes were introduced in Nevada allowing an individual (a truster) to establish a trust and transfer assets to the trust that can benefit the same individual at some time in the future (discretionary beneficiary). Under prior common law of Nevada, no one was allowed to create a trust for their own benefit and protect assets transferred to the trust away from that person's creditors. Well, common law (law that has been created by the courts of the various states and federal government over time) can be superseded by legislative action creating statutes.

In the early 2000, the Nevada legislature and governor signed into law Nevada Spendthrift Trust statutes that allowed a trustor create a trust and fund then trust (transfer personal assets to the trust) and then name themselves as a future discretionary beneficiary.

The trick is, or more appropriately "the catch is" the Trustor cannot have complete control over the trust and the property transferred to the trust. Some one, under Nevada law must be able to say no to distributions to you from the trust - a distribution trustee.

This is the point where people freak out - I do not want to lose control over my property. Well then, you do not fit the requirements of the self settled spendthrift trust statutes. BUT all is not lost! Nevada law gives you the ability to fire a distribution trustee and hire another distribution trustee who will be more cooperative. This is a double edged sword - allowing you control over the distribution trustee, but if you fire too many distribution trustees a court would not believe you did not have control over the trust, and thus allow creditors access to the assets of the trust. In other words, the trust cannot be your check book.

This is a great asset protection, but first you must know the rules and how to properly navigate them to allow you maximum benefit while not abusing your control over the distribution trustee.
___________________________________________________________________________
About our Law Firm:

Crest Key Legal and Accounting is a law and accounting firm focusing personal, business, and international matters in Las Vegas Nevada.

Our firm takes a caring approach, and we are very much focused on improving the lives of everyone who walks through our doors. Our goal is to be your personal advisor, your business enabler, and your international envoy. Acting as a live connection to your interests locally or abroad, connect you to effective strategies for positive outcomes and work diligently to solve your problems.

Our approach is to build awareness of your individual situation by spending time with you and the asking questions relevant to your specific needs and desired outcome. Let us be your first advisor.
Through thoughtful dialogue it is our goal to help build awareness of your situation by understanding your circumstances, concerns, specific needs, and desired outcomes.

We are your FIRST ADVISOR – What does that mean? We pride ourselves on enabling business success by providing advice on business structures, maintenance, and planning. We are tax professionals who have been dealing with taxation matters, including tax controversies, for more than 20 years. Our work with businesses is a forward-looking approach to create evolutionary change for our clients.

Our Practice areas include:
Estate Planning
Probate Administration
Trust Planning
Trust Administration
Healthcare Directives
Revocable Trusts
Fiduciary accounting
Tax Preparation[+] Show More

Estate Planning - Naming a Guardian for minors in your Last Will and Testament.

Estate Planning - Protecting assets from creditors before and after death.

Asset protection has always been a popular subject for a long time. Nevada really did have an effective mechanism until the early 2000s to protect ones own assets from forfeiture. ...When someone talks about asset protection, they usually are talking about preventing a creditor from taken property away from them. Typical creditors cited as the scariest are judgement creditors. Another creditor typically named are ex-spouses; s/he is not going to get half of my property, bank accounts and land!

Here are some definition used throughout this summary to allow for ease of discussion:

Spendthrift Trust - A trust created to protect assets funded therein from the creditors of a beneficiary of the trust
Trustor - one who creates a trust (could be a self settled Spendthrift Trust) and funds it (transfers property like bank accounts, securities, real property, etc to a trust).
Trustee - one who manages the trust assets according to the language the Trustor placed into the trust.
Independent / Distribution Trustee - someone or entity in Nevada that possesses a right to say no to distributions to you that you as a beneficiary may request.
Beneficiary - an individual or entity named to receive future enjoyment of some sort from the trust assets. A discretionary beneficiary is one whose future enjoyment is dependent upon the trustees discretion. In other words, a discretionary beneficiary possesses a right to request distribution, not a right to demand.

