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.
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.
Our faithful Client Greeter at Crest Key Legal has crossed the Rainbow Bridge. We will miss him and his service to the team. Rest well Kirbie!
Check out this video of ...Kirbie when he joined our team.
Hello, I'm Kirk Kaplan with Crest Key Legal and Accounting, and this is Kirbie. Kirbie is our lead client greeter that is happy to see you when you come in the. He has been with the Crest Key legal team since May of 2019. We lost our previous lead client greeter Buddy in December of 2018 and we had gone on a search for a new lead client greeter.
During that search, we went through many sites looking for applicants and we happened to find Kirbie who was homeless at the time. We interviewed him and he ended up being perfect for the job. So when you come in, make sure you ask for Kirbie. He's always happy to greet you.[+] Show More
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Pinball Hall of Fame Museum ~ Revocable Living Trust ~ LEGAL CONCEPTS REVEALED
Hi everyone. I'm Kirk Kaplan, and in this video I visit the Las Vegas Strip and specifically the Las Vegas Pinball Museum. In this video I spend a little time ...visiting the pinball machines and also I will talk a little bit about how you can fund your revocable living trust.
I used to play the pinball machine, Captain Fantastic that I played it for hours on end and I literally was a pinball wizard. There was one instance I did overturn the point system and you could actually get more games as you win.
As I play this game, I wonder how could you be able to give this machine away in your trust? If you have a revocable living trust, and it is drafted properly, there is a way you can actually give away personal property. It can be quite simple, grab a piece of paper, identify the object, state the object and sign the piece of paper.
I have seen on a daily basis that many people do not take advantage of this opportunity. For example, let's say you have something special you would like to give someone, like a ring, a car, it has to be personal property and something tangible. Not cash or business assets. You can give this special item away through your trust.
If your trust does not give you that option, you may want to find a way to have your trust amended so that this option is available to you. This is something that gives you control over the items you want to give away at your death. Now with that said, my next question is, why make people wait?
If this is a gift that you truly enjoy, why not consider giving it away to the person while you are living so that you can see that they are enjoying the gift? My advice is always the same, review your trust, if you are unsure what your options are available to you, just call my office. I will send to you a list that you can attach to your trust and you can sign and date it and describe the items to give away.
I'm Kirk Kaplan with CrestKey Legal and Accounting. This is Legal Concepts.[+] Show More
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Advisors and Professionals
Hello, I'm Kirk Kaplan with Crest Key Legal and Accounting, and in this video, I will talk about trusted advisors and professionals that can help you and us while administering ...trust administrations and probate administrations. Just for ease I will refer both as administrations.
While you're administering, you're going to need assistance with getting valuations of property that we have to report to heirs or beneficiaries.
The way you do that is you have trusted advisors that can do appraisals of real property or appraise coins or jewelry or other valuable items that the deceased may have left behind. We have a number of people that we refer to commonly that help our clients in valuing those properties.
We also have other professionals such as handymen and other people who can work on cars to help vehicles repair them back to running order if need be for sale. We have a vast network of people we have worked with for many years. Additionally, we will ask you for feedback. Did they do the job that they promised? Were they truthful with you? Did they charge you a fair price?
Our vast network is one benefit of working with Crest Key Legal and Accounting. You team is always ready to help.
Make sure you like and subscribe to our videos for more content.[+] Show More
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Meet McManus New
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The true answer to the question, What do I do for a living...?
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Meet McManus ~ Legal Concepts REVEALED ~
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What do we do
Kirk D. Kaplan explains in a humorous manner just what it is that he and Crest Key perform each and every day.
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Revocable Living Trust ~ Red Rock Canyon ~ LEGAL CONCEPTS REVEALED
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Selling While In Trust ~ Red Rock Canyon ~ LEGAL CONCEPTS REVEALED
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Do you really want to be a personal representative?