Archive For: Business & Real Estate Law

David Tingstad To Present “Advanced LLC Issues” At The NBI Seminar On September 25, 2017

By: Washington State Business and Real Estate Lawyer David C. Tingstad

Advanced LLC Issues is presented by the National Business Institute on Monday, September 25, 2017, at the Washington State Convention Center in Seattle, WA. Are you prepared to handle the advanced questions and issues your clients may have regarding LLCs? This information packed program goes beyond the basics of establishing and operating an LLC, and digs deeper into some of the more complex scenarios arising from LLC ownership and management. After attending, you'll be able to help clients make intelligent tax planning choices. As a trusted advisor to your clients, you need to be able to guide them with spot-on,...Read More

Protect Your View With A View Easement / View Covenant

By: Washington Real Estate Lawyer William O. Kessler

If you own real estate in the greater Seattle area, you may have view of Puget Sound, Lake Washington, another lake, or even a valley view. Either way, if you have a view, you likely want to protect it for your own enjoyment, and to preserve your property’s market value. Whether or not your view is already blocked, you may find yourself asking two main questions: 1. Can I make my neighbor cut his trees? 2. Can I prevent my neighbor from building higher? Unless you have a recorded View Easement (aka View Covenant), your neighbor has no obligation to...Read More

David Tingstad Spoke At Webinar About Washington State’s LLC Act

By: Washington State Business and Real Estate Lawyer David C. Tingstad

The webinar covered the following: Understand the recent changes and additions to Washington’s LLC Act.LLCs are far and away, the most used legal entity in Washington and across the country. In 2016, Washington adopted a new limited liability company act (the 'Act'). The Act made substantial changes to existing Washington law such that any practitioner forming LLCs, reviewing LLC agreements or involved in disputes between LLC members must be fully informed. This topic helps practitioners understand the Act, identify the provisions of LLC agreements affected by the Act and assist practitioners counseling LLC members. Without an understanding of the Act,...Read More

Creating Positive Outcomes For Our Clients

By: Washington State Business and Real Estate Lawyer William O. Kessler

The lawyers of Beresford Booth harness our expertise to maximize the benefit for our clients in any given situation. This can mean transforming a seemingly dire situation to a positive outcome. We enjoy creating efficient and successful outcomes. Recently, we had a client whose financial position was bleak. His wife had died, leaving property in his hands. He called Beresford Booth PLLC and we helped our client take control of the estate. We quickly realized that as part of the estate, our client and his wife owned a shared property with a partner. We established that the partner owed our...Read More

Do You Qualify For Chapter 13 Bankruptcy In Washington State?

By: Washington State Business and Bankruptcy Lawyer Jonathan McQuade

Typically, a person files for Chapter 13 if he or she has too much equity in their home, or if his or her monthly income is too high to qualify for a Chapter 7 liquidation bankruptcy.  Further, and unlike a Chapter 7 liquidation bankruptcy, a person can stop a home foreclosure and cure delinquent mortgage payments over time.  Only individuals may file for Chapter 13 protection; corporations, LLCs, and other entities may not file for Chapter 13 protection. When you file for Chapter 13 bankruptcy, you set forth a plan to repay all or part of your debts.  If your current...Read More

Deadlock In LLCs

By: Washington State Business and Real Estate Lawyer David Tingstad

The IRS estimates that 25% of all LLCs consist of two members. Care should be taken to draft an LLC Agreement to avoid a deadlock between the members or managers. In Washington, our new default rule for voting of members is on a per member basis regardless of how much capital a member contributes. As a result, in the absence of an agreement to the contrary, a deadlock can arise in any situation where there is an even number of members. A deadlock between the members usually results in significant damage to the business of the LLC and can lead...Read More

Why You Should Not Put Your Primary Residence In An LLC In Washington State

By: Washington State Business and Real Estate Lawyer David Tingstad

In my earlier blog posting, titled “Should you put your primary residence in an LLC?”, I discussed my opinion that one of the rationales for not transferring your principal residence into an LLC was a likelihood that the homestead exemption would not apply.  By statute, a “homestead” provides an exemption from creditors for up to $125,000 of equity in a property. On August 15, 2016, Division One of Washington's Court of Appeals, for the first time, the court ruled that a homestead exemption does not apply to property owned by an LLC. In Performance Construction, LLC v. Glenn, the Court...Read More

New Washington Real Estate Excise Tax Inheritance Exemption

By: Washington State Estate Planning and Real Estate Lawyer Per E Oscarsson

The state of Washington imposes a real estate excise tax on transfers of real estate, but exemptions from the tax are available for certain types of transfers.  One exemption has been for distributions from the estate of a deceased person to a will beneficiary when the estate involves probate of a last will and testament or to an heir when there is an “intestate” estate (where no will is involved).  To receive the exemption, documentation in the form of a certified copy of Letters Testamentary or Letters of Administration had to be presented to the county when the deed was...Read More

David Tingstad Presents New LLC Regulations At 2016 Senior Lawyers Section Conference CLE

By: BeresfordBooth

Beresford Booth partner David Tingstad presented "LLC Updates -- New LLC Regulations that took effect January 2016" at Washington State Bar Assocation's Senior Lawyers Section Conference CLE Event titled "The Changing Landscape 2016." The event took place on May 6th 2016 and featured speakers on: Bias in the justice system Title IX and Sex Discrimination Technology and office management Ethics of social media Updates from the WA Supreme Court Ethics Rules as applied to estate planning, probate and guardianship Communicating between generations LLC Updates -- New LLC regulations that took effect January, 2016 The role of trial lawyers in the...Read More

David Tingstad To Present At The New Washington LLC Act CLE Event

By: BeresfordBooth

The New Washington LLC Act is presented in partnership with the WSBA Business Law Section on Tuesday, January 26, 2016, at The WSBA Conference Center in Seattle, WA. Are you up to speed on the significant changes to the law governing Washington LLCs under the new LLC Act, effective January 1, 2016? Did you know, for example, that LLC member or operating agreements are no longer required to be in writing? To understand all the changes and their implications for current and future managers and members of Washington LLCs — as well as for anyone doing business with a Washington...Read More