State of the Union to Propose Stealth Increase of Estate Taxes

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The Wall Street Journal and numerous other media outlets are reporting that the State of the Union address on Tuesday will outline a proposal by the President to effectively increase estate taxes.  In the proposal, appreciated assets in an estate would not receive an updated or “stepped up” tax basis on death.  Only a small amount of gains, suggested as $200,000 in portfolio assets and $500,000 in a primary residence would be shielded from tax.  Although these numbers may seem large, ask many families what their tax-cost basis is in desirable places to live, such as Silicon Valley and other parts of California, and you will see that this proposal would capture many more families with a taxable event on death even without a formal change to the estate tax rules.  There are many estate planning strategies that can help with families facing estate tax burdens.  Some of the best strategies use Nevada Trusts – the best state for asset protection and tax minimization.  Please call Greg Crawford in Reno at 775-297-4684 for more information.

Social Media Executives Making a Splash in Nevada

Lake_Tahoe_NevadaNevada has long attracted Californians – for vacation, second homes,  family trusts, and business relocation.  The influx of Californians is reshaping Northern Nevada from the sage brush valleys being transforming into sophisticated factories, to the new shops and restaurant popping up in downtown Reno.  The ripple effect from Silicon Valley to Reno is gaining speed.  Just over Mt. Rose from Reno, Lake Tahoe has always been a favorite spot for those from the San Francisco bay Area, an easy 4 hour ride (in a Tesla) or 30-minute flight away.  Many Silicon Valley pioneers have used Nevada’s most-favorable trust laws to protect and grown assets for generation to come – now many of the newer household names from social media giants are using Nevada Trusts for their families and making a new generation’s claim in Lake Tahoe.

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