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Stock Market and Housing Market Forecast for 2023

Stock Market and Housing Market Forecast for 2023

By John Park Law |

The stock market and the housing market are both tied to the overall health of the economy, which made 2022 a rough year for investors and homeowners. Slowing economic growth, rising inflation, and high mortgage rates made it difficult for many Americans to invest in their futures and make ends meet. Economic growth was… Read More »

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Gift and Estate Tax Limits for 2023 for US and Non-US Citizens

Gift and Estate Tax Limits for 2023 for US and Non-US Citizens

By John Park Law |

The IRS recently announced an increase in the 2023 estate and gift tax exemptions. The annual gift tax exclusion is increasing to $17,000 for each person receiving a gift, which is the highest this exclusion has ever been. For a spouse that is a non-U.S. citizen, the annual amount that can be given is… Read More »

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Can the Transfer of Real Property in California Cause a Reassessment of Your Annual Property Taxes

Can the Transfer of Real Property in California Cause a Reassessment of Your Annual Property Taxes?

By John Park Law |

Be careful when transferring real property in California, or your annual property taxes might get reassessed. That’s right! If you transfer real property from an individual to another entity, this changes the ownership of that property. When this occurs, the transfer will trigger a property tax reassessment. In November 2020, voters approved California Prop… Read More »

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4 Ways a Business Lawyer Can Support Your Startup

4 Ways a Business Lawyer Can Support Your Startup

By John Park Law |

If you are starting a new business, you know the myriad of issues you must address—and how overwhelming it can feel. With so much to do, it’s easy to let some of your startup’s most vital legal components slip through the cracks. You may not want to allocate money to hire a business lawyer… Read More »

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https://www.johnparklawfirm.com/nevada-asset-protection-trusts-an-overview/

Nevada Asset Protection Trusts – An Overview

By John Park Law |

A Nevada Asset Protection Trust (“NAPT”) is a way to structure assets that will minimize the risk of loss due to lawsuits, divorce, or excessive taxation. The asset protection trust is also known as a “spendthrift” trust. This type of trust directs the Trustee to afford maintenance and support of a named beneficiary, while… Read More »

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Nevada Series LLC – An Overview

Nevada Series LLC – An Overview

By John Park Law |

The state of Nevada allows the formation of a “series LLC.” But what is a series LLC, and how can it benefit you and your business? A series LLC is a more flexible and unique limited liability company. Essentially, a Nevada Series LLC consists of a “parent” LLC, with added divisions, known as series,… Read More »

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When Do You Need a Revocable Trust?

When Do You Need a Revocable Trust?

By John Park Law |

In Nevada, the probate process is complex. As a result, loved ones are often forced to wait through lengthy and costly probate during their time of grief. If you wish to spare your loved ones this stress and worry, it is important to consider a revocable living trust. Take the time to set up… Read More »

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If You Have Minor Children and Life Insurance, You Need Estate Planning

If You Have Minor Children and Life Insurance, You Need Estate Planning

By John Park Law |

Many couples believe that if they do not have large assets, they do not need an estate plan. This is not true! If you have life insurance or if you have children, you need an estate plan to help guide what happens after you are gone. Without one, the courts will have the ultimate… Read More »

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What to Look for When Choosing an Estate Planning Attorney

What to Look for When Choosing an Estate Planning Attorney

By John Park Law |

Estate planning is a crucial puzzle piece of financial planning—yet both are tasks that many Americans try their best to ignore. Procrastination—particularly when dealing with our eventual demise—is understandable yet can be a huge mistake. Think about this: Do you really want to leave your loved ones struggling with grief as well as dealing… Read More »

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