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.

Having legal affairs in order should be part of back to school plan

Borg Law Group offers tips for sending young adults to college with security

LAS VEGAS – Young adults excitedly preparing to live life on their own for the first time often think of all the necessities of dorm life, college text books and possibly a computer to help them get started. College freshmen may still seem like children, but in the eyes of the law, at age 18, they’re adults. While parents and grandparents are sending their children off with all the proper items for independent living, they often forget some important items – medical and financial powers of attorney.

Parents often are misled in thinking they can automatically act on their child’s behalf, making health care and financial decisions if he/she are unable to make them on their own, said Brooke Borg of Borg Law Group. In reality, parents, grandparents and/or some legal guardians lose that right the minute the child turns 18.

A medical or health care power of attorney allows parents – or whoever the young adult designates – to make health care decisions for them in the event they are unable to make those decisions themselves.

The financial power of attorney allows the person named to have access to bank accounts, to sign deeds, checks and other legal documents as well as manage the financial affairs of the young adult if he/she is unable to take those actions themselves. 

“Health care and financial powers of attorney are equally important, although they serve two very different purposes,” Borg said. “Many think an 18-year-old doesn’t have much of a financial history, but, other than bank account information, they can sign deeds, cancel apartment rentals and a host of other decisions on their behalf.”

The Nevada Secretary of State accepts properly prepared documents for its free Living Will Lockbox program, which electronically stores such documents and submits them to medical providers upon request in conjunction with the registrant’s medical care.

“It’s a great service for anyone who either already has their documents in place or is planning on it,” Borg said. “Once approved, the Secretary of State sends you a card with a pass code on it.  You can keep the card in your wallet and if the unimaginable happens, your healthcare providers can enter that pass code on the computer and have immediate access to your wishes regarding life support and contact information of your appointee. It’s a great resource for anyone.”

Borg Law Group provides legal services to individuals and businesses in the areas of estate planning, probate, corporate law and real estate law. 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.

Public launch party for ‘Off the Street’ takes place Sept. 2 during First Friday; true crime book written by Las Vegas detective

Book chronicles real investigation, take down of notorious pimp

LAS VEGAS – Det. Chris Baughman has made it his mission to protect Las Vegas, so it’s only fitting that the public launch party of his first book, “Off the Street,” will take place in the middle of downtown Vegas (at the Downtown Cocktail Room, 111 Las Vegas Blvd. S.) from 5-7 p.m. during First Friday Sept. 2.

“Off the Street” will be released Thursday, Sept. 1. Published by Behler Publications, the book retails for $15.95 and will be available in trade paperback. Copies will be available for purchase, and Baughman will be on hand to sign books and speak with attendees.

“Everything in ‘Off the Street’ is true,” Baughman said. “It’s a true Las Vegas story, and First Friday serves as the perfect avenue for introducing it to the community.”

A detective for the Las Vegas Metropolitan Police Department’s Pandering Investigation Team (PIT), Baughman didn’t set out to be a cop. As a kid growing up in the rougher parts of Las Vegas, he saw crimes no child should experience. Now, as a member of an elite squad of detectives, Baughman tracks down men who traffic women and lure them into lives of prostitution, abuse and hopelessness. In his first book, “Off the Street,” Baughman tells the story of the case that two years ago launched PIT, which already has been the inspiration for a “CSI: Crime Scene Investigation” episode as well as a story on “Dateline NBC.” 

“Our nation is under fire. There is a war going on beneath the surface of our city. The prize? The lives and futures of our daughters,” Baughman said. “These men trick, lie and coerce women into lives of prostitution through promises of love and wealth. We as a society have been led to believe that many of the women involved in this lifestyle make a conscious decision to do so. This couldn’t be further from the truth. In this world violence and degradation are commonplace. The women have become no more than commodities.”

Las Vegasis a hub and one of the top destinations in the country for human trafficking, and the Pandering Investigation Team tracks, arrests and fights to prosecute some of ClarkCounty’s most violent, yet wealthy criminals, including pimps and others involved in the trafficking of human lives for monetary gain.