In early 2000s new statutes were introduced in Nevada allowing an individual (a truster) to establish a trust and transfer assets to the trust that can benefit the same individual at some time in the future (discretionary beneficiary). Under prior common law of Nevada, no one was allowed to create a trust for their own benefit and protect assets transferred to the trust away from that person's creditors. Well, common law (law that has been created by the courts of the various states and federal government over time) can be superseded by legislative action creating statutes.

In the early 2000, the Nevada legislature and governor signed into law Nevada Spendthrift Trust statutes that allowed a trustor create a trust and fund then trust (transfer personal assets to the trust) and then name themselves as a future discretionary beneficiary.

The trick is, or more appropriately "the catch is" the Trustor cannot have complete control over the trust and the property transferred to the trust. Some one, under Nevada law must be able to say no to distributions to you from the trust - a distribution trustee.

This is the point where people freak out - I do not want to lose control over my property. Well then, you do not fit the requirements of the self settled spendthrift trust statutes. BUT all is not lost! Nevada law gives you the ability to fire a distribution trustee and hire another distribution trustee who will be more cooperative. This is a double edged sword - allowing you control over the distribution trustee, but if you fire too many distribution trustees a court would not believe you did not have control over the trust, and thus allow creditors access to the assets of the trust. In other words, the trust cannot be your check book.

This is a great asset protection, but first you must know the rules and how to properly navigate them to allow you maximum benefit while not abusing your control over the distribution trustee.
___________________________________________________________________________
About our Law Firm:

Crest Key Legal and Accounting is a law and accounting firm focusing personal, business, and international matters in Las Vegas Nevada.

Our firm takes a caring approach, and we are very much focused on improving the lives of everyone who walks through our doors. Our goal is to be your personal advisor, your business enabler, and your international envoy. Acting as a live connection to your interests locally or abroad, connect you to effective strategies for positive outcomes and work diligently to solve your problems.

Our approach is to build awareness of your individual situation by spending time with you and the asking questions relevant to your specific needs and desired outcome. Let us be your first advisor.
Through thoughtful dialogue it is our goal to help build awareness of your situation by understanding your circumstances, concerns, specific needs, and desired outcomes.

We are your FIRST ADVISOR – What does that mean? We pride ourselves on enabling business success by providing advice on business structures, maintenance, and planning. We are tax professionals who have been dealing with taxation matters, including tax controversies, for more than 20 years. Our work with businesses is a forward-looking approach to create evolutionary change for our clients.

Our Practice areas include:
Estate Planning
Probate Administration
Trust Planning
Trust Administration
Healthcare Directives
Revocable Trusts
Fiduciary accounting
Tax Preparation[+] Show More

Estate Planning - What is a Life Estate?

Estate Planning - Why you should NEVER keep a Will in a safety deposit box!

The simple answer to why you do not keep your Last Will and Testament in a safety deposit box is, it is harder to find and will cause significant additional ...wasted expenses to gain access. Simply put, if the person you named in your Last Will and Testament to be your Personal Representative (previously known as Executor) is not also named to have access to your safety deposit box, then the Bank where the box is located will require an order from the court granting you authority to access the box. Expect to pay an attorney $1,500.00 (which includes court filing fees), or for your DIYers, prepare yourself to spend 15-20 hours in finding the proper documents, completing them, determining the proper filing code, and filing the same. This time will also require you draft a proposed order granting you permission and other documents necessary to show the bank. If you make an error, the court will return your documents advising you of an error many times without telling you want is wrong. Once you obtain a court order and other documents, you may have to get them verified before presenting to the bank. Also, all the work you go through many not be acceptable to the bank because the order does not contain what the bank needs to follow the order.

Also, if the key to your safety deposit box is not findable, then the bank will require the safety deposit box lock corresponding to your key to be drilled. This will required you to coordinate with the bank a date and time for the Bank's chosen locksmith to meet and drill the box. Once the box is drilled, the lock will have to be replaced. Typical costs drill and then replace the lock hover around $2,000 as of the writing of this summary. Of course all the work must happen during banking hours.

