Buying a new home is exciting, but there are many things to take into consideration before making the down payment and committing to such a large purchase. In addition to factors such as schools, property taxes, and nearby traffic, it is necessary to consider the...
Gig Harbor Estate Planning And Probate Law Blog
3 tax advantages of creating a charitable remainder trust
If your portfolio includes highly appreciated assets like stocks, bonds or an investment property, you may want to consider creating a charitable remainder trust. This type of trust allows you to make a substantial tax-exempt donation to a charity or charities while...
What is the difference between an LLC and a sole proprietorship?
When you are self-employed, you can choose to be a sole proprietor or create an LLC. Which option works best depends on your business needs. A Limited Liability Company (LLC) and sole proprietorship differ in their tax requirements, financial liability, and...
When should you update your will or estate plan?
Wills and estate plans exist to direct the division of someone's assets after they die. While planning ahead is great, it is also good practice to update your will or estate plan every few years or whenever you experience a significant life event. Here are a few...
Causes for being audited
Nobody wants to get audited. It is a frustrating process that drains time and requires effort. Worse, you are vulnerable to fines. If a criminal violation is discoverable, you may even wind up spending time behind bars. Over the past decade, the IRS has decreased the...
3 types of neighbor disputes that could require legal assistance
Disputes between neighbors are tricky. There simply is no avoiding the other party. Since your relationship with the owners of the properties adjacent to yours carries on, it is wise to resolve issues diplomatically. Hiring an attorney to help you navigate this...
Your role as executor will likely require asking for help
How much do you know about your upcoming role as executor? If you do not have experience with the administration of an estate, you may feel overwhelmed. Fortunately, there are steps to take that will keep your tasks as executor running smoothly. One of those is...
Creating a fair estate plan for your blended family
Second marriages bring years of experience to a new relationship. Along with this, there are often children that become siblings in a new blended home. How can you ensure your estate plan covers them all fairly? Keeping the blended family in mind may force you to take...
What are some differences between wills and trusts?
Creating a comprehensive estate plan is one of the easier things to put off, especially if you are young and healthy. In fact, as many as 68% of Americans have either decided not to write a will or simply have not gotten around to it. Still, as the adage goes, there...
Avoid common mistakes in estate planning
Ideally, your property and possessions get distributed among your beneficiaries according to your wishes when you pass away. For this to happen smoothly, a solid estate plan should be in place. Even when people try to plan ahead, mistakes often lead to headaches for...