Idaho clients, colleagues, and friends - I will be in Boise June 5th-7th and have some time to meet with new or existing clients in the afternoon on Friday the 5th. If you or someone you know would like an appointment, give us a call at 253.858.5434 to set something up.
Guess what we're spending the day doing? Every April 30th and October 31st, we review our estate planning files and send review letters to clients. We review these files so that we can alert clients as to changes in state or federal laws which could affect them and indicate a need to update their estate plans. We recommend that clients regularly examine their estate plans and suggest such review be made at least once every 3-4 years, and more often if major changes in family size, relationships, or assets occur.
If you would like a copy of our checklist of changes or occurrences that might warrant a change in your estate plan or if you think your estate plan should be reviewed or changed in any way, call us at 253.858.5434 for an appointment so that we can meet to discuss your needs and revise your estate plan accordingly.
It's looking like Congress will likely pass the Achieving a Better Life Experience Act this session, which will allow people to set up ABLE accounts (or 529A accounts) starting in 2015. ABLE accounts are similar to 529 plans, except that the payouts can be used for supplemental care of a disabled person, as long as the person was disabled before they turned 26. Contributions can be made up to $14,000 per year and as long as the account does not exceed $100,000, the account would not affect the disabled person's SSI benefits or Medicaid qualifications. ABLE accounts may prove to be a good way to make gifts or leave property to a disabled child or grandchild without having to set up a supplemental needs trust.
If you have questions about making gifts or leaving property to a disabled family member without disqualifying them for benefits, give us a call at 253.858.5434 to see how we can help.
We are pleased to announce that the Law Offices of P. Stephen Aita, PLLC is now a member of the Greater Tacoma Community Foundation Professional Advisors Network.
The GTCF helps people support the causes that matter most to them, fostering powerful and rewarding philanthropy. It manages more than 430 charitable funds supported by thousands of Pierce County residents. It also collects expertise on local issues and connects a variety of people, organizations, and resources to foster greater community participation.
If you want charitable giving to be part of your estate plan, the GTCF can help ensure that your generosity will have an impact that extends beyond your lifetime. So grants from your gift can support the arts, protect the environment, award scholarships, feed hungry families, or support whatever charitable causes are important to you and your family - it's all up to you. Give us a call if you want more information.
We recognize that not everyone wants or needs a complete range of legal services or full representation to manage, present, or control their legal matter, but they face a significant lack of information and training as to the law and the legal system. Smaller litigation matters and probate proceedings particularly lend themselves to "unbundled" legal services. If a client's circumstances dictate, we can provide “unbundled" legal services providing any or all of the following without formal representation: drafting, document review, coaching, estimation, advice, and information on legal matters on a “by session” basis for a flat fee.
This “unbundled” approach means that the client can seek assistance limited by the parameters established by agreement of the lawyer and client. With "unbundled" legal services, we will create the legal document or provide the legal advice for a particular aspect of the legal matter. For example, in a probate matter, a client may hire us just to prepare the initial petition and notices to get the probate opened, but the client is responsible for ensuring that the documents are filed with the court and notices provided to the heirs and creditors and for moving forward with the probate from there. Another client with a litigation matter may hire us just to draft the Summons & Complaint to start their lawsuit or assist them in propounding or responding to discovery requests or coach them in preparation for a hearing, but we do not formally appear as the "counsel of record" in their lawsuit.
Under the “unbundled” model of providing legal services, the client maintains full responsibility for his or her case. Each session with the attorney is limited to the topics agreed to in advance and is paid for at the conclusion of the session based upon the agreed flat fee. It can provide significant savings, information, assistance, control, and peace of mind to the client who wants to do his or her own legal work.
When you buy or sell a small business, it is critical that the terms of the sale be put in writing. But small business owners can get into trouble buying or selling a business as much for what’s not in the contract as for what is. Leaving important items out of a contract, including hard and intangible assets and liabilities, can cause problems months after the sale goes through. Payment terms are... another critical aspect of a contract. When you buy or sell a business, make sure both parties know exactly what they are getting at the time of signing, as well as in the future.
If you're buying or selling a small business and what advice on preparing a your Purchase & Sale Agreement, give us a call at 253.858.5434 to make an appointment. We proudly serve clients throughout Washington and Idaho and are available to meet in person, by phone, or via Skype.
When many people sit down to think about how they want to leave their property, of course they think of their family first. But many of us also want some of our legacy to go to causes or organizations we hold dear--a school, a church, a food bank, a group that advocates on behalf of people struggling with a particular illness, etc. Americans are a generous people, supporting millions of nonprofit organizations.
