There are many aspects you as a business owner need to consider, plan, and prepare for. The number of these aspects increases when thinking about what you want the business to be in the future. Do you want to keep your business in your family? Are you sure the steps you’re taking now will allow…
At the start of 2016, laws for Washington limited liability companies (“LLC”s) went through some major changes. While there were numerous revisions to the law that we enacted, these are the top three changes to the default rules I want you to be aware of if you are currently a member / owner of an…
For those that engage any financial transactions online or use social media, there are new laws going into effect you’ll want to know about, known as “Digital Assets” legislation. These laws allow executors of estates and other agents access to a deceased person’s online records. Digital asset laws are needed to identify the accounts the…
When one of our loved ones passes, we feel many emotions. Grief, pain, sadness, and heartache to name a few. Another common emotion is tension. It can be felt in many situations and interactions with those closest to us. Here are four subjects involving family and close friends that can potentially sink an otherwise…
While setting up a partnership or multi-member LLC, each partner or member having equal ownership in the entity makes a lot of sense. Even though the partners may be doing different work in different capacities (i.e., one person creates the product, one person does the marketing, one person provides the capital, etc.), it’s still understood…
Just Who is the Beneficiary? Determining the beneficiary of a retirement account or life insurance policy of a deceased person can be challenging, but it’s easier than you think. To prevent any confusion, it’s crucial you know about what benefits get passed on and to whom. There continues to be perplexity about these matters for…
I have a client that wants to grant stock to his employees in order to “incentivize” them to work harder for the company. However, there are particular tax issues that not only the employer but the employee need to be aware of when they receive their stock grant. The following article addresses those concerns. Contractors,…
I’m pretty sure everyone has ideas – What should I do today? What’s for dinner tonight? What’s the best way to get to work this morning? For everyone, there’s a “laundry list” of ideas every day. But are those ideas “assets”? Thomas Edison invented the lightbulb. Alexander Graham Bell invented the telephone Henry Ford invented…
Estate plans prepared for married couples will vary in complexity and detail but generally follow the same theme: The revocable trust or will typically provides that upon the death of the first spouse, the surviving spouse will not only serve as trustee and executor, but will also receive most if not all of the deceased…
Yes, “Bitcoin” is booming, but most people don’t understand what it really is. Basically, Bitcoin is a type of “virtual currency” and is one of the most popular of its kind. While it is still gaining acceptance among the general population, virtual currency like bitcoin can be used to buy goods from many different vendors,…