Many families establish Family Limited Partnerships (FLPs) or Limited Liability Companies (LLCs) and then gift interests in these entities to their children. In doing so, they take advantage of valuation discounts (discounts for the lack of marketability of a family-controlled entity and for minority interests), and pass significantly more value than could be claimed for […]
Washington State recently passed a new law regarding fiduciaries and digital assets. In general, a fiduciary is a person who “steps into your shoes” if you become incapacitated or die. Examples are an Attorney-in-Fact under a Power of Attorney, or a Personal Representative (sometimes called an Executor). Digital assets are files and information stored in […]
Who owns Lee Harvey Oswald’s Coffin?
On November 22, 1963, Lee Harvey Oswald killed President John F. Kennedy. Two days later, Oswald was shot and killed by nightclub owner Jack Ruby. Immediately following Oswald’s death, his brother, Robert Oswald, began making funeral arrangements. Robert purchased flowers, a dark suit and a pine coffin for his brother.
A couple of weeks ago, Richard Sherman of the Seattle Seahawks made the news not for what he did on the field, but what he purchased off as the Seattle Times reported on his recent home purchase. But what if you don’t want nosy folks to know what property you just purchased and how much you paid for it? Fortunately, there is a relatively easy solution.
The rulings from the Supreme Court mean that same sex married couples in Washington will receive the same federal benefits as opposite sex married couples.
Last week the Tampa Bay Times, Center for Investigative Reporting and CNN released a report on America’s Worst Charities. While the fraud and abuse uncovered is disturbing, the report provides a stark reminder of the importance of performing due diligence prior to making a charitable donation or bequest and properly identifying charities in your estate planning documents.
Favorable ruling on the taxability of pre-2005 Marital Deduction Trusts (otherwise known as QTIP Trusts).
Technically, your Facebook account is a digital asset and is considered intangible personal property.