Archive For: Estate Planning & Probate

Gifting Or Transferring Interest In A Family LLC Or Family LP In Washington State – New Proposed IRS Rules

By: Washington State Estate Planning & Probate Lawyer William O. Kessler

If and when they are adopted, new proposed IRS regulations would reduce the ability to use valuation discounts when valuing transfers of interest between family members in some family LLCs or family limited partnerships. The proposed regulations also expand the instances in which the lapse of certain voting and liquidation rights attached to an interest in a family LLC / family LP will be treated as a taxable gift or bequest. For more information about the formation of family entities, or gifting or selling interest in family entities, call one of the estate planning attorneys at Beresford Booth PLLC. Beresford...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 It Right Or Don’t Do It At All! Validly Executed Will In Washington State

By: Washington State Estate Planning & Probate Lawyer Dick Beresford

Stated differently, “a job worth doing is a job worth doing right”. The Washington Statute, RCW 11.12.020, requires that a will to be validly executed, must, among other requirements, be attested by two or more competent witnesses  while in the presence of the testator (person signing their will). In light of these statutory requirements, our office policy is to require the testator to physically come into the office to execute their will. Why are we so particular?  A look at a recent Washington Court of Appeals Division I case in the Estate of Hook, 193 Wn. App. 862 answers this...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

Federal And Washington Estate Taxes For 2016

By: Washington State Estate Planning Lawyer Per E Oscarsson

The “applicable exclusion amount” is the amount of a deceased person’s estate that passes free of estate tax. This differs from the unlimited marital deduction that applies when one spouse dies and transfers all of his or her interest in property to the surviving spouse. There is an applicable exclusion amount for federal estate tax purposes and an applicable exclusion amount for the state of Washington’s estate tax purposes. Under both federal and Washington law, the applicable exclusion amount is subject to adjustment. For federal estate taxes, the applicable exclusion amount is $5,450,000 for 2016, a slight increase over the...Read More

Do I Really Need To Hire A Lawyer To Prepare My Will In Washington State?

By: Washington State Estate Planning & Probate Lawyer Matt Cruz

No, but you should strongly consider doing so. To many people, a Last Will & Testament seems like an unnecessary and expensive complication, especially if a lawyer is needed, and some believe they can simply write out their wishes or express their wishes orally instead of executing a will. Washington residents are not required to hire an attorney to assist with estate planning. Although there is nothing illegal about preparing your own estate planning documents, it may be unwise to do so. First, unless you are well versed in all of the issues which should be addressed in an estate...Read More

Washington State’s Estate Taxes For 2015

By: BeresfordBooth

By Washington State Estate Planning Lawyer Per E Oscarsson The “applicable exclusion amount” is the amount of a deceased person’s estate that passes free of estate tax. This differs from the unlimited marital deduction that applies when one spouse dies and transfers all of his or her interest in property to the surviving spouse. There is an applicable exclusion amount for federal estate tax purposes and an applicable exclusion amount for the state of Washington’s estate tax purposes. Under both federal and Washington State law, the applicable exclusion amount is subject to adjustment. For federal estate taxes, the applicable exclusion...Read More

Changes To Estate And Gift Taxes For 2015 in Washington State

By: BeresfordBooth

By Washington State Estate Planning Lawyer Per E Oscarsson The “applicable exclusion amount” is the amount of a deceased person’s estate that passes free of estate tax.  This differs from the unlimited marital deduction that applies when one spouse dies and transfers all of his or her interest in property to the surviving spouse.  There is an applicable exclusion amount for federal estate tax purposes and an applicable exclusion amount for the state of Washington’s estate tax purposes.      Under both federal and Washington law, the applicable exclusion amount is subject to adjustment.  For federal estate taxes, the applicable exclusion amount...Read More

Beresford Booth Wins Court Of Appeals Case, Including Award Of Costs And Attorneys’ Fees For Client

By: BeresfordBooth

The Washington State Court of Appeals, Division I, issued its decision in the Matter of the Estate of Karl O. Molck, agreeing with the arguments made by Beresford Booth attorney Matthew Cruz. The Court decided the issues in favor of the estate and awarded the estate and its personal representative their costs and attorneys’ fees from the appellant. The Court of Appeals affirmed the trial court’s decision to dismiss a creditor of the estate’s TEDRA Petition because the creditor failed to bring a separate claim against the estate, as required by RCW 11.40.100(1).  The Court of Appeals further awarded the...Read More

What Is The Process Of Estate Administration In Washington State?

By: Washington State Estate Planning & Probate Lawyer Matt Cruz

In Washington State, when someone passes away, their estate will need to be administered.  In general the process of estate administration accomplishes three basic purposes: 1) gathers together all of the Decedent’s assets; 2) pays all of the Decedent’s debts; and 3) distributes the net remaining estate to the Decedent’s heirs and beneficiaries.  Though these are the basic steps of administration, the process is different depending on how the Decedent organized their estate and how the Decedent chose to implement their estate plan. For example, a Decedent may have died with many assets or with just a few.  They may...Read More