Loading...
Lawyer Next Door2020-11-09T15:44:05-08:00

Lawyer Next Door

Professional Legal Insights and Information

Stepped-Up Basis

Stepped-Up Basis The Stepped-Up Basis Benefit Stepped-up basis is a tax provision that allows heirs to reduce their capital gains taxes. When someone inherits property, real or personal, businesses, and investments, the IRS resets the market value [...]

Residence Trust

Residence Trust Qualified Personal Residence Trusts - What They Do and What They Don't Do In this article, we’ll define and explain the pros and cons of a Qualified Personal Residence Trust (QPRT), answering questions like, “What is a Qualified P [...]

SLAT

SLAT – Spousal Limited Access Trust The Hot New Estate Planning Technique for 2021 The present global circumstances of economic and political uncertainty, a high federal estate tax exemption, and a low-interest rate environment merit a focused exa [...]

Business in an IRA

Business in an IRA Rules for Owning a Business In An IRA Suppose you could run a small business without having to worry about taking a chunk of your profits out of it every year to pay income taxes. Suppose further that you could buy and sell prop [...]

Legacy Trust

Legacy Trust What is a Legacy Trust? A legacy trust is an irrevocable trust that lets you set aside assets for future generations and functions as a second, protected estate. As your “second” estate, the legacy trust affords you some degree of ass [...]

Property LPs

Property LPs Benefits of Property LPs Over Property Trusts The benefits of transferring your properties into your LP instead of your Trust, the reasons are as follows: Due to the passing of California Proposition 19, trusts no longer protect you [...]

Effects of Prop 19

Effects of Prop 19 The Effects of the Passage of Proposition 19 on the California Homeowner Proposition 19 has passed. What are the effects of prop 19 on our clients? We see four practical effects, good and bad, of this law for California property [...]

NV Homestead Law

NV Homestead Law Nevada Homestead Law: Tips and Hints NRS 115 is the chapter in the Nevada Revised Statutes that concerns the NV homestead law. We hope this brief summary of the NV Homestead Law will be of assistance to you. Procedures for Wha [...]

Small Estate In CA

Small Estate In CA Small Estates In California: 2020 Update A simplified procedure is available under California probate law to settle estates with assets that do not surpass a certain threshold, making it a “small estate.” In a small estate, y [...]

Types of Capacity

Types of Capacity Testamentary Capacity verses Contractual Capacity Two primary types of capacity include Testamentary Capacity and Contractual Capacity. Each differs in a unique way.Testamentary CapacityTestamentary capacity refers to the ability [...]

Maximize PPP Funds

Maximize PPP Funds Make the Most of Your Payroll Protection Plan Funds Despite widespread stories of a chaotic roll-out of the CARES Act Payroll Protection Program (PPP), some of the first companies to apply have already received their funds. Wh [...]

PPP Basics

PPP Basics Basics on the Payroll Protection Plan (PPP) While the Payroll Protection Program application process may seem overwhelming, there are some PPP basics that can help you through the process. What is the Payroll Protection Program (PPP)? [...]

Dementia Care

Dementia Care Dementia care begins with custodial care: routine personal care that does not require the attention of trained medical staff. Intermediate care is the step beyond that, when medical care is necessary, but not constant; and at the lev [...]