In mid December last year, the tree limb you see on the left edge of the picture above decided to lean over and land on the roof of our office. Yikes! Thanks to many wonderful Bothell residents, we were notified quickly of the situation, the limb was removed and no one sustained any injuries. We expect repairs to start shortly, and in the meantime our office is located in the Regus Building at 22722 29th Dr. SE, Suite 100, Bothell, WA 98021.
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Estate Planning for DINKs
(Double Income No Kids)
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If you are married and do not have kids, you might think that you do not need to make an estate plan. However, if you do not create one, the state law governs distribution of your assets. If however, you want to leave your estate to family, friends, or charity, you need a written estate plan. For charitable planners, you might consider creating a charitable trust. A charitable trust can help you save on income and estate taxes and at the same benefit a charity of your choice. Another reason you may want to create an estate plan is to appoint an attorney-in-fact in your power of attorney if your spouse is unavailable. Many married couples with adult children appoint one of them, but if you do not have children you will want to appoint someone you trust to make end of life decisions for you when you cannot. Having a power of attorney will help avoid a guardianship. Everyone should have an estate plan to protect their assets from future uncertainties.
(From "Just the Two of Us: Estate Planning for the Childless Dual-Income Household" by Jamie A. Downes)
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Help Boost Your Retirement When You Become an Empty Nester
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It costs hundreds of thousands of dollars to raise a child. When the kids finally do leave home, parents often spend nearly as much money on travel, fixing their home up, buying a new car, and other costly purchases. Many continue to pay for their children's college, health insurance, and car payments. The problem with this is that empty-nesters are not saving up enough money for their own retirement. According to Boston College's Center for Retirement Research, tax-deferred 401(k) retirement accounts receive less than one percent of that extra empty nest income. Additional research found that only 48% of working-age households will able to support their current standard of living once they stop working. To make saving easier, encourage your children to apply for scholarships and loans. They will have time to pay off their loans, but you can't apply for retirement loans and scholarships. Help yourself by using online programs that compile your budget and warn you when you are exceeding specific thresholds. Set aside a specific amount of money you would like to save each month or schedule transfers from your bank account to your brokerage account. Doing these little things can mean a much more comfortable retirement.
(From "Empty Nest, and Pockets?" By Anne Tergesen)
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Succession Planning for a Business
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If you run a family business, succession planning is important. Meet with an advisor who can bring the family together to help create a plan for the future that will minimize conflict. Who do you want to run your business when you pass away so that it stays successful? It is important to find a balance between engaging your successor's interest and doing what is best for the company. One possible point of conflict is to transfer a