Planning for family’s future could be more expensive in 2013

Estate planning laws could affect how taxes affect gift value

LAS VEGAS – Planning for a financial future once the heads of the family pass away is a necessary discussion many families put off. With estate tax laws set to drastically change in 2013, some families may have to have the conversation with their estate planning attorneys sooner rather than later to preserve their estates’ value.

An estate tax exemption is the amount anyone can give away tax free during their lifetime or at their time of death. For 2012, the amount a person can transfer tax free is $5 million. The excess amount in the estate, if any, is taxed at 35 percent. In 2013, the estate tax exemption is set to decrease to $1 million with any excess amount taxed at 55 percent.

“To simplify it, if someone has an estate valued at $6 million and gifts $5 million in 2012 and then passes away in 2013, $1 million of their estate will be taxed at 55 percent, which equals $550,000 in estate tax,” said Brooke Borg, founder and attorney for Borg Law Group. “However, if this same person doesn’t choose to gift their $5 million until after they die, and they pass away in 2013, $5 million of their estate will be taxed at 55 percent, equaling $2.75 million due in estate tax. That’s a substantial loss that could have been avoided.”

The current rates took effect in January 2011 and will last through the end of 2012. Therefore, over the past year and a half, many people have decided to take advantage of the higher than usual exemption amount and use their exemption by gifting assets this year before the scheduled change in laws in order to save their estate money in the long run.

For married couples, the current laws allow $10 million, or $5 million each, for the tax exemption. Also, if one spouse dies without using the tax exemption, the unused portion can be claimed by the surviving spouse at his/her death.

“If the amounts set to take effect in 2013 do not change, many people will be affected negatively if they do not have the proper estate planning documents in place. Anyone whose assets even come close to $1 million taking into consideration real estate, investments, life insurance, vehicles, bank accounts, 401ks, etc. should speak to an estate planning attorney soon,” Borg said. “Although we’re still in the first half of the year, it takes time for gifts to funnel through the proper channels. Starting now will ensure all gifting is done in a timely manner.”

Borg Law Group provides legal services to individuals and businesses in the areas of real estate, corporate law, estate planning and probate. The firm’s founder, Brooke Borg, is admitted to the State Bar of Nevada and the State Bar of Michigan.

For more information regarding Borg Law Group call 702-318-8808 or visit www.BorgLawGroup.com.

Town & Country Bank names Holtzclaw CFO

Professional brings 30 years of experience to the bank

LAS VEGAS – Town & Country Bank has named Dick Holtzclaw chief financial officer.

Holtzclaw comes to Town & Country Bank from First Scottsdale Bank, a Scottsdale, Arizona de novo bank with assets of $70 million as of February 2012. He served as the bank’s CFO.

“Dick has an extensive and well-rounded background in the industry that will be of great benefit to our clients and bank alike,” said Ali Rizvi, Town & Country Bank’s chief business banking officer. “We’re very pleased to have him as a member of our team.”

Holtzclaw has also served as chief financial officer of WestStar Credit Union, Fifth Street Bank, First Asian Bank and Valley Bancorp/Valley Bank. He was the founding chief financial officer of First Asian Bank and Valley Bank and assisted in establishing all financial systems, policies and procedures prior to First Asian Bank’s opening in June 2007 as well as Valley Bank’s opening in October 1998.

In September 2004, he assisted with the initial public offering of Valley Bancorp. Valley Bancorp/Valley Bank was later sold to Community Bancorp. Valley Bank grew from $7.5 million at October 1998 to $440 million at June 2006.

“Dick is a seasoned CFO with local market knowledge,” said James Brewer, Town & Country Bank’s chief executive officer. “He will be a great addition to our management team at Town & Country Bank.”

Holtzclaw, who began his banking career in 1982, earned his MBA from the University of Georgia and his and BBA from Mercer University. He is a certified public accountant, a certified financial planner and a certified credit union executive.

Town & Country Bank has served the Las Vegas Valley’s personal and business banking needs since 2002. With four locations around the valley, Town & Country Bank has complete financial packages and expert customer service to help clients meet their financial objectives.

