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
Now Playing
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
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
Now Playing
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
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
Now Playing
Trust Administration - What is a Trustee of a Trust; Who is the Trustee of a Trust?
A trustee of a trust is an individual or entity who administers or manages a trust according to the language in a trust indenture. That person or entity is ...responsible to protect, manage and ultimately distribute the property of the trust for and to the benefit of beneficiaries.
A personal representative IS NOT 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
A personal representative IS NOT 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
Now Playing
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
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
Now Playing
Trust Administration - Division of Marital Trust after Death of a Spouse ~ Installment #020
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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
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
Now Playing
Estate Planning - Trust Funding ~ Installment #029
Read More Great Articles @ https://www.crestkey.com/blog/
Now Playing
Estate Planning - A guide to choosing guardians for minor children ~ Installment #026
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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
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
Now Playing
Probate and Trust Administration - Disposition of Personal Property ~ Installment #028
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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
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
Now Playing
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
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
Now Playing
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
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
Now Playing
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
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.
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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