The better way is to purchase a fire proof box and place your estate planning documents, including your Last Will and Testament therein. DO NOT LOCK THE BOX. If you lock the box, burglars that may invade your home will likely take it with them to open later away from the crime scene. You will have unwittingly given your original documents away. You will then pay your attorney more money to reproduce original documents again.
___________________________________________________________________________
About our Law Firm:

Crest Key Legal and Accounting is a law and accounting firm focusing personal, business, and international matters in Las Vegas Nevada.

Our firm takes a caring approach, and we are very much focused on improving the lives of everyone who walks through our doors. Our goal is to be your personal advisor, your business enabler, and your international envoy. Acting as a live connection to your interests locally or abroad, connect you to effective strategies for positive outcomes and work diligently to solve your problems.

Our approach is to build awareness of your individual situation by spending time with you and the asking questions relevant to your specific needs and desired outcome. Let us be your first advisor.
Through thoughtful dialogue it is our goal to help build awareness of your situation by understanding your circumstances, concerns, specific needs, and desired outcomes.

We are your FIRST ADVISOR – What does that mean? We pride ourselves on enabling business success by providing advice on business structures, maintenance, and planning. We are tax professionals who have been dealing with taxation matters, including tax controversies, for more than 20 years. Our work with businesses is a forward-looking approach to create evolutionary change for our clients.

Our Practice areas include:
Estate Planning
Probate Administration
Trust Planning
Trust Administration
Healthcare Directives
Revocable Trusts
Fiduciary accounting
Tax Preparation & Tax Planning Read More Great Articles @ https://www.crestkey.com/blog/[+] Show More

Estate Planning - Your Life Your Say, Healthcare Proxy

Estate Planning - What Estate Planning is About

Friday Probate Reports

Friday Probate Reports - EP 8 ver 1 cont of Aug 21 2020

___________________________________________________________________________
About our Law Firm:

Crest Key Legal and Accounting is a law and accounting firm focusing personal, business, and international matters in Las Vegas Nevada.

Our firm takes a caring ...approach, and we are very much focused on improving the lives of everyone who walks through our doors. Our goal is to be your personal advisor, your business enabler, and your international envoy. Acting as a live connection to your interests locally or abroad, connect you to effective strategies for positive outcomes and work diligently to solve your problems.

Our approach is to build awareness of your individual situation by spending time with you and the asking questions relevant to your specific needs and desired outcome. Let us be your first advisor.
Through thoughtful dialogue it is our goal to help build awareness of your situation by understanding your circumstances, concerns, specific needs, and desired outcomes.

We are your FIRST ADVISOR – What does that mean? We pride ourselves on enabling business success by providing advice on business structures, maintenance, and planning. We are tax professionals who have been dealing with taxation matters, including tax controversies, for more than 20 years. Our work with businesses is a forward-looking approach to create evolutionary change for our clients.

Our Practice areas include:
Estate Planning
Probate Administration
Trust Planning
Trust Administration
Healthcare Directives
Revocable Trusts
Fiduciary accounting
Tax Preparation & Tax Planning Read More Great Articles @ https://www.crestkey.com/blog/[+] Show More

Friday Probate Reports - EP 8 ver 1 cont of Aug 21 2020

Friday Probate Reports - Episode 7

NRS 123.250 Community Property in Probate in Nevada

As may aspects in probate, there is a legal effect and a US Federal Income Tax effect.Only a few attorneys who call themselves ..."probate attorney" understand this.

CASE DISCUSSION AND APPLICATION OF NRS 123.250
In the case reported on in this Episode a married couple was married for about 25 years. For some reason the couple purchased and title property, including the residence they lived in, during the marriage in the name of the husband only (BIG mistake). Well the husband died and now the surviving wife had a big problem - all of their property had to be probated. The husband died without a Last Will and Testament (legalese he died intestate). A daughter of the husband from a previous relationship, relying upon default succession statues, asserted that she gets her intestate share of the house. NRS 123.250 is a supplement to the succession statutes of the NRS which essentially says: Community property (see discussion below for more details on community property) share of the surviving spouse is removed from the probate estate, and the deceased's spouse share of the community property, after probate will be conveyed to the surviving spouse after probate.

