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/
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Probate - Where there is a Will, there is a probate.

This video discusses a common misbelief people suffer from. It is mean to give the viewer useful perspective so s/he can determine whether a probate is required. Simply put, ...the mere existence of a Last Will and Testament of a deceased DOES NOT MEAN A PROBATE IS AUTOMATICALLY REQUIRED!

A Last Will and Testament, simply stated, is a letter containing certain legal requirements, written to the Court telling it who is to receive probate property of the deceased after the death of a testator. A Testator is a person who creates a Last Will and Testament. What determines if a probate is required is whether the deceased testator leaves probate property. If no probate property is left, then no need for a probate.

So what is probate property? Probate property is defined by what it is not. If property (a bank account, an investment account, real property, motor vehicle, etc.) neither transfers by operation of law nor by contract, then the property is probate property. In other words, probate property is determined by a process of elimination.

Non-Probate Property - Property that transfers by operation of law.
The first non-probate property is property that conveys by operation of law. A typical example of by operation of law is a concurrent interest in real property - joint tenancy with rights of survivorship, or community property with rights of survivorship, and transfer on death deed (kinda of a lady bird deed which do not exist in Nevada). This type or property involves a governmental agency like a county recorder.

Non-Probate Property - Property that transfers by contract.
The second type of non-probate property is property that conveys by contract. A typical example of property that conveys by contract are life insurance (upon insured's death pay a specific person(s); transfer on death or pay on death accounts at banks and financial brokerage houses.

Application of above discussion.
In application as an example, if a bank account only had the deceased's name thereon, and no TOD or POD designations, then the account is probate property. The same goes when the deceased's name is the only name on a deed to residential real property at death, and there is no transfer on death designation, then the residence is probate property.
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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
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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

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
More Videos

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

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

Estate Planning - Why you should NEVER keep a will in a safe deposit box!

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