Phillips Law Office

06/09/2026

06/06/2026

Agriculture keeps Nebraska and our country fed. 😀🇺🇸

06/03/2026

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05/22/2026

Thank you firefighters

Keep your calendars open for June 21st. Wallace Fire Department is holding a community appreciation pulled pork feed smoked by Double D’s!

05/05/2026

The Impact of Step-Up Basis in Estate Planning

Estate planning is different these days. With a historically high gift and estate tax exemption, most families are unlikely to face federal gift or estate tax liability. This makes it critical to understand the income tax impact of asset transfers, including the stepped-up basis rules.

Generally, for people inheriting appreciated assets (such as stock, real estate and business interests), the tax basis for calculating gain when the assets are sold is "stepped up" to their value on the deceased's date of death. This can significantly reduce or eliminate capital gains tax for heirs, while lifetime gifts don't get a stepped-up basis. Contact your attorney and tax advisor for help crafting a tax-efficient estate plan.

04/14/2026

You never need to react during an unexpected call or message. A legitimate request can wait while you confirm it.

If someone contacts you unexpectedly and says they're from your Financial Institution.

• Do not share your online ID.
• Do not give out one-time codes.
• Do not share your password or use any "new password" they provide.
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Then, contact your financial institution directly. They will verify the situation and help protect your accounts. If you're ever unsure, call your bank or credit card company directly.

12/12/2025

Merry Christmas to you and your loved ones.