NRS 123.250 Ownership of survivor upon death of spouse; disposal by will of decedent.
1. Except as otherwise provided in subsection 2, upon the death of either spouse:
(a) An undivided one-half interest in the community property is the property of the surviving spouse and his or her sole separate property.
(b) The remaining interest:
(1) Is subject to the testamentary disposition of the decedent or, in the absence of such a testamentary disposition, goes to the surviving spouse; and
(2) Is the only portion subject to administration under the provisions of title 12 of NRS.
2. The provisions of this section:
(a) Do not apply to the extent that they are inconsistent with the provisions of chapter 41B of NRS.
(b) Do not apply to community property with right of survivorship.
(c) Apply to all other community property, whether the community property was acquired before, on or after July 1, 1975.
3. As used in this section, “community property with right of survivorship” means community property in which a right of survivorship exists pursuant to NRS 111.064 or 115.060 or any other provision of law.

SUCCESSION STATUTES IN NEVADA - OVERVIEW
The succession statutes in Nevada, Chapter 134 of the Nevada Revised Statutes, reflects Nevada Public Policy, that determines a line of succession of who will inherit from a deceased who dies intestate (aka without a Last Will and Testament). Spouses first, children next and with a surviving spouse, parents, siblings, nieces and nephews, etc. The previous sentence is a high level summary and does not reflect nuances of Chapter 134.

COMMUNITY PROPERTY IN NEVADA
In Nevada married couples are presumed to own an each an undivided one-half interest in Community Property. Community property is property a married couple acquired during the marriage as a result of marital effort. Gifts, inheritances, and personal injury awards are not considered personal property, but are separate property. A spouse has the prerogative at anytime to convert separate property if s/he so chooses.

___________________________________________________________________________
About our Law Firm:

Crest Key Legal and Accounting is a law and accounting firm focusing personal, business, and international matters in Las Vegas Nevada.

Our firm takes a caring approach, and we are very much focused on improving the lives of everyone who walks through our doors. Our goal is to be your personal advisor, your business enabler, and your international envoy. Acting as a live connection to your interests locally or abroad, connect you to effective strategies for positive outcomes and work diligently to solve your problems.

Our approach is to build awareness of your individual situation by spending time with you and the asking questions relevant to your specific needs and desired outcome. Let us be your first advisor.
Through thoughtful dialogue it is our goal to help build awareness of your situation by understanding your circumstances, concerns, specific needs, and desired outcomes.

We are your FIRST ADVISOR – What does that mean? We pride ourselves on enabling business success by providing advice on business structures, maintenance, and planning. We are tax professionals who have been dealing with taxation matters, including tax controversies, for more than 20 years. Our work with businesses is a forward-looking approach to create evolutionary change for our clients.

Our Practice areas include:
Estate Planning
Probate Administration
Trust Planning
Trust Administration
Healthcare Directives
Revocable Trusts
Fiduciary Accounting
Tax Preparation & Tax Planning Read More Great Articles @ https://www.crestkey.com/blog/[+] Show More

Friday Probate Reports - Episode 6

Persons Nominated in a Last Will and Testament

A personal representative (previously know as and now obsolete "executor") nominated in Last Will and Testament to manage probate property after an a ...person died and who created a Last Will and Testament. The person nominated as personal representative did not tell the court what she was doing. She did not even petition the court to have the Last Will and Testament admitted. She then started distributing the money out supposedly according to the Last Will and Testament. All sounds good right, NO! The Personal Representative did not follow proper probate protocols and laws. The Personal Representative also forgot to notice creditors and did not tell the trustee of a trust which the Last Will and Testament designated to receive proceeds from the estate.