Our tax system is designed to support these generous impulses, granting donors tax benefits for giving. If you itemize deductions on your income tax return, you can simply deduct the value of gifts to tax-exempt charitable organizations. There are also more complex ways to give. Charitable annuity trusts, for example, are a popular way to donate to a charity and in return receive regular payments for life; both you and the charity benefit.
If you have questions about charitable giving as part of your estate plan, give us a call at 253.858.5434 to find out how we can help. We proudly serve clients throughout Washington and Idaho and are available to meet in person, by phone, or via Skype.
If you die and your children are left parentless, the court will appoint a guardian for them. But what happens if you become incapacitated or are otherwise unavailable to make health care decisions for your children? Washington law allows you to create a special Power of Attorney for Children's Health Care, which says that if you and the child's other parent are both incapacitated or otherwise unavailable to make health care decisions, the person you appoint in the Power of Attorney is authorized to make health care decisions for your child on your behalf.
If you have questions or would like to discuss a Power of Attorney for Children's Health Care, give us a call at 253.858.5434 to make an appointment. We are available to meet in person, by phone, or via Skype.
Clients and Colleagues - I will be working in Seattle all day next Tuesday (Oct. 21st) and still have a couple time slots available for meetings in the afternoons. If you would like one, give us a call at 253.858.5434 to set something up.
Lawyers Helping Hungry Children is holding its annual fundraising luncheon to benefit Northwest Harvest, the King County Emergency Feeding Project, the Seattle Summer Food Service Program, CARE, and the Children's Alliance on Tuesday, November 4, in Seattle. Sure, Rep. Jim McDermott will be one of the speakers, but more importantly, the other speaker will be Rauuuuuuuuuuuuuul Ibanez! If you're interested in attending the luncheon or contributing to or joining Lawyers Helping Hungry Children, give us a call for more information.
Happy Thanksgiving to our Canadian friends!
Since the U.S. and Canada are children of a common mother, our laws are pretty similar. Nonetheless, if you have a vacation house or investment property in Canada, you should consider putting that property into a trust. Give us a call at 253.858.5434 if you have questions about how we can help with that.
If you've chosen to live together over marriage, you aren't alone. However, many myths still exist about the concept of "living together." The fact remains that, unless you define your partnership through a legal contract, the law may view you as strangers in the case of a breakup or death, which can be particularly difficult when you own a house or other real estate together.
By choosing to live together, couples are foregoing certain rights and protections provided for them in a marriage. Married couples accrue legal rights, including the right to receive a property settlement and/or support in the event of divorce; file joint tax returns; receive distributions from estates free of estate tax; receive survivor's benefits from retirement plans and Social Security; obtain "family" health insurance, dental insurance, and other employment benefits; and automatically share in their partner's property in the event they die without a Will. Unmarried couples, on the other hand, generally acquire similar rights by expressly securing their benefits in cohabitation agreements. A cohabitation agreement is a contract between cohabitants which typically establishes contractually for the parties the rights and obligations that married people obtain by custom, statute, and agreement.
If you, your family, friends, neighbors, or coworkers have questions about cohabitation agreements, give us a call at 253.858.5434 to see how we can be of service.
If you want to set aside money to pay for a loved one’s education, you could set up an educational trust. An educational trust specifies that trust funds are to be used for education (however you want "education" defined, whether it's college, vocational school, full-time, part-time, online, educational travel, etc.). In the trust document, you name a trustee and beneficiaries, and also state how trust money is to be used. When the trust becomes operational, the trustee controls the trust property–and pays for the beneficiary’s education--according to the terms of the trust.
If you would like to talk about setting up an educational trust for your kids, grandkids, nieces, nephews, or others, give us a call at 253.858.5434 to find out how we can be of service. We proudly serve clients throughout Washington and Idaho and are available to meet in person, by phone, or via Skype.
If you own out-of-state real estate, like a vacation home or a rental or other investment property, you should create a Revocable Living Trust and transfer that property to the Trust. Otherwise, upon your death, there will have to be a probate in every state where you owned real estate. When the property is owned by your Revocable Living Trust, there is no need for these assets to go through probate anywhere.
If you, your family, friends, co-workers, or neighbors have questions about Revocable Living Trusts, give us a call at 253.858.5434 to set up an appointment. We proudly serve clients throughout Washington and Idaho and are available to meet with clients in person, by phone, or via Skype.
Clients and Colleagues - I will be working in Seattle all day on Tuesday (Sept. 30th) and Thursday (Oct. 2nd) and still have a couple time slots available for meetings in the afternoons both days. If you would like one, give us a call at 253.858.5434 to set something up.