Originally titled “Anomaly,” “Off the Street,” chronicles Baughman and his team’s investigation and the eventual take down of a notorious pimp who is now serving time in prison for his crimes. Just like his move into law enforcement, Baughman’s recent hobby as an author turned professional by chance.

Baughman was urged to write a book about his experiences and attended a writer’s conference in La Jolla,Calif. for guidance. An agent saw his work, decided to represent him – unheard of for an inexperienced author – and found Behler Publications, a nationwide publisher. Since then, Baughman has signed a three-book deal with Behler and has received national attention for a book that won’t be released until Sept. 1.

For more information on “Off the Street,” visit Behler Publications’ website.

Those planning summer vacation should add ‘Create estate plan’ to the to-do list

Local attorney discusses the importance of having an estate plan in place before vacationing; over 300 million summer trips will be taken this year

LAS VEGAS – The U.S. Travel Association expects more than 300 million summer trips to be taken this year. Families often spend a lot of time planning for these long-awaited vacations, yet only a handful of those travelers take time to get their legal affairs in order before leaving.

“You wouldn’t dare leave on your trip without your toothbrush, but if you ask who of those 300 million have updated or even written a will before they left, you would unequivocally get a less than desirable number,” said Brooke Borg, founder and attorney for Borg Law Group, which specializes in estate planning. “Why? Because most of us don’t like to think of a worst case scenario.”

Nine out of 10 summer trips are taken in an automobile and according to Live Science, one in every three traffic fatalities occurs between June and August, with the Fourth of July being the most deadly day of the year.

“Just as you would take your vehicle to the repair shop or dealership for a pre-vacation checkup, you should visit your attorney and take a look at your estate plan,” Borg said. “What happens to your assets if you pass away? Who will raise your minor children if something happens to you and your spouse? Will your assets go through probate? Who will get your life insurance proceeds if you pass away and how difficult will it be for them to get it? All these questions can be answered after an attorney reviews a current estate plan. Those who don’t have an estate plan need one.”

Borg also recommends that those who have children but aren’t traveling with them make arrangements with the family member or babysitter who is caring for them to have the legal authority to make medical decisions for their child if an emergency occurs. Parents should provide written permission for the person caring for their children to make medical decisions on their behalf while they’re gone. The same should be done when children go away to summer camp.

“Without a temporary guardianship or consent completed, life saving medical treatment could be prolonged or even overlooked because the caretaker has no authority to make medical decisions,” Borg said.

While these “what ifs” aren’t what people want to think about, especially when they’re getting ready for a fun trip, it’s critical to plan for them.  

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.

Entrepreneur chosen for Senior Citizen Law Project Advisory Board

Wendy Kraft of Kraft-Sussman Funeral Services will serve until 2014

LAS VEGAS – Wendy Kraft, co-owner of Kraft-Sussman Funeral Services, was recently appointed to the Senior Citizen Law Project Advisory Board to represent the Senior Citizen Provider seat. Kraft’s term of office began Feb. 16 and will continue through Feb. 16, 2014.

The Senior Citizen Law Project provides free legal counsel to those ages 60 and older living in Clark County. Assistance includes simple wills, advance directives, general and special power of attorney, long-term health care planning issues, landlord/tenant disputes, intervention of elder abuse matters, legal advice, information and referrals, among others.

Owned and operated by two mothers, the full-service Kraft-Sussman does everything in its power to make planning a loved one’s funeral is easy as possible on those left behind. The company’s services include arranging the burial or cremation, hosting and arranging all aspects of the funeral and/or memorial, world-wide shipping, advance planning and anything else its customers can think of. While Kraft-Sussman is a Jewish-owned business, the funeral services company can accommodate funerals for any religion. The independently owned company is also the only certified Veterans & Family Memorial Care Provider in Clark County. The company is also the only certified green funeral home in Southern Nevada. 

For more information on Kraft-Sussman Funeral Services, visit their website, their Twitter page or their Facebook page or call 702-485-6500.

2010 unique in the world of estate taxation; estate tax may go back into effect in 2011

Estate planning attorneys provide valuable guidance to clients

LAS VEGAS – Estate planning is complicated and can be nearly impossible for a layperson to understand. With each new year comes a new set of laws and regulations to navigate, which is time-consuming.