After hearing arguments from the attorney for the trust (recipient from the Last Will and Testament) and from the pro se un-appointed personal representative, ordered the personal representative to provide an accounting. What the personal representative surprised.

What is going on here is, people mistakenly believe that if they are named in a Last Will and Testament as the personal representative that s/he has AUTOMATIC AUTHORITY. In Nevada, this is flat out not true. Before a personal representative can act on behalf of a probate estate, pay administration expenses, and distribute funds to devisees, s/he must be confirmed as personal representative.

A Last Will and Testament in Nevadas only becomes effective after the testator dies and a court confirms it was valid.

Persons named in the will is a nomination to serve. The nominated individual still has to pass requirements under the Nevada Revised Statutes. Only after the court is confident the individual has passed the requirements of Nevada law will s/he have authority to act on behalf of the estate.

___________________________________________________________________________
About our Law Firm:

Crest Key Legal and Accounting is a law and accounting firm focusing personal, business, and international matters in Las Vegas Nevada.

Our firm takes a caring approach, and we are very much focused on improving the lives of everyone who walks through our doors. Our goal is to be your personal advisor, your business enabler, and your international envoy. Acting as a live connection to your interests locally or abroad, connect you to effective strategies for positive outcomes and work diligently to solve your problems.

Our approach is to build awareness of your individual situation by spending time with you and the asking questions relevant to your specific needs and desired outcome. Let us be your first advisor.
Through thoughtful dialogue it is our goal to help build awareness of your situation by understanding your circumstances, concerns, specific needs, and desired outcomes.

We are your FIRST ADVISOR – What does that mean? We pride ourselves on enabling business success by providing advice on business structures, maintenance, and planning. We are tax professionals who have been dealing with taxation matters, including tax controversies, for more than 20 years. Our work with businesses is a forward-looking approach to create evolutionary change for our clients.

Our Practice areas include:
Estate Planning
Probate Administration
Trust Planning
Trust Administration
Healthcare Directives
Revocable Trusts
Fiduciary Accounting
Tax Preparation & Tax Planning Read More Great Articles @ https://www.crestkey.com/blog/[+] Show More

Friday Probate Reports - Episode 2

Nevada Revised Statutes 139.040

In the probate a father had filed a petition to be a personal representative of a the estate of his son. The ex-spouse of the deceased filed ...a competing petition saying she had standing to be the personal representative because she was the mother of the deceased's child.

The Probate Commissioner ruled that the father has priority over the ex-spouse of the deceased under NRS 139.040.

How this situation could have been avoided is by having a will properly created clearly setting out who you want named those individuals you want to serve as personal representative after you die.

Nevada Revised Statutes reflects public policy on what is believed an individual would want at death. What public policy says is likely not what one would want to provide for in the will or who will be selected as personal representative.

___________________________________________________________________________
About our Law Firm:

Crest Key Legal and Accounting is a law and accounting firm focusing personal, business, and international matters in Las Vegas Nevada.

Our firm takes a caring approach, and we are very much focused on improving the lives of everyone who walks through our doors. Our goal is to be your personal advisor, your business enabler, and your international envoy. Acting as a live connection to your interests locally or abroad, connect you to effective strategies for positive outcomes and work diligently to solve your problems.

Our approach is to build awareness of your individual situation by spending time with you and the asking questions relevant to your specific needs and desired outcome. Let us be your first advisor.
Through thoughtful dialogue it is our goal to help build awareness of your situation by understanding your circumstances, concerns, specific needs, and desired outcomes.

We are your FIRST ADVISOR – What does that mean? We pride ourselves on enabling business success by providing advice on business structures, maintenance, and planning. We are tax professionals who have been dealing with taxation matters, including tax controversies, for more than 20 years. Our work with businesses is a forward-looking approach to create evolutionary change for our clients.

