Keep the Family Farm – The Washington Farm Deduction
Should a person gift the farm before death to avoid the complexity of probate and the estate tax? Probably not. The family farm occupies a unique position in Washington state…
Savor the Simplicity of the Community Property Agreement
As one year comes to an end and another begins, it’s worth taking stock of your estate plan and ponder whether Washington State’s Community Property Agreement is right for you.…
Simplifying Life and Administration after Life
Above all else, two issues impact the complexity and time and cost of the administration of a person’s estate more than the rest: the assets and the heirs. One of…
Reconsider Adding Children to Your Bank Account
You’ve likely heard the conventional wisdom many times. Your friends or family or even at times the bank teller will counsel you that you should add your child to your…
Business Succession Strategy – Gift followed by a Redemption
Let’s assume that the patriarch of a local manufacturing business is ready to determine the best way to transition ownership of the business to his daughter. The patriarch, John, and…
Happy family in corn field. Family standing in corn field an looking at sun rise
Business Succession Strategy: The Family Farm LLC
As the center of Washington’s agricultural empire, it is important to recognize the planning opportunities afforded the Washington farmer in the Tri-Cities. This article explores the use of the family…
Lending Money to Family and Friends – The Rules
Times can get financially rough. People go through difficult periods in life and might be strapped for cash and need an additional source of funds. Perhaps the cash is needed…
Cohabitants Can Acquire Property Rights as if They Were Married
Popular culture instills in us Washingtonians the concept of “common law marriage.” The concept goes something like this: if a man and a woman live together for more than seven…
Distinguishing the Revocable Living Trust from the Will-Based Estate Plan
You’ve likely heard finance experts say it. In fact, Suze Orman wrote about it in the July issue of the Costco Connection (2015). It is this piece of estate planning…
Consider a Paid Executor for your Estate Plan
I get this question a lot: “Beau, what’s the single most important thing I can do in my estate plan to ensure that my plan is carried out with the…
