Date nights should be an enjoyable experience. There should not be any underlying stress involved. But, as parents, you know there is always that lingering thought in the back of your mind as to what would happen if something would happen to you while out on date night with your significant other. Would the babysitter know what to do? Is it clear who would take care of the kids until we were okay? Would social services be called in to…
If you’ve lived in Washington State for any amount of time, you’ve probably heard someone mention that it is a “community property” state. And they are right, it is. But, do you really know what that means when it comes to estate planning? And, more importantly, do you know why it’s important? Let me give you a quick little test. Fred and Julie are married. They have two kids together. They decide they want to do a simple estate plan…
I had someone come into my office a while ago with a question. His brother had just passed away and they owned a property together. He thought the property was going to go to him – that’s what the brother wanted – but he wasn’t sure. I told him I’d take a look but that it really mattered how the property was entered, as joint tenancy with right of survivorship or as tenants in common. He wasn’t sure, so we…
Imagine a scenario that happens to you every day. You are driving to work. You pull out of your driveway just like you do every day. You get on the highway just like you do every day. You think about the coming day, the soccer practice you have to take the kids to that night just like WHAM… Next thing you know you wake up in the hospital with friends and family all around you. You’ve been in a coma…
Equal does not always mean fair. That’s what we’re here to talk about today, to think about your family dynamics when you are thinking about how you are going to pass down your assets so everyone in the family has the best chance to succeed. When it comes to dividing up your business at death, it’s important to think about who is invested in the business, who is interested in the business, and who is most likely to do with…
I am the proud father of three kids. I think it would be really amazing if one, or all of them, one day wanted to run my business. But that isn’t the default outcome for me, and it shouldn’t be for you either. Today we talk about three reasons not to have kids inherit a business. To give it to you real fast, here are the three reasons: Your kids may not be qualified to inherit (and run) your business;…
You may not know this about me, but I love the NCAA tournament. I was born and raised a Kansas Jayhawk fan (in Kansas) and eventually went on to graduate from there twice (undergrad and law school). At KU we love basketball, and we’re usually pretty good at it, which makes this time of year very special. Every year I fill out a bracket to pick who I think the champion of the tournament will be, and every year I…
