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Gig Harbor Estate Planning And Probate Blog

Review your commercial lease for hidden points

Once you find a leased location that you think is perfect for your business, you have to contact the property owner and discuss the lease. You mustn't let your desire to put your business in a specific place cloud your judgement. Instead, look at it line by line to determine if it is an arrangement that you will be able to live with.

You might be surprised by how many points can have an impact on your business. This is because commercial leases are very different from residential leases. Here are some points that you must consider.

Consider these points if you are looking into a franchise

Deciding to start your own business is taking a gamble. It is one that can lead to success, however. If you are planning on starting a franchise, you should make sure that you choose a franchise that works for you.

There are several things that you have to consider when you are trying to find the right franchise to meet your needs. While this isn't a comprehensive list of what to look for, it should help you get started.

What should I think about when I'm making an estate plan?

An estate plan is the cornerstone of what your family is going to do with your assets after you die. There is much more to an estate plan than this. No matter how old you are now, it isn't too early to think about what you are going to include in your estate plan.

As you think about your estate plan, there are a few questions that you should think about because they can help you to determine what you need to include in your plan.

TAX BASIS IN REAL ESTATE TRANSFERS

Real Estate transfers occur either by sale, trade, gift or at death. The income tax impact differs in each instance. I need to note at the onset that my Capital Transactions textbook at the University of Denver tax school was about 3 ½ inches thick. So, this summary is not intended as an exhaustive explanation of all tax considerations. It is only intended to identify the major distinctions between the four types of transfers.

Strategies to help solve a property dispute

Imagine buying a piece of property and starting renovations. Things are going well until your neighbor serves with you with a cease-and-desist order. Apparently, your renovations have spilled over onto his property. However, according to the survey you had performed prior to the purchase, you are well within the boundaries of your property.

Property disputes can often turn into nasty court battles. Before you find yourself in the middle of a legal battle without any support, contact a local Gig Harbor real estate attorney for help with your case. Read further for some tips to help you resolve your property dispute.

3 facts to know about using a special needs trust

A special needs trust makes sure your child with special needs has what he or she needs in the future in the event that you can no longer be there to provide or care for your son or daughter. The trust may also be created to give another person control over your child's property, real estate and finances. The person who takes over control of these assets is known as a trustee, and he or she is in charge of doling out and managing assets for your child until your child no longer needs that assistance. Here are three facts you need to know about setting up a special needs trust.

The basics of appealing an IRS action

You just finished a grueling audit that seemed to go on for months. As of yet, the IRS has not notified you of an adjusted tax liability, but you want to be prepared in case it happens. Knowing what to expect will help you prepare for the meeting with the agent.

As with any audit, there is always a chance that you could be facing a significantly increased tax bill depending on how the agent interprets the tax law. You trust that your accountant prepared the return conservatively and that you paid the correct amount of taxes on all of your sources of income. Fortunately, if the IRS concludes that you owe additional taxes, you have the right to appeal the decision. A Washington attorney experienced with tax law can help you with your appeal.

Creating a trust in your 30s: Learn about the types first

Once you reach your 30s, it's safe to assume that you have a better idea of what you want to accomplish in the future. By now, you may even own a home and have a child (or several children).

With all this in mind, it's important to create an estate plan that can give you peace of mind. You don't expect anything bad to happen to you, but you never know what the future will bring. For this reason, it's better to be safe than sorry.

Small business owners must prepare for the inevitable

Your family has come to enjoy the finer things in life, and that is all thanks to your hard work. You have built your company from the ground up and now you are getting to enjoy doing the things you have always wanted to do. Even though things seem great right now, you should stop and think about what is going to happen if you die unexpectedly.

Be honest. You are at the helm of your company. Decisions that have to be made, especially the big ones, fall on your shoulders. You might have a staff that can handle things for a week or two while you are on vacation, but your phone or computer is probably always on. The thought of having to handle a problem from afar is probably floating around in your mind. If you aren't there to handle things, the company would probably enter a downward spiral.