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Lizette B. Sundvick, Esq.
Southern Nevada
Preserving Wealth and Values, Creating Family Legacies
Recent Activity
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“What taxes will be owed if you gift money to family?” Questions often come up when gifting to children. What are the consequences to the giver and to the recipient? An article from nj.com, “Gift tax consequences for you and your heirs,” begins with the big picture, then looks at the annual gifting amounts and what it means for your taxes and for those of your children. The IRS considers a gift to be any transfer to an individual, either directly or indirectly, where full consideration (measured in money or money's worth) isn’t received in return. However, there are exceptions to this rule. Continue reading
Posted Dec 8, 2017 at Nevada Estate Planning
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“There are more aspects to estate planning than just signing a will.” The (Beckley WV) Register-Herald’s recent article, “Important Medical and Financial Choices,” notes that along with a will, there are medical, financial, and other important decisions that come into play in estate planning. There’s often confusion between the similar sounding Living Will and Living Trust. The first is for medical purposes, and the second is for financial needs. A Living Will provides a trusted friend or relative with the authority to make decisions regarding certain last medical measures, when you’re in a terminal condition. This has nothing to do with transferring assets or property after death. Continue reading
Posted Nov 22, 2017 at Nevada Estate Planning
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“If your senior parents don't want to talk about money, here are some tips to start the conversation.” If your mother is a widow and she lives alone, you may notice that she's beginning to have difficulty getting around and refuses to have help in the house. nj.com’s recent article, “When your older parent refuses help,” says that as parents live longer, a tension can develop between the kids who want to be sure that mom and dad are safe, and the parents who want their independence. For many, the only thing they want help with is remaining independent as long as possible. You can start your conversation there. Maybe there's a relative, neighbor, or friend who’s living alone but can't go home after surgery, because there’s no one to nurse him back to health or someone you know has an injury after a fall. You want to make sure this doesn't happen to you. Continue reading
Posted Nov 21, 2017 at Nevada Estate Planning
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“You can't give your required minimum distribution from a 401(k) to charity without triggering a tax, but you can donate your 401(k) RMD tax-free, if you roll the money over to an IRA.” Required Minimum Distributions (RMDs) are minimum amounts that a retirement plan account owner is required to withdraw each year, beginning in the year that he or she reaches 70½ years of age or—if later—the year in which he or she retires. However, if the retirement plan account is an IRA or the account owner is a 5% owner of the business sponsoring the retirement plan, the RMDs have to start once the account holder is age 70 ½—even if she’s not retired. Continue reading
Posted Nov 21, 2017 at Nevada Estate Planning
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“Having no heirs or surviving spouse, can make estate-planning decisions more difficult.” Some people have a somewhat unique estate planning challenge: they’re childless and not sure what should happen to the assets they leave behind or whom to appoint as their proxy decision-maker. Continue reading
Posted Aug 6, 2017 at Nevada Estate Planning
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“As the auction hammer fell at Sotheby’s in New York last week, a painting by Jean-Michel Basquiat fetched a record $110.5 million. Now, another hammer will come down: the tax man’s.” Lise Wilks, the seller of the Basquiat, will have a sizeable capital gain—about $85 million. That means she may owe about $37 million. Bloomberg’s article, “Trust Planning Key To Recent $85 Million Basquiat Legacy,” reports that Wilks’ late parents bought the work for $19,000 over thirty years ago, and that collectors can face big tax bills on successful investments. There’s a maximum 28% federal capital gains rate for collectibles,... Continue reading
Posted Jul 7, 2017 at Nevada Estate Planning
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“Estate planning challenges include mastering financial markets, tax laws and other arcane technicalities.” The psychological issues in deciding how to leave your assets can be the hardest part of the process, says Wilmington Biz in the recent article, “Keep Mental Hang-Ups From Sabotaging Estate Planning.” The issues can range from an aversion to thinking about death to complicated feelings about children, in-laws and other relatives. Continue reading
Posted Jul 2, 2017 at Nevada Estate Planning
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“Five months after actor Alan Thicke died, he’s the subject of what’s shaping up to be a bitter family feud over the remainder of his estate.” Alan Thicke’s two eldest sons, Brennan and Robin, filed a petition in Los Angeles County Superior Court over claims that their father’s widow is disputing the terms of the prenuptial agreement she signed in 2005, according to a story from Fox News. The story, “Alan Thicke's sons in legal battle with his widow over his estate,” reminds us that the actor died unexpectedly at age 69, when a major artery ruptured while he was... Continue reading
Posted Jun 26, 2017 at Nevada Estate Planning
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“Save early and often. The sooner you start to save, the easier it will be to amass a comfortable nest egg -- thanks to the power of time and the magic of compounding” For the 70th-anniversary issue of Kiplinger’s Personal Finance, Kiplinger outlined its best advice to show you how to build, protect and enhance your wealth throughout your life in an article entitled “5 Time-Tested Tactics to Save for Retirement.” Continue reading
Posted Jun 15, 2017 at Nevada Estate Planning
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“Now that the heirs are stepping up and Prince’s distinctive shadow is receding, everyone sitting around the table wants to run the legacy like a business.” The probate nightmare Prince created by not having a will has ended. The musician’s relatives have moved from defending their position, to gaining the legacy assets that are working harder to earn more money. Continue reading
Posted Jun 13, 2017 at Nevada Estate Planning
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“Hundreds of Elvis Presley artifacts and memorabilia are still being held by a Las Vegas casino, a year after the King’s estate filed a lawsuit to get those valuables back from a short-lived exhibit.” The Westgate Las Vegas Resort and Casino’s chief operating officer Mark Waltrip said that Elvis Presley’s artifacts and memorabilia, which include stage outfits, jewelry, and letters, are locked up at the casino, where the now-closed “Graceland Presents Elvis” attraction once stood. Continue reading