For example, this year is a unique year for estate taxation. An estate tax is imposed when a deceased person’s assets are transferred to their heirs. While the tax doesn’t typically apply to assets left to a spouse or charitable organization, it does apply to assets left to children, grandchildren, friends, etc.

As part of President Bush’s 2001 tax cuts, the estate tax was repealed for 2010 – meaning that the estate of anyone who dies in 2010 will go to their heirs completely untaxed. Although repealed this year, unless Congress decides otherwise, the estate tax is set to go back into effect – at a higher rate than it was at in 2009 – in 2011. 

Prior to this year, estates subject to taxation were those that totaled $3.5 million or more per individual and $7 million or more per couple. The scheduled return of the tax in 2011 could mean a $1 million exemption per individual and $2 million exemption per couple and a 55 percent tax rate.  This means any assets one owns with a value exceeding $1 million will be taxed at 55 percent.

It’s intricacies such as this that make it important to work with an attorney who specializes in estate planning when creating a will, trust and estate plan, which can include everything from final arrangements, to power of attorney, to transferring interest in a business and even deferring or decreasing estate taxes.

“There are avenues that can be pursued to reduce estate taxes,” said Brooke Borg, attorney and founder of Borg Law Group. “However, it’s critical that these options are followed using a licensed attorney who understands the relevant laws. A powerful estate plan can turn into a disaster when put together incorrectly.”

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.

Henderson Chamber of Commerce to host network breakfast Sept. 21

HENDERSON, Nev. – The Henderson Chamber of Commerce will host a network breakfast at 7 a.m. Tuesday, Sept. 21, at the Wildhorse Golf Club – located at 2100 W. Warm Springs Road near Green Valley Parkway in Henderson. A representative from Lionel, Sawyer and Collins law firm will be the guest speaker.

Cost for the breakfast is $20 for members, $30 for non-members. Cash and checks will be accepted at the door. Reservations are required and must be made by Monday, Sept. 20.

The Henderson Chamber of Commerce is a nonprofit, voluntary organization committed to promoting and supporting member businesses.

For more information regarding the breakfast, call the Henderson Chamber of Commerce at 702-565-8951 or visit www.hendersonchamber.com.

Growing number of Nevada start-ups increases need for personal and professional legal needs

Local law group advises why taking proper precautions can serve as investment and aid in success

LAS VEGAS – Although the economy is far from back to a fruitful state, out-of-work and underemployed individuals are turning to entrepreneurship as a means to a more successful, and stable, financial end. And while many new and existing business owners are delving into the development and delivery of their day-to-day business operations, there is a large sector of business operations many seem to overlook, which could greatly impact their professional and personal lives.

“Because there are a large number of existing owner-dependent type businesses in Southern Nevada – and a growing number of start-ups – it’s absolutely critical these entrepreneurs properly maintain their business as well as put in place a solid estate plan,” said Brooke Borg, founder of Las Vegas-based Borg Law Group. “Taking these proper legal actions are not only a precautionary step for business owners, but also a smart business investment.”

Borg added in her nearly 10 years of practicing law, she has seen a significant number of small business owners make the difficult decision to close-up shop or go bankrupt simply because the owner did not properly maintain their business or set-up an estate plan for themselves or a succession plan for their businesses, which as a result, negatively – and financially – can impact the families of business owners as well.

“An estate plan, coupled with regular legal maintenance, is the first step toward creating a workable transition plan,” said Borg, who noted it’s often professionals who operate medical practices, architecture firms, restaurants and other business who are in vital need of the plans. “Having these plans and legal support system are not only of benefit to keep in good standing with the state while in business, but are a tool to help make their business more marketable when the time comes that the owner wishes to retire, terminate a business, sell to new owners, or passes away.”

When it comes to day-to-day legal maintenance of a business, Borg recommends owners also take the necessary actions to protect themselves professionally.