For more information, call Town & Country Bank at 702-252-8777 or visit www.tcbanknv.com.

Town & Country Bank names Jeu senior vice president

Jeu brings more than 20 years in customer service experience to the bank

LAS VEGAS – Town & Country Bank has chosen Wayne Jeu as the organization’s senior vice president and relationship manager.

In his position, he will focus on new business development, building long-term client relationships and originating commercial and government-backed loans.

“Wayne has exceptional customer service skills, so bringing him on as our senior vice president and relationship manager was a perfect fit,” said Ali Rizvi, Town & Country Bank’s chief business banking officer. “Town & Country Bank is dedicated to providing top customer service, and Wayne fits in with our way of doing business.”

Prior to joining the Town & Country team, Jeu served as the vice president and relationship manager at Plaza Bank in Las Vegas since 2010.

Jeu started his career in banking in 1989, when he managed various commercial branches and opened two new ones in the Las Vegas market. He graduated from Citrus College and California State College, Los Angeles.

Town & Country Bank has served the Las Vegas Valley’s personal and business banking needs since 2002. With four locations around the valley, Town & Country Bank has complete financial packages and expert customer service to help clients meet their financial objectives.

For more information, call Town & Country Bank at 702-252-8777 or visit www.tcbanknv.com.

Town & Country Bank names Rizvi chief business banking officer

Rizvi’s 17 years of banking experience brings new opportunities for customers

LAS VEGAS – Town & Country Bank has selected Ali Rizvi as the organization’s chief business banking officer.

Rizvi comes to Town & Country from Plaza Bank, where he had served as chief banking officer since 2010.

“My experience in the industry has resulted in many ideas I’m looking forward to implementing at Town & Country,” Rizvi said. “Town & Country Bank is unique in that it treats its clients like individuals, not numbers. They do business differently, and I’m looking forward to being a part of the team.”

As the new chief business banking officer, Rizvi’s responsibilities will include overseeing Nevada banking operations, planning policies and practices, product development and marketing as well as a variety of other strategic objectives set forth by the CEO and the Board of Directors.

Rizvi’s 24 years of banking and finance experience have included serving as the vice president of several departments at Bank of America. As the vice president and general manager at Cardinal Health, Financial Shared Services, he also helped lead and expand 23 operating companies to more than $550 million in annual revenue.

Rizvi earned his bachelor’s degree in business administration and finance from the University of Albuquerque and his MBA in business administration from New Mexico Highlands University. He completed his graduate work in retail bank management at the University of Virginia.

Town & Country Bank has served the Las Vegas Valley’s personal and business banking needs since 2002. With four locations around the valley, Town & Country Bank has complete financial packages and expert customer service to help clients meet their financial objectives.

For more information, call Town & Country Bank at 702-252-8777 or visit www.tcbanknv.com.

Henderson Chamber workshop to cover small business finances

April 19 event to be co-hosted by Scott Rodde, Jina Yoon

HENDERSON, Nev. –The next Roadmap to Success Series workshop, “Shaking the Money Tree: A Small Business Guide to Financing in Hard Times,” will cover small business financing and lending strategies. The workshop, hosted by the Henderson Chamber of Commerce, Leadership Henderson and the Henderson Business Resource Center, will be co-hosted by National Development Council directors Scott Rodde and Jina Yoon

The workshop will take place from 7:30 to 9:30 a.m. Thursday, April 19, at the Henderson Business Resource Center – located at 112 Water St. near West Pacific Avenue in downtown Henderson.

Free to Henderson Chamber members, the Roadmap to Success Series continues through May. The series includes 16 workshops covering topics including finance, legal, marketing, and operations and sales.

Rodde, who is also the founder, president and counsel of Bay Area Development Group, has helped hundreds of cities, counties and states in the Western United States develop finance investment services. His broad expertise covers myriad topics, including working with SBA 502, 503, 504 and 7(a) loan programs; HUD-108 loans; CDBG float loans and CDBG loan programs; low income, historic, new markets and renewable energy tax credit programs; and sales tax and tax increment financing.

