In Matter of Estate of Rathbone, the Washington State Supreme Court held that the trial court did not have the authority to construe an ambiguous provision in a non-intervention Will (1). Rathbone involves a dispute among three brothers (Todd, Glen,…
Read MoreThis 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…
Read MoreOn November 16, 2017, the House of Representatives passed the “Tax Cuts and Jobs Act” (H.R. 1) (the “House Bill”) with a 227–205 vote. The Senate’s version of the “Tax Cuts and Jobs Act” (the “Senate Bill”) has not been…
Read MoreThe 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…
Read MoreThe 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…
Read MorePop 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…
Read MoreFor 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…
Read MoreIn Estate of Purdue, T.C. Memo. 2015-249, the United States Tax Court denied an IRS attempt to disregard lifetime estate planning implemented by Barbara and Robert Purdue (the “Purdues”). MPBA attorneys, primarily Alan L. Montgomery and George W. Akers, advised Mr. and Mrs. Purdue…
Read MoreAn essential component of a complete estate plan Durable powers of attorney are an essential component of a complete estate plan. These documents allow you to dictate the person who has the authority (the “agent”) to make important financial and…
Read MoreThe IRS recently announced new proposed regulations which may eliminate or significantly reduce valuation discounts on transfers of family entity interests (e.g., LLCs, limited partnerships, and corporations). Although there are several uncertainties regarding the scope of these new rules, the proposed regulations, if enacted, could result in substantial increases in estate, gift, and generation-skipping transfer taxes for many taxpayers.
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