Estate planning law has undergone many changes in recent years. In January of 2010, the federal estate tax as well as a concept called the pick-up tax was eliminated on a national level under The Economic Growth and Tax Relief Reconciliation Act, or EGTRRA. The pick-up tax directed a portion of an individual’s Federal estate tax liability to the State of Nevada.
Eliminating the pick-up tax affected estate planning in Henderson and the rest of Nevada. It meant that states with a pick-up tax had to pass new legislation to collect state estate taxes on their own. However, the legislature of Nevada let EGTRRA pass without taking any further action, essentially no longer allowing the collection of a state estate tax.
Estate planning laws in Henderson, Boulder City, and Las Vegas may soon be affected again by changes in the way Nevada collects taxes. EGTRRA is due to expire in 2011, and with it the phase-out of the pick-up tax. Essentially, if the state estate tax resumes, it is certain to affect Las Vegas, Boulder City, and Henderson estate planning procedures. Whether or not this will actually happen is questionable as the president and Congress are still debating the matter.
So far, the House of Representatives voted favorably on a permanent repeal of the pick-up tax on December 3, 2009 before sending the matter to the Senate. The federal estate tax is also a matter of discussion being taken up at this time, but it is unknown how any new measures will ultimately affect Henderson, Boulder City, and Las Vegas estate planning laws.
Laws are continually evolving in today’s society. No matter what the future may bring, Tyrell Law, PLLC welcomes the opportunity to do what is best for our clients. We are eager and motivated to help families address changes in estate planning law in Las Vegas, Boulder City, and Henderson. If you or a loved one has a legal concern, you can trust the firm with almost sixty years of combined experience serving others just like you. Whatever lies ahead for estate planning law in Henderson, Boulder City, or Las Vegas, the law firm of Tyrell Law, PLLC is well prepared to help you face these challenges.
Experience. Reputation. Responsiveness. That is what you can expect to receive for your issues with estate planning laws when you retain the firm of Tyrell Law, PLLC. We also assist clients having difficulty with Henderson and Boulder City estate planning laws. Contact our attorney to discuss your legal concerns today.
Q: What is estate planning?
A: Estate planning involves agreements and documents defining arrangements for transferring ...