Yoon has a master’s degree in public administration from Columbia and a bachelor’s degree in political science and sociology from UCLA and has held positions with Moody’s and in the Congressional Budget Office in Washington, DC as well. 

The seminar will go over financing strategies. Topics will include what information is needed before meeting with a lender, how to self-assess one’s ability to obtain debt financing in the short- and long-term, and a detailed discussion regarding debt versus equity.

All chamber members and the public are invited to attend. There is no cost for Henderson Chamber members. Cost for non-members is $25. The Breakfast is sponsored by Coo Coo’s Restaurant in downtown Henderson. The deadline for reservations is 4/18/12. To RSVP, call the Henderson Business Resource Center at 702-992-7200 or email perickson@hendersonchamber.com.

The Roadmap to Success Workshop Series covers all aspects of business critical for business owners to understand and properly execute to stay afloat, especially when times are tough.

The workshop series is sponsored by the Henderson Chamber of Commerce, the City of Henderson, Imagine Communications and Mikels Fine Art Photography.

The Henderson Business Resource Center is a nonprofit organization under the Henderson Chamber of Commerce Foundation designed as a business incubator to strengthen and diversify the local economy.

For more information about the Henderson Business Resource Center or the Roadmap to Success Series, visit www.hendersonbizcenter.com.

Town & Country Bank names Brewer chief executive officer

New CEO brings four decades of banking experience to the bank

LAS VEGAS – Town & Country Bank has chosen James R. Brewer as the organization’s chief executive officer. Brewer brings 40 years of banking experience to Town & Country.

“James is an exceptional leader who has helped other banks achieve outstanding results,” said Ali Rizvi, Town & Country Bank’s chief business banking officer. “His leadership will be a boon to our clients and associates alike.”

Brewer has been involved in the banking industry since 1972, most recently as the chief executive officer at Goldwater Bank, N.A., in Scottsdale, Ariz. While there, Brewer helped the struggling bank develop new policies and brought key people into strategic positions to turn the bank around.

Brewer brings with him a history of community involvement as well. In the past, he’s served on the boards of several charitable organizations, including the YMCA, Los Angeles; Court Appointed Special Advocates for Children; and Habitat for Humanity.

Brewer graduated from the Sawyer College of Business with a bachelor’s degree in business administration.

Town & Country Bank has served the Las Vegas Valley’s personal and business banking needs since 2002. With four locations around the valley, Town & Country Bank has complete financial packages and expert customer service to help clients meet their financial objectives.

For more information, call Town & Country Bank at 702-252-8777 or visit www.tcbanknv.com.

Commercial Mitigation Group helps commercial real estate borrowers navigate loan mitigation process

Commercial real estate ‘crash’ follows residential real estate ‘crash’ nationwide

LAS VEGAS – The process of undertaking a loan mitigation is daunting and difficult and can even be embarrassing. Unfortunately, following the residential real estate “crash” in Las Vegas, hundreds of local commercial property owners have found themselves in a similar situation – underwater on their commercial property loans and in desperate need of a loan mitigation.

But while many have found themselves in need of commercial mitigation services, few actually know what to do next. Some try to handle their own negotiations, while others have immediately turned to the heavy hand of an attorney to try to work things out. Neither situation is ideal.

“Oftentimes, banks will become defensive if their first encounter with a customer is through an attorney,” said Avi Hayon, senior financial analyst for the Commercial Mitigation Group. “However, it can be highly confusing for borrowers trying to negotiate new terms on their own. It’s a fine line.”

That’s where Commercial Mitigation Group, which mitigates loans on behalf of businesses nationwide, comes in. The company has offices in Los Angeles and Las Vegas.

Hayon added that borrowers are often unsuccessful on their own because they don’t have objectivity and tend to let their emotions guide them.

Hayon has already helped several businesses mitigating their commercial real estate loans. He limits the number of clients he takes on each month to ensure he can do the best job possible for his clientele. Before Hayon moved into mitigating commercial real estate loans, he was a senior financial analyst for a national commodities firm. It was there that he gained the insight and experience that allowed him to – about a year in advance – forecast that a commercial real estate collapse was coming.