“Skipping the appropriate steps in setting up and maintaining your business could be detrimental to the company as well as the personal assets of the company’s owners,” Borg said. “There’s a right way and a wrong way to legally keep your business up-to-date, and it important to take the time to understand all operational aspects of your business, even when it comes to legal needs in order to avoid legal headaches later.”

Borg advices business owners look into the following legal matters as they continue to move ahead in today’s new economy:

-Form a corporate entity – Borg finds many “mom and pop” businesses have not yet set-up their business properly, which could be a personal financial liability to business owners.

-Maintain current books and records – Borg added a number of companies fail to keep their records up-to-date.

-Conduct annual meetings and prepare annual minutes – Borg suggests easy-to-use methods all business owners can use as they need to file these records with the State of Nevada annually.

-Keep business accounts separate from personal accounts – A personal and professional liability precaution, Borg added many business owners continue to overlook.

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.

Southern Nevadans refinancing failing to re-file Homestead

Most Homesteads become null and void after refinancing, Lubbers & Borg warns

LAS VEGAS – With mortgage rates at all-time lows and the real estate market considered to favor buyers, many homeowners are seeking to refinance their homes. What most people don’t realize, according to Las Vegas law firm Lubbers & Borg, is that the Homestead on their home will almost always become null and void after they’ve refinanced.

“Most people know they should file a Declaration of Homestead when they first purchase a home,” said Brooke Borg, partner with Lubbers & Borg. “However, few people realize that when a refinance occurs, the Declaration of Homestead must be re-filed.  If that homeowner runs into financial problems down the road, they could lose the protection the Declaration of Homestead would have afforded and they will have no idea how it happened.”

A Declaration of Homestead is critical to protect a home from creditors’ claims. A Declaration of Homestead is filed with the County Recorder’s Office and is signed by the homeowner and notarized stating that the signor must reside in the home. It also states that no prior homesteads have been filed by the owner for the property.

The Declaration of Homestead protects the home up to $550,000 from general creditors’ claims including unpaid medical bills, bankruptcy, charge card debts, business/personal loans and accidents. However, it does not protect the home from claims involving a seizure or forced sale of the home from general creditors if the equity in the property exceeds the statutory maximum, which is currently $550,000.

“We encourage all homeowners, whether they are considering refinancing or not, to be sure they have a Declaration of Homestead in place,” said Borg, who specializes in real estate law. “Any homeowner can do this by contacting their county’s Recorder’s office directly or by searching their Web site. If a homeowner has recently refinanced then it’s imperative that they re-file the Homestead since the original document is no longer valid.”

Borg warns that homeowners should be aware of companies that are in the business of filing Declaration of Homesteads on behalf of homeowners.  These companies target new homeowners or those who have recently refinanced, however many times, these companies offer the services for double the rates an attorney would charge.

Originally founded as The Lubbers Law Group, Lubbers & Borg has been known as an advisory firm for small businesses since its establishment in 1999. The firm focuses on real estate matters, business planning, asset protection, probate, wills and trusts.

For more information regarding Lubbers and Borg call 702-257-7575 or visit www.lubbersborg.com.

Kolesar & Leatham hires Larsen as attorney

Full-service law firm continues to grow

LAS VEGAS – Kolesar & Leatham, a Las Vegas-based business law firm, recently hired Bart K. Larsen as an attorney.

Larsen practices mainly in the areas of commercial litigation and bankruptcy where he focuses on the resolution of business, construction and real estate disputes.

With extensive experience in litigating landlord-tenant issues and mechanic’s lien claims, Larsen has worked with local and national clients since being admitted to the State Bar of Nevada in 2003. Larsen graduated from Utah State University in 2000 and obtained his Juris Doctorate in 2003 from the J. Reuben Clark Law School at Brigham Young University.

 Along with his membership to the State Bar of Nevada, Larsen is admitted to practice before the United States District Court for the District of Nevada and all Nevada State Courts.

Founded in 1986, Kolesar & Leatham is a business-based law firm practicing in the areas of banking, bankruptcy, real property, business and corporate law, commercial litigation, and tax and tax litigation. The firm’s practice includes representation of clients at local, national and international levels.

For more information on Kolesar & Leatham call 702-362-7800 or visit www.klnevada.com.