702 - 800 - 6525

Call Today For
A Consultation

Nevada has very generous asset protection laws.

Postedby&filed underProtect Your Assets.

In the event you do not have a trust and/or asset protection LLC, Nevada law provides some protection of your assets. If you want real protection, get a trust or asset protection LLC well in advance of entering any risky business relationships and/or exposing yourself or your companies to suit.

Without a trust/asset protection LLC, below is a list of what is protected under Nevada law:
1. ERISA-qualified retirement plans.
2. Federal pensions/pension plans.
3. Disability.
4. Social security.
5. Military pensions.
6. IRAs & non-qualified plans up to $500,000.
7. Homestead on your 1 home up to $550,000.
8. Life Insurance (Up to its cash value, which is now unlimited as of July 1, 2011 in NV); and
9. Certain annuities.

In addition, the following assets are FULLY EXPOSED:
1. CDs (certificates of deposit); and
2. Bank accounts.

Return on Investment

Postedby&filed underStarting a Business in Nevada.

return-on-investment1Attention All Business Owners:

A simple formula to calculate your ROI (or return on investment) is the following:

(Gain from investment – Cost of investment) / (Cost of investment)

Gains from investment are things like revenue from a business, rental revenue, or proceeds from a sale. Costs of investments are things like overhead, compensation, repair expense, and taxes. The resulting number constitutes your ROI, which should generally beat inflation (or 3%) and approach returns from the stock market.

With investments in the stock market averaging 10.582% during the 20th century as a whole, any ROI that exceeds 10.582% is considered absolutely fantastic. Track your ROI year-after-year and wait until the investment is completely paid off (usually after a few years). Then, sit back and enjoy your passive income.

Don’t forget to consult your favorite attorney, financial adviser and CPA to achieve YOUR MAXIMUM FINANCIAL SUCCESS!!!

Start 2013 Off Right with a Will & Trust

Postedby&filed underProtect Your Assets.

Prepare a Will & Trust today.

Start 2013 off right with a WILL and a TRUST. We got a number of calls today from people that are ready to create a will and trust to protect their wealth, to ensure their health-related decisions are spelled out in writing, and to protect the future of their heirs. The need to create a will and trust is even more pressing if you have small children. Call Cutter Law Firm today at 702-800-6525 to set up your estate planning appointment.

Below are the Top 10 Reasons You Need a Trust TODAY:

1. Your trust avoids probate. Instead of paying thousands of dollars in probate costs, fees, and attorney charges, the bulk of your estate will be distributed to your heirs upon your death. It saves money.

2. You keep control. Your trust document contains your instructions for managing your assets, and the use of your funds in the event of your death or incapacity. Even when you are unable to handle your own affairs, you make sure they are handled the way you want. And while you are able, you still have full control to buy, use, spend, or even give away your property as you determine. You can sell property, change your beneficiaries, or your trustee, or even revoke the trust if you should decide to do so.

3. It takes less time. Instead of taking months or even years, with a trust your estate can be settled in just a few weeks of your death. There are no court delays or judicial interferences. In the event of your incapacity, your Successor Trustee immediately takes control of your estate for your benefit. No court conservatorship will be required.

4. Your privacy is maintained. A living trust is private. If you become incapacitated, it will remain a private family affair. Upon your death, no announcements need be placed in the paper to invite creditors to file claims, to contest your will, or to notify disgruntled relatives. Your beneficiaries need not be made public.

5. It is less expensive. Don’t forget the costs of probate are a part of the cost of settling your estate with a will. Although a trust is initially more expensive than a will, because of the elimination of probate, the total costs of settling your estate are far less. Use a competent estate planning attorney and not only will there be a cost savings, but the ease of creating your trust will surprise you.

6. No special government forms are needed. With a revocable living trust you do not need a separate tax identification number. You do not file a separate tax return. The trust is tax neutral. You still report all your income on your personal tax return. Your social security number is your trust tax ID number. And you do not need to file any report, agreement, or notice with any government agency.

7. Low maintenance. Once your trust is set up, there will be few changes. You will amend your trust only when you wish to change your beneficiaries or successor trustee, or other details. Occasionally the government will pass a law which affects your trust, however this is rare. An amendment to your trust is generally a simple process.

8. Special gifts are easy with a living trust. If you want to make certain gifts to chosen individuals or organizations you may do so. With a trust this is easy. The trust makes reference to a special list of such gifts. On this list you identify who you chose as recipients of certain items of tangible personal items, such a jewelry, furniture, or other heirlooms. This list is kept with and referred to in your trust document. You may change it from time to time without needing to amend your trust.

9. Eliminate or reduce estate tax. With special planning built into your trust agreement, you may reduce or in some cases even eliminate any estate taxes which would be charged upon your death.