Our Practice areas include:
Estate Planning
Probate Administration
Trust Planning
Trust Administration
Healthcare Directives
Revocable Trusts
Fiduciary Accounting
Tax Preparation and Tax Planning Read More Great Articles @ https://www.crestkey.com/blog/[+] Show More

Friday Probate Reports - Episode 3 - Aug 21 2020

The over all lesson learned here, hire competent legal counsel to assist you so you do not waste your money. The two attorneys in the hearing reported on here should ...not have been involved because neither had sufficient US Federal Income Tax experience. While one understood only because she was barely adequately educated, the other attorney had not clue on the income tax implications. The more clueless attorney represented the beneficiary who was to receive $60,000.00 pursuant to a court order. The trustee was represented by an attorney who was more knowledgable, but not enough to advise and educate the trustee not to threaten to holdback income taxes, which such threat caused the hearing.

This matter revolved a court order where a trustee was ordered to distribute $60,000.00 a year to a beneficiary. Because the source of the funds used to distribute to the beneficiary was "income in respect of a decedent" (assets not previously income taxed to the deceased while living such as IRA, 401Ks, 403bs and etc.) the trustee wanted to hold back and pay to the Internal Revenue Service applicable taxes. The beneficiary said no, the court order said $60,000.00 is to be distributed. Not $60,000.00 less tax withholding. Ultimately the Probate Commissioner ruled the trustee was to distribute $60,000.00 to the beneficiary BECAUSE THE COURT ORDER SAID TO DISTRIBUTE $60,000.00.

The problem here is, this matter should have been handled by attorney who knew US Federal Income Taxes. Had a knowledgeable attorney helped at the beginning, this hearing and approximately $5,000.00 unnecessary attorney fees would not have occurred.

Stay tuned and view Episode ?? for the attorney's return over fight over whether the trustee should have reported the distribution to the IRS as taxable income to the beneficiary. Well, the beneficiary complained that the distribution was not taxable to him and thus complained in a subsequent hearing as such. Well, you will have to watch the Episode to find out how the beneficiary fared.

___________________________________________________________________________
About our Law Firm:

Crest Key Legal and Accounting is a law and accounting firm focusing personal, business, and international matters in Las Vegas Nevada.

Our firm takes a caring approach, and we are very much focused on improving the lives of everyone who walks through our doors. Our goal is to be your personal advisor, your business enabler, and your international envoy. Acting as a live connection to your interests locally or abroad, connect you to effective strategies for positive outcomes and work diligently to solve your problems.

Our approach is to build awareness of your individual situation by spending time with you and the asking questions relevant to your specific needs and desired outcome. Let us be your first advisor.
Through thoughtful dialogue it is our goal to help build awareness of your situation by understanding your circumstances, concerns, specific needs, and desired outcomes.

We are your FIRST ADVISOR – What does that mean? We pride ourselves on enabling business success by providing advice on business structures, maintenance, and planning. We are tax professionals who have been dealing with taxation matters, including tax controversies, for more than 20 years. Our work with businesses is a forward-looking approach to create evolutionary change for our clients.

Our Practice areas include:
Estate Planning
Probate Administration
Trust Planning
Trust Administration
Healthcare Directives
Revocable Trusts
Fiduciary accounting
Tax Preparation & Tax Planning Read More Great Articles @ https://www.crestkey.com/blog/[+] Show More

Friday Probate Reports - Ep 1 ver 1

What happens when you do not follow through with your estate plan getting documents properly recorded to reflect intentions.

In 2020, a probate case started in 1999 was still not finished ...because a dispute existed as to who is the proper owner of a piece of real property. Supposedly, a married couple held title to real property as some form a "by operation of law" like joint tenants with rights of survivor ship, or community property with rights of survivorship. One of the spouses died, and then subsequently, the survivor died. The probate of the survivor's estate in 1999 was started. A child 20 years later still has tp probate the estate again because another person is claiming a right to the property.

The hearing in 2020 probably cost $5,000.00 that should not have had to be spent. Has proper planing been done by preparing proper documents and had the attorney probating the estate followed through in making sure documents are properly recorded in Clark County Recorders Office showing vesting, the hearing would not have happened and the attorneys appearing in court would not have charged $5,000.00 for a 10 minute argument.

