The Nevada Series LLC

Introduction Suppose you own five small apartment buildings and you concerned about protecting these assets from claims of creditors. In particular, you are worried about the possibility that a claim from an individual injured at one of these buildings might be able to reach the other buildings in order to satisfy a judgement. The advice most commonly given to […]

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Using a Series LLC in California

I. INTRODUCTION Attorneys generally recommend that their clients own real estate in some type of business entity, typically a limited liability company (“LLC”). One of the purposes of this method of ownership is to isolate the potential liabilities associated with real estate from the entity and the client’s other assets. If a client owns several […]

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The New Nevada Professional Limited Liability (PLLC)

In 2007, the Nevada legislature authorized the use of Professional Limited Liability Companies (PLLC) for professionals, such as physicians. Prior to 2007, professionals were restricted to using Professional Corporations (PC). The PLLC is superior to the PC in several ways. First, it offers much more flexibility in operation and management than a PC. There is […]

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The SIX Levels of Asset Protection in Nevada

Asset protection exists on a continuum of options. Each step along the continuum provides more protection but at a higher cost and complexity. The following are very basic descriptions of each Level of protection. Level 1 – Assets exempt from claims of creditors by state and federal law These include ERISA qualified retirement plans (e.g. […]

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The Nevada Series LLC

Introduction In my previous article, “Protecting Real Estate in Nevada”, I described the Limited Liability Company (“LLC”) as a way to protect your NV real estate from claims of creditors. But what if you own more than one real estate investment property? You could place all of those properties in one LLC, but this would […]

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Limited Time Offer

Hurry – Act Now – Limited Time Only – Save Big Money! This is the message from Congress on Federal gift taxes. Until the end of 2012, an individual may make gifts of up to $5,120,000 ($10,240,000 for a married couple), including prior taxable gifts, without paying any gift taxes. Gifts in excess of that […]

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Spring Cleaning Your Estate Plan

Ah, springtime. The birds sing, the flowers bloom, and your estate plan is another year older. When was the last time you looked at your will or living trust? If you’re like most folks, it was the day your attorney explained it to you and you signed it. How long ago was that – five […]

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The Nevada Asset Protection Trust

The best asset protection plan would allow you to transfer your assets to an entity which you could directly benefit from, control and manage, but that your creditors couldn’t reach. A few years ago the Nevada legislature, following models created in Alaska and Delaware, approved legislation in NRS Ch. 166 entitled “Spendthrift Trusts.” A spendthrift […]

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Protecting Real Estate Investments from Creditors in Nevada

Suppose you own a rental property in Nevada and you are concerned about protecting this property from creditors. In particular, you are worried that someone might be injured on the property and that you might be held liable for damages. It’s possible that the damages might exceed the amount of liability insurance you carry. In […]

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BIG Changes in the Estate and Gift Tax

On December 17, 2010, President Obama signed a bill that included significant changes to the estate and gift tax system. The bill also provided some clarity for the estates of persons who died in 2010. The highlights of the bill include: Retroactive application of the estate tax for people dying in 2010, with an estate exclusion amount of […]

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