10. Effective Pre-Nuptial Planning. Any property that you place in your trust before you marry is and remains the property of that trust. It stays separate from property accumulated during your marriage. Just be careful not to commingle assets with those acquired by both spouses during a marriage.

Be Mindful of These Expiring Tax Cuts

Postedby&filed underTaxes and How to Protect Yourself.

TAXES – HERE ARE SOME OF THE EXPIRING TAX CUTS WE NEED TO BE MINDFUL OF

On December 31, 2012, if Congress does not take action before then, the following changes to our tax system will go into place. Meet with an attorney today to discuss your options and how to protect yourself in 2012 before the year is over.

1. The maximum federal income tax rate on most 2013 long-term capital gains from real property sales is scheduled rise from the current 15% to 20%.

2. The top rate on most long-term gains from selling properties acquired after December 31, 2000 and held for more than five years is scheduled to rise from the current 15% to 18%.
3. If you sell a rental property for a gain in 2013, a 25 percent maximum rate will apply to the gain amount attributable to the cumulative depreciation write-offs you’ve taken on the property. The same 25 percent rate also applies to depreciation-caused gains from 2012 sales. (Depreciation can cause a taxable gain even if you sell a rental property for somewhat less than the amount you invested — because your basis in the property for tax gain/loss purposes is reduced by depreciation deductions.)
4. The maximum rate on 2013 short-term gains from real property sales will rise from 35 to 39.6 percent.
5. The maximum rate on net ordinary income from operating rental properties (when rental income exceeds your tax write-offs, including depreciation) will rise from 35 to 39.6 percent.

Do not wait to prepare for these changes. Meet with your professional team of attorneys and CPAs to discuss how this affects your family today.

Call our office today at 702-800-6525 to help you get past this treacherous tax hurdle.

Top Reasons to Incorporate in Nevada

Postedby&filed underStarting a Business in Nevada.

No Corporate Income Tax
No Taxes on Corporate Shares
No Franchise Tax
No Personal Income Tax
Nominal Annual Fees
Nevada corporations may purchase, hold, sell or transfer shares of its own stock.
Nevada corporations may issue stock for capital, services, personal property, or real estate, including leases and options. The directors may determine the value of any of these transactions, and their decision is final.
No Franchise Tax on Income
No Inheritance or Gift Tax
No Unitary Tax
No Estate Tax
Competitive Sales and Property Tax Rates
Minimal Employer Payroll Tax – 0.7% of gross wages with deductions for employer paid health insurance
Nevada’s Business Court
Developed on the Delaware model, the Business Court in Nevada minimizes the time, cost and risks of commercial litigation by:
1. Early, comprehensive case management;
2. Active judicial participation in settlement;
3. Priority for hearing settings to avoid business disruption; and
4. Predictability of legal decisions in commercial matters.

ASSET PROTECTION IS KEY IN THIS DIFFICULT ECONOMY

Postedby&filed underProtect Your Assets.

Protect your assets and your family today.

Asset protection is immensely important in today’s climate where there are more and more judgments against individuals and/or their businesses. It is important to look at your asset protection needs in advance of entering into risky business relationships and/or exposing yourself to litigation in the future.

You’re lucky to be living here in Nevada because Nevada has very generous asset protection laws in comparison to the rest of the country. Planning is key when it comes to asset protection so, meet with an experienced asset protection attorney today to be sure you’re able to plan for your future.

Nevada law provides limited asset protection without a trust/asset protection LLC. Below is a list of what types of assets are automatically protected under Nevada law:
1. ERISA-qualified retirement plans.
2. Federal pensions/pension plans.
3. Disability.
4. Social security.
5. Military pensions.
6. IRAs & non-qualified plans up to $500,000.
7. Homestead on your 1 home up to $550,000.
8. Life Insurance (Up to its cash value, which is now unlimited as of July 1, 2011 in NV); and
9. Certain annuities.

While it is beneficial for Nevada citizens to have the ability to protect the above listed assets, most people are more concerned with their bank accounts, any fiat money, and investment accounts that are at risk of being liquidated in the event your assets come under attack. Both 1. CDs (certificates of deposit) and 2. Bank accounts are FULLY EXPOSED and Nevada law does not provide any automatic asset protection for the same. As such, the only way to protect yourself, your money, and your family is with a solid asset protection plan, which includes estate planning (wills & trusts) and perhaps an asset protection Limited Liability Company.

Trusts and Asset Protection LLCs should be considered by anyone wanting to protect their assets. In the event you want REAL PROTECTION for your hard-earned assets, consult an estate planning/business lawyer to create a trust and/or asset protection LLC BEFORE you enter into any risky business relationships and/or expose yourself or your companies to suit.

Additional Resources
http://www.leg.state.nv.us/NRS/NRS-021.html#NRS021Sec090