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

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

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

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

Do You Qualify For Chapter 13 Bankruptcy In Washington State?

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

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

Beth Van Moppes Presents “Critical Skills For First-Time Supervisors And Managers” 9-21-16

On September 21, 2016 Beth will be sharing “Critical Skills for First-Time Supervisors and Managers” for the Northwest Regional Primary Care Association. For more information, please see: http://www.nwrpca.org/events/event_details.asp?legacy=1&id=825660

Beth Van Moppes Presents “The Danger Zones In Hiring And Interviewing” 9-15-2016

On September 15, 2016 Beth will be giving a presentation on “The Danger Zones in Hiring and Interviewing” for the Western Washington Chapter of Institute of Real Estate Management. For more information, you can visit: http://www.irem27.org/ev_calendar_day.asp?date=9/14/2016&eventid=24

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

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

Beresford Booth Supports Pacific Little League All Stars Trip To California

The Pacific Little League (PLL) All Stars won the Washington State championship and are now in San Bernadino California at the Northwest Regional Championship representing Washington. Prior to leaving for San Bernadino, three of the players from the PLL All Stars team met with attorneys from Beresford Booth where they received a check from the firm sponsoring their trip. PLL All Stars won their first game of the Northwest Regional Championship versus Wyoming 15-1 and are slated to play Oregon (Bend North) on Monday, August 8th at 7:00pm. The game will be televised on ESPN 3. The attorneys and staff of...Read More

New Washington Real Estate Excise Tax Inheritance Exemption

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