Posted May 29, 2017 at Nevada Estate Planning
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“Music icon Jerry Lee Lewis is suing his daughter and son-in-law for elder abuse, after spending years trapped in a moldy house. The details are horrifying!” The 81-year-old music legend and Rock and Roll Hall of Fame member, Jerry Lee Lewis, recently filed court documents against his daughter Phoebe for elder abuse. Continue reading
Posted May 27, 2017 at Nevada Estate Planning
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“This case arose out of a will contest between the wife and son of deceased musician Ray Price.” Price's widow filed an interlocutory appeal alleging that the trial court erred in appointing a receiver to take possession of property subject to the will contests, according to a recent write-up in The Texas Lawyer, “In the Estate of Noble Ray Price.” Continue reading
Posted May 24, 2017 at Nevada Estate Planning
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“Onetime child star Britney Spears’ five dogs live better than a lot of human families—and should anything happen to her, their golden meal ticket would get mighty precarious.” Trust Advisor notes that pet trusts for the rich are becoming extremely popular. Pets are expanding their financial and emotional footprint without a corresponding increase in legal status or protection. The article, “Britney Spears Pet Fetish Feeds New Estate Planning Craze,” contends that Britney’s loosely-controlled dog budget is in need of someone to structure the costs to keep them comfortable for life. Continue reading
Posted May 22, 2017 at Nevada Estate Planning
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“Many people don’t see the importance of estate planning, until they have been forced to deal with the adverse effects of not being prepared for death or disability.” Some parents will engage their kids in disability and estate planning, with some viewing it a way to share the work and bring on a younger mind to help navigate the complexities of estate planning. Continue reading
Posted May 11, 2017 at Nevada Estate Planning
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“One of the legendary fortunes just moved one generation farther from the source. The next few years will determine whether dynastic planning has hit its ultimate limit or will truly run forever.” John D. Rockefeller was the poster child for long-term estate planning 80 years ago. David Rockefeller, the last grandchild of the family patriarch and a full participant in the trust, has now died. Continue reading
Posted Apr 27, 2017 at Nevada Estate Planning
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“If you don’t want money you’ve worked hard for to pass down to your son’s or daughter’s ex, then consider a trust.” The federal estate tax exemption in 2017 is about $5.5 million per person or $11 million for married couples. As a result, creating a trust to save on taxes for your family when you pass away doesn’t have the attraction that it once did. On the other hand, now more folks are considering a trust. This is because they’re concerned about their adult child losing their inheritance due to a failed marriage. When you establish a trust as... Continue reading
Posted Apr 12, 2017 at Nevada Estate Planning
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Your kid’s now an adult, ready to head to college and start a new adventure. But businessinsavannah.com’s article, “College-bound children need critical financial, health documents,” asks, “What if you find out that one of those adventures results in a stay in the hospital?” Continue reading
Posted Apr 12, 2017 at Nevada Estate Planning
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“Naming a guardian for your children is one of the hardest, and most important, decisions you will ever make.” If you’re having a tough time deciding who to name as guardians for your kids, you're not alone. Should you go with a close family member or someone who’s better with money? Typically, you don’t have to pick between a money savvy uncle and a loving sister to care for your kids. You don’t have to go with only one guardian of the person and estate of a minor child, explains, NJ 101.5 in “Choosing guardians for your minor children.” You... Continue reading
Posted Apr 12, 2017 at Nevada Estate Planning
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“Each year over 43 million Americans provide unpaid care to a family member, usually a parent.” Adult children who care for an elderly parent will typically be asked to oversee and provide medical care and finances. However, sometimes the caregiving goes far beyond this. As a result, many adult children caregivers fail to think about the financial impact that this can have on their own monthly budgets and retirement funds. Continue reading
Posted Mar 31, 2017 at Nevada Estate Planning
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“Helping someone in need with their finances may seem altruistic and may even tap into your inner hero, but if you're not careful, you could find yourself in hot water.” Assisting someone with his or her finances sounds simple, right? Your mom, a neighbor or the person for whom you provide home health care may ask you to write a few checks out of her checkbook because it’s difficult for her to see. She may ask you to pick up a few groceries and gives you some cash. You’d think that folks would understand your good intentions and maybe even thank you. Continue reading
Posted Mar 15, 2017 at Nevada Estate Planning
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“Whether they're working or not, people with disabilities and their caregivers often have higher costs associated with medical care or daily living, so the current tax code makes some of these costs deductible.” Continue reading
Posted Mar 15, 2017 at Nevada Estate Planning
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“Smart career decisions early on, paved the way for America’s Sweetheart to enjoy a long and comfortable final act. Now her last husband stands to claim whatever undoubtedly lavish bequests to signature causes leave behind.” Continue reading
Posted Feb 27, 2017 at Nevada Estate Planning
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“Almost $7,000 a year. That’s what the average American family caregiver spends each year on household, medical and other expenses for a loved one.” The annual costs of elder care crosses generations, according to a recent CBS MoneyWatch article entitled “How to ease the pain of paying for elder care.” Continue reading
Posted Feb 12, 2017 at Nevada Estate Planning
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“There are many frequently perpetuated myths about wills and trusts circulating around. It is important to make sure that you have your facts straight.” It can be tough to decipher all of the requirements and rules in estate planning documents, along with the probate process. If you can’t figure it out, you may unintentionally leave your family in a bind after you die. Continue reading
Posted Feb 12, 2017 at Nevada Estate Planning