Commercial Mitigation Group’s typical client has become unable to meet their financial obligations due to some form of hardship. The combination of circumstances is unique in each case, but the most common issue in each scenario is a high vacancy factor.   

Surprisingly, there are few businesses like Commercial Mitigation Group, which was established in 2007 and has a 98 percent success rate. Prior to beginning work with a client, CMG performs a free no-commitment analysis of potential clients before taking them on. If they don’t think they can help someone, CMG doesn’t bring them on as a client.

Hayon attributes much of his success to his ability to understand and work with the lender and the borrower in every situation.

“When negotiating with a lender, I look at their point of view and appeal to their sense of reason,” Hayon said. “What motivates them? How can we find a solution that both the borrower and the lender feel comfortable with? Banks understand what could happen if they don’t work with borrowers, so, as long as they know I’m trying to find a solution everyone is happy with, they’re usually willing to work with me on a borrower’s behalf.”

All of Hayon’s business has come entirely from word of mouth.

One of those clients is Guy Williams, CEO of KEEN TV, who retained CMG’s services for his church.

As with many businesses that purchased property in Las Vegas in 2006, Williams’ church was severely upside down in its loan. Not knowing what options were available, Williams, who is the church’s CEO, turned to CMG for assistance.

Williams had already retained an attorney to help in the church’s loan negotiations, but Hayon convinced him that he could negotiate better terms for the church if they didn’t put the lender in defensive mode by bringing in an attorney.

Long story short, as an intermediary between the church and the lender, Hayon was able to reduce the church’s monthly payment by 50 percent. At the end of two years, the church would do a deed in lieu of foreclosure.

“It was remarkable work,” Williams said. “He helped us reason through our options and made sure each party felt equal delight (or equal pain) in the solution. Even our attorney said it was the best settlement he’s ever seen.”

Commercial Mitigation Group’s fee is a flat 1 percent of the outstanding debt the company is mitigating for the client. The fee is paid in increments as each step of the process is completed. 

For more information on Commercial Mitigation Group, call 213-309-5415 or visit www.commercialmitigationgroup.com.

Paladin Registry admits local advisor, Denise Wilcox

Registry rates planning, investment professionals to help investors

HENDERSON, Nev. – Paladin announced that Denise Wilcox, founder and financial planner for Wilcox Advisors, Inc., been admitted to the Paladin Registry. Wilcox has been awarded Paladin’s highest quality rating, five stars.

The Paladin Registry, which ranks financial planners and advisors throughout the country, provides information, ratings and documentation services to investors who rely on planning and investment professionals to help them achieve their financial goals. Since 2003, Paladin has helped hundreds of thousands of investors select advisors based on their qualifications rather than their sales pitches.

“Being admitted to the Paladin Registry is key,” Wilcox said. “Paladin only admits the top professionals in our industry, which is why investors trust it. I am honored to be a part of this prestigious organization.”

With two decades of experience in financial services, Wilcox has much experience guiding clients toward financial independence. In addition to being a financial planner, she also has received formal training in investment fiduciary responsibility from the Center of Fiduciary Studies.

“Registry services solve three major problems for investors,” said Jack Waymire, Paladin founder and the author of “Who’s Watching Your Money? The 17 Paladin Principles for Selecting a Financial Advisor.” “First, it’s not easy for investors to find high quality advisors. Second, when they find advisors they may not know the right questions to ask to determine their competence and trustworthiness. And third, they may not know good answers from bad ones. Consequently, millions of investors have selected lower quality advisors and terminated their services within two years.”

The Registry solves the quality problem by pre-screening advisors and rating their quality one to five stars. Ratings are based on advisor responses to 52 questions about their credentials, ethics, business practices, and services. Respondents have to score in the top 10 percent of their profession to achieve a five star quality rating.

“This advisor selection risk exists because the financial services industry has no minimum standards for advisors, Waymire said. “There are no education requirements, not even a high school diploma, and no experience requirements. … Paladin Registry is one of the few resources that help them minimize this risk.”

Wilcox Advisors also provides business consulting services for 401K-qualified retirement plans. She is a published author of financial and personal-interest articles. As an experienced speaker, she has presented many educational seminars on various topics including estate planning, retirement and investment planning and a series focused on the financial planning needs of women.

