Umbrella Insurance for Asset Protection
In the world of asset protection, one well-known concept to mitigate risk is to transfer the obligation for payment of a valid claim to another person. This risk mitigation is…
Washington Capital Gains Tax is Here to Stay
On March 24, 2023, the Washington State Supreme Court released its long-awaited opinion upholding the constitutionality of the new Washington Capital Gains Tax in Quinn v. State of Washington. Accordingly,…
Special Needs Trust for Disabled Children
Diversity comes in many forms and many related ways of accommodating different needs. When parents are planning for the needs of children with disabilities, a product that should be considered…
529 College Savings Conversion to Roth IRA
Transferring wealth to children will become a touch easier in 2024. Buried in the estimated 4000-page Consolidated Appropriation Act of 2023 that passed at the end of 2022, was the…
Be Prepared to Take Beneficiary IRA Distributions in 2023
In 2019, The SECURE Act changed the rules concerning the distributions from pre-tax Individual Retirement Accounts (IRAs) inherited through beneficiary designation (a so-called “Beneficiary IRA”). As with many such changes…
Prenuptial Agreements
Couples are often wary to bring up the dreaded P word when discussing their nuptials. After all, who wants to ostensibly discuss a divorce when there is an impending marriage…
Per Stirpes or Pro Rata? You probably want Per Stirpes
Periodically checking and updating beneficiary designations on retirement accounts and life insurance is prudent. The next time you navigate the online portal or the old school paper form to write…
New Washington Nonprofit Act
Different business entities like corporations and limited liability companies are governed by default laws published by state legislatures. Nonprofits in Washington are similarly governed by specific statutory requirements that govern…
How to Avoid the Death Tax
As Benjamin Franklin once said, “In this world nothing can be said to be certain, except death and taxes.” Taxes come in a wide variety of flavors (e.g., income taxes,…
Rethinking Asset Protection
Some readers have heard of personal asset protection strategies like trusts or limited liability companies. The draw to products like these is the supposed promise that your personal assets can…
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