Recent News

“I want to gift some money to my kids, and avoid estate tax, but I know you can only give $15,000 in a year.” Clients say this regularly. But the gifting cap is a myth! In the vast majority of cases, the term “gift tax” is a misnomer. Only the very wealthiest are at risk… Read More

Getting a divorce is never easy --- but it certainly is less stressful when it is done amicably. In fact, many couples decide that they don’t need the advice of counsel because they are able to agree on the division of assets and liabilities --- and thus they proceed with filing pro se. Further, many… Read More

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… Read More

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… Read More

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… Read More

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… Read More

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… Read More

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… Read More

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… Read More