For more information on Wilcox Advisors, call 702-939-4920 or visit http://www.wilcoxadvisors.com.

Since 2003, Paladin has helped hundreds of thousands of investors find, evaluate, and select higher quality financial professionals. Its three core services include: advisor background checks, quality ratings and online documentation for advisor credentials, ethics, business practices, and services.

For additional information on Paladin, visit www.paladinregistry.com.

New financial planning company keeps clients’ interests in mind

Long-time Henderson resident launches Wilcox Advisors, Inc.

HENDERSON, Nev. – It’s commonplace for financial planning to be promoted as services offered by stockbrokers and insurance agents or salespeople who may not have the client’s best interest at heart. Denise Wilcox, a certified financial planner, wanted to develop a company where clients could come for unbiased financial counsel free from the pressure of being sold a product while keeping the client’s interests, welfare and privacy in mind. Wilcox Advisors, Inc. launched this year as a registered investment advisory firm in Henderson, Nev.

With two decades of experience in financial services, Wilcox has much experience guiding clients toward financial independence. Aside from being a certified financial planner, she also has received formal training in investment fiduciary responsibility and earned the Accredited Investment Fiduciary professional designation awarded by the Center of Fiduciary Studies.

Wilcox Advisors also provides business consulting services, using financial diagnostic tools to provide strategies, performance improvement methodologies and personal development systems to advance the profitability of a small business.

“Wilcox Advisors provides an array of services in an unbiased and objective environment, free from the potential conflicts that may exist in a sales-oriented setting,” Wilcox said. “We focus on creating financial plans and investment management strategies for clients that are inspired by their dreams and aspirations.”

Wilcox is a published author of financial and personal-interest articles. As an experienced speaker, she has presented many educational seminars on various topics including estate planning, retirement and investment planning and a series focused on the financial planning needs of women.

Wilcox has been a Henderson resident for more than 20 years and has volunteered to serve on the city of Henderson’s Parks and Recreation Board and with many youth programs including the Boy Scouts of America, the Clark County School District Stay in School mentoring program and Big Brothers Big Sisters.

For more information, call 702-939-4920 or visit http://www.denisewilcox.com.

Henderson Chamber of Commerce continues business series

‘Roadmap to Success’ workshop tackles meeting the new economy’s needs Oct. 14

HENDERSON, Nev. – The next topic to be featured in the Roadmap to Success Series – hosted by the Henderson Chamber of Commerce and the Henderson Business Resource Center – will be Revisiting Business Plans to Meet the Needs of the New Economy.

Featuring Steve Sawyer, a SCORE counselor since 2006 and an experienced professional in financial statement analysis and the construction arena, the workshop will take place from 7:30-9:30 a.m. Thursday, Oct. 14, at Henderson Business Resource Center – located at 112 Water St. near West Pacific Avenue in downtown Henderson.

Free to Henderson Chamber members, the Roadmap to Success Series will take place through May 2011, dark in December. The series includes 23 workshops covering topics including finance, legal, marketing, and operations and sales.

Sawyer will discuss how to adjust a business’ products, services and market strategies for today’s economy and give insight on efficient operations, management and personnel programs as well as how to evaluate competition.

All chamber members and the public are invited to attend. There is no cost for chamber members. Cost for non-members is $25. Breakfast is sponsored by Emerald Island Casino. The deadline for reservations is Thursday, Oct. 7. To RSVP, call the Henderson Business Resource Center at 702-992-7200 or e-mail pam@hendersonbizcenter.com.

The Roadmap to Success Workshop Series will cover all aspects of business critical for business owners to understand and properly execute to stay afloat, especially when times are tough.

The 23-part series is sponsored by the Henderson Chamber of Commerce, the city of Henderson and Imagine Marketing.

The Henderson Business Resource Center is a nonprofit organization under the Henderson Chamber of Commerce Foundation designed as a business incubator to strengthen and diversify the local economy.

Those interested in the Roadmap to Success series or the Henderson Business Resource Center can call 702-992-7200 or visit the web site at www.hendersonbizcenter.com.