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