While a prenuptial agreement might not be on the wedding checklist, family business owners—and their children who might own or participate in the business—are often advised to prepare one as part of the marital process....more
The Tax Cuts and Jobs Act (TCJA) increased the federal estate tax exemption, which is currently $11.58 million per person. This increased exemption amount is due to sunset in 2026 and revert to the base amount of $5 million....more
The current combination of some of the lowest interest rates in history, high federal gift tax exemptions, and lower asset values creates a unique planning opportunity for those family business owners who wish to engage in...more
Washington state grants estate tax relief if a decedent owns a qualified family-owned business interest (QFOBI) at the time of death and such property passes to a "qualified heir." ...more
Family-owned business owners in Washington State should be aware that leaving family-owned business interests outright to a surviving non-U.S.-citizen spouse can result in Washington estate taxes due at the first spouse's...more
Washington State does not have "common law marriage" but it does have a now well-developed (yet still evolving) body of law on "equity relationships" or "committed intimate relationships." ...more