The estate tax is a significant potential expense that could force your heirs to pay much of the money that you worked hard to save and invest to the government. Families that have large estates need to plan in advance to minimize the impact of this tax. Not every family needs to pay federal estate taxes. In fact, most…
The elections and designations that you make as part of your estate plan remain binding until they are changed by you. Unless you update your estate plan as necessary, you could be stuck with old designations and experience unintended consequences. There are various situations that could require you to update your estate plan. You or a family member could…
For many people, one of the main goals of estate planning is avoiding probate. Probate is the process through which a person’s estate is administered after they pass away. It often involves court hearings, lawyers, accountants, appraisers, and other services and procedures that cost money. Fortunately, through careful and comprehensive estate planning, many people can avoid having their estate…
Bankruptcy is a complicated legal process. If you have started researching whether you may be able to benefit by filing, it’s likely that you have come across the term exemptions or read that certain property may be treated as exempt. But what exactly does it mean for an asset to be exempt? Read on to learn more. To discuss…
Starting a business is an extremely difficult task – but as any entrepreneur will tell you, it can also be extremely rewarding. If you are to the point where you have a great product or service, a solid business plan, and the drive to make it happen, it’s critical that you choose the right business formation for your needs….
Five years ago, cryptocurrency was probably not on your radar. Today, it may be an important investment in your portfolio. You could even own some nonfungible tokens (NFTs), which are powered by the same blockchain-based technology. Despite the dizzying fluctuations in the value of these assets, you should ensure that they are included in your estate plan so you…
When you think of estate planning, you might think of a last will and testament that leaves property to various relatives. While a will is a critical part of an estate plan, a comprehensive plan has many more components. These components not only protect your property and beneficiaries after you pass away, but also protects your interests should you…
Bankruptcy gets a bad reputation in the United States, as many people assume bankruptcy filers are irresponsible or gaming the system to get free money. In reality, neither of these are the driving reasons for most bankruptcy cases. Instead, the bankruptcy process usually provides relief for people who face financial struggles due to unforeseen circumstances. One of the top…
Many people believe that a buy-sell agreement is a contract involving the sale of a business, though this is a misconception. A buy-sell agreement is a contract that business owners should have in place to protect their ownership rights and operations should something happen to one owner. Life Events for Business Owners Business owners experience many personal life events…
The phrase due diligence refers to the reasonable steps a person must take to satisfy legal requirements, especially when they are in the process of buying or selling something. When that something happens to be a business, then you will need the help of a Lynnwood business lawyer to perform proper due diligence. Every single business transaction can involve…
