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The Importance of Having a Will

This article is a collaboration between Evan Monez, attorney at Montgomery Purdue Blankinship & Austin PLLC, and Geoff Curran, Wealth Advisor at Merriman. Though we try to stave off the inevitable as long as we can, it’s a fact of life that eventually, everyone dies. When this occurs, the deceased person’s family, while still grieving their loss, must deal with … Continue reading »

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IRS Announces Increase to Federal Transfer Tax Exemption and Gift Tax Annual Exclusion

The IRS recently published Rev. Proc. 2017-58 (LINK TO https://www.irs.gov/pub/irs-drop/rp-17-58.pdf), which announces the annual inflation adjustments for certain federal tax provisions for 2018.  Among many other adjustments, the lifetime federal estate, gift and generation-skipping transfer tax exemption was increased from $5.49 million to $5.6 million.  Accordingly, the estate of an individual dying in 2018 will only incur federal estate tax … Continue reading »

American Tax Payer Relief Act 2012

The Estate Planner’s Guide to the “Deal”

The business attorney’s focus when advising a client selling a business is necessarily the transaction itself. Primary considerations typically include maximizing the purchase price, reducing the income and other (e.g., real estate excise) taxes resulting from the transaction, and minimizing post-transfer contingencies placed upon the seller’s receipt of the sale proceeds (e.g., earn-out provisions). Although all of these factors are … Continue reading »

Taxpayer Friendly Federal Transfer

Lessons from S-Town on Estate Planning Issues Affecting Vulnerable Adults

Pop culture sometimes provides us with valuable lessons about the importance of estate planning. For example, as Trusts & Estates magazine pointed out, at the heart of the first season of the hit show Empire was a story of the trials and tribulations of business succession planning, as the head of a record company and family patriarch is diagnosed with a terminal … Continue reading »

States

Changing Your Residency to Avoid Washington Estate Tax

For Washington residents facing the possibility of a sizable estate tax bill, establishing residency in a different state may be worth considering, particularly for those who already have a second residence in another state. Establishing residency in another state may provide a tax advantage for some, but for others, the burdens of moving to a new home state ultimately override … Continue reading »

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