___________________________________________________________________________
About our Law Firm:

Crest Key Legal and Accounting is a law and accounting firm focusing personal, business, and international matters in Las Vegas Nevada.

Our firm takes a caring approach, and we are very much focused on improving the lives of everyone who walks through our doors. Our goal is to be your personal advisor, your business enabler, and your international envoy. Acting as a live connection to your interests locally or abroad, connect you to effective strategies for positive outcomes and work diligently to solve your problems.

Our approach is to build awareness of your individual situation by spending time with you and the asking questions relevant to your specific needs and desired outcome. Let us be your first advisor.
Through thoughtful dialogue it is our goal to help build awareness of your situation by understanding your circumstances, concerns, specific needs, and desired outcomes.

We are your FIRST ADVISOR – What does that mean? We pride ourselves on enabling business success by providing advice on business structures, maintenance, and planning. We are tax professionals who have been dealing with taxation matters, including tax controversies, for more than 20 years. Our work with businesses is a forward-looking approach to create evolutionary change for our clients.

Our Practice areas include:
Estate Planning
Probate Administration
Trust Planning
Trust Administration
Healthcare Directives
Revocable Trusts
Fiduciary accounting
Tax Preparation & Tax Planning Read More Great Articles @ https://www.crestkey.com/blog/[+] Show More

The true answer to the question, What do I do for a living...?

Meet McManus New

Tax Strategy Planning

Estate Planning - How much can I give away without paying taxes ~ Installment #019

_________________________________________________________________________________________________
About our Law Firm:
Crest Key Legal and Accounting is a law and accounting firm focusing personal, business, and international matters in Las Vegas Nevada.
Our firm takes a caring ...approach, and we are very much focused on improving the lives of everyone who walks through our doors. Our goal is to be your personal advisor, your business enabler, and your international envoy. Acting as a live connection to your interests locally or abroad, connect you to effective strategies for positive outcomes and work diligently to solve your problems.
Our approach is to build awareness of your individual situation by spending time with you and the asking questions relevant to your specific needs and desired outcome. Let us be your first advisor.
Through thoughtful dialogue it is our goal to help build awareness of your situation by understanding your circumstances, concerns, specific needs, and desired outcomes.
We are your FIRST ADVISOR – What does that mean? We pride ourselves on enabling business success by providing advice on business structures, maintenance, and planning. We are tax professionals who have been dealing with taxation matters, including tax controversies, for more than 20 years. Our work with businesses is a forward-looking approach to create evolutionary change for our clients.
Our Practice areas include:
Estate Planning
Probate Administration
Trust Planning
Trust Administration
Healthcare Directives
Revocable Trusts
Fiduciary accounting
Tax Preparation & Tax Planning Read More Great Articles @ https://www.crestkey.com/blog/[+] Show More

Estate Planning - How much can I give away without paying taxes ~ Installment #019

The true answer to the question, What do I do for a living...?

Meet McManus New

Legal Concepts Revealed

Ways to convey property after death ~ Legal Concepts ~ REVEALED!

Considerations when planning your estate. Kirk Kaplan introduces some thoughts for your consideration in this installment of Legal Concepts ~ REVEALED!

A CREST KEY LEGAL AND ACCOUNTING PRESENTATION

Ways to convey property after death ~ Legal Concepts ~ REVEALED!

Letters of Testamentary~ Legal Concepts REVEALED.

Do you really want to be a personal representative?

Selling While In Trust ~ Red Rock Canyon ~ LEGAL CONCEPTS REVEALED

Revocable Living Trust ~ Red Rock Canyon ~ LEGAL CONCEPTS REVEALED

Meet McManus ~ Legal Concepts REVEALED ~

The true answer to the question, What do I do for a living...?

Meet McManus New

Advisors and Professionals

Steps to moving along a probate estate

Pinball Hall of Fame Museum ~ Revocable Living Trust ~ LEGAL CONCEPTS REVEALED

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