News Category: Blog Articles
Estate Planning Alert: New Tax Law Doubles the Federal Estate Tax Exemption Amount … For Now
The Tax Cuts and Jobs Act, signed into law by President Trump on December 22, 2017, is the most significant U.S. tax reform to be enacted in over thirty years. One of its many components is the near doubling of the federal estate, gift, and generation-skipping transfer-tax exemption amount applicable to individuals. The Act raised
DIY Divorce? Why Hiring an Attorney Might End Up Saving You in the Long-Run
In today’s online world, more people are turning to the internet as a way to save money and find a do-it-yourself solution. You can watch YouTube videos explaining how to repair items around your house, do your own taxes through programs like TurboTax, and now there are online programs to walk you through the divorce
Real Estate Excise Tax Developments
Several recently released cases from the Washington Department of Revenue Administrative Review and Hearings Division provide a good reminder about the reach of the department to collect real estate excise tax (REET) on the transfer of real property. In the first case (Det. No. 16-0350), the petitioner limited liability company transferred a controlling interest in
Tangible Personal Property: Planning for the “Small Stuff” in Your Will
Heirs battling over seemingly “small” personal property items after a loved one has died is a heartbreaking yet familiar scenario in the probate world. While such disputes might seem petty to outsiders, the issue of who gets mom’s favorite purse, dad’s music collection, or even grandmother’s little blue ceramic bowl is often a deeply personal process that can
Taxation of Corporate Director Fees
A Special Notice, dated May 24, 2017, from the Washington State Department of Revenue has provided further clarification regarding Business & Occupation (“B&O”) tax and corporate director fees earned within and without the state of Washington. The Notice makes it clear that all compensation received for services rendered as a corporate director may be subject to Washington
What’s the Difference Between a Legal Separation and Divorce in Washington State?
Seattle elementary school teacher, Mary Kay Letourneau, infamous for her relationship with her 12-year-old sixth grade student back in 1996, recently made national headlines again. After serving multiple jail terms, Letourneau and her student, Vili Fualaau ultimately married in 2005. TMZ recently reported that Letourneau and Fualaau are legally separating. This begs the question, what
Checklist: Estate Planning Essentials During Your Washington Divorce
If you’re currently weathering the stress of a divorce, the last thing you may be thinking about is updating your estate planning documents. Your divorce can have a major impact on your estate plan, however, with implications for you, your children, and those who depend on you. You should consider making the following updates to
The Federal Gift Tax Annual Exclusion and Lifetime Exemption
The most fundamental part of any gifting program is the federal gift tax annual exclusion. This exclusion allows a taxpayer to make a maximum gift of $14,000 (for 2017) each year to an individual free of tax and reporting (i.e., there is no need for the taxpayer to file a gift tax return). This is not a
A Garnishment Primer for Washington Employers
It is important for Washington employers to understand what to do when they receive a notice that an employee’s wages or salary are being garnished. The judgment and garnishment are not the employer’s problem, and there is nothing that an employer can or should do to help their employee. Failure to handle the garnishment properly can have
More Than a Name: The Legal Reality of Hiring Independent Contractors
The Huffington Post recently ran the headline “Why We’re All Becoming Independent Contractors.”{http://www.huffingtonpost.com/robert-reich/why-were-all-becoming-independent-contractors_b_6731760.html}. The article recounts that GM and Uber are valued at $60 billion and $40 billion respectively, but that GM has over 200,000 employees while Uber has a paltry 850 employees. Uber has a simple, but concerning, explanation for this discrepancy – Uber’s