The Intersection of Estate and Financial Planning
Sometimes the concept of financial planning is considered distinct from the more laborious and esoteric task of estate planning. The financial plan is the “low hanging fruit” that is usually…
Owner-Only 401(k) for Business Owners for Tax Savings
Conventional financial wisdom suggests that the first thing a person should do after building the three to six month rainy-day fund is to maximize contributions to retirement accounts. Qualified retirement…
2A90HFY Senior grandparents playing with grandchildren and having fun with family
The Private Family Foundation
Financially successful individuals often contemplate the highest and best use of their assets. In some cases, those same individuals have decided that the natural objects of their bounty (i.e. the…
The Community Property Agreement
Property owned by a spouse does not automatically transfer to the surviving spouse at death. Instead, something more is needed in the estate plan to accomplish this feat. In all…
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…
Front view of businessman receiving award from businesswoman in front of business professionals applauding at business seminar in office building
Business Sale Strategy: Gift of Appreciated Stock to Charity followed by Sale
If you are a business owner that: (1) is looking towards succession planning and the option of selling your interest in a business; (2) has inclinations towards charitable giving; and…
Place Real Property in LLC for Protection
Generally, in Washington state, income producing real property should be placed into a Washington limited liability company (“LLC”). What is real property? Real property is any property that is of…
Step-Up in Tax Basis at Death
At death, there is a little-known tax benefit that the federal government provides. It is an adjustment to tax basis and it can have a profound effect on the taxation…
Preparing Your Business for Sale
At some point, the lucky entrepreneur is able to realize the fruits of her success and ride off into the sunset after the momentous occasion of having sold her business.…
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.…
