IRS Confirms Taxpayers Will Not Face Retroactive Gift Tax After 2025 January 7, 2019 Recently, the Internal Revenue Service (IRS) announced that taxpayers who make significant gifts now will not be hit with surprise tax penalties after 2025. For those affected by this proposed regulation, this is a major announcement. Before the IRS clarified this point, there was considerable confusion over how the 2017 tax reform law. Known as More
National Estate Planning Awareness Week Begins October 15 October 9, 2018 Take advantage of the upcoming National Estate Planning Awareness Week to put your affairs in order Doing so now reduces stress. There are many options available. In 2008, Congress passed a resolution designating the third week of every October as National Estate Planning Awareness Week. This period reminds everyone that the estate plans are easy More
Prince Nelson’s Estate To Release New Recordings February 24, 2018 Now that a judge has voided a licensing agreement between the deceased signer and Universal Music Group, estate executors are poised to release some “mind-blowing” material, according to Spotify’s Troy Carter. The pop star “practically lived in a recording studio,” he added. So, it was not surprising to find some high-quality unreleased songs. The release More
Five Things You Need To Do To Provide For A Surviving Spouse February 14, 2018 Many people think that estate planning consists largely of drafting documents and keeping them in safe places. Attorneys do spend the lion’s share of their time on such important matters, because these documents are your only voice once you die. But there’s also a very practical component to the work we do. Hopefully, this post More
How To Keep Your Family Business In The Family February 1, 2018 Most people spend years building up a family-owned business, largely because they want to have something tangible to pass on to their children. In addition to a solid financial foundation, succession plans must also include a solid legal foundation. Here are some ways to develop just such a plan. Set Clear Goals and Objectives Typically, More
Why A Washington Attorney Should Do Your Will January 22, 2018 Most people either do not have a will or have outdated wills that do not meet their current needs. Some people have the opposite problem. They may have drawn up wills when they first got married, forgot about them, and then made other wills later in life. This issue often creates protracted and expensive probate More
Some End-Of-Life Documents Washingtonians Need Now January 14, 2018 No one likes thinking about death, but unless some decisions are made before that time, emotion could get in the way of what you want to happen. Even worse, the state or a strange doctor could make important decisions instead of your family. Some of the documents we offer have immediate benefits as well. Many More
Four Types Of Living Trusts In Washington January 4, 2018 Trusts are some of the most important, and easiest to use, estate planning documents in Renton. These flexible instruments can take effect while the grantor (person who creates the trust) is still alive, or they can be part of a will. Trusts often offer significant tax advantages as well, and they often shield assets from More
Tax Reform Legislation Moves Forward in Congress, Including Major Estate Tax Changes December 25, 2017 By a vote of 51-49, the Republican majority in the United States Senate passed an overhaul of the federal tax code. The U.S. House of Representatives already passed its own version of “tax reform.” With the Senate advancing its own version of the legislation, the chances of sweeping tax reform becoming law have increased dramatically. More
Taking the Necessary Steps to Ensure a Smooth Transition to Long-Term Care December 15, 2017 One of the biggest fears older Americans have is becoming a “burden” on their loved ones later in life. They do not want to place financial strain on their children, siblings, or other relatives. This is why it is so important to have a plan in place for long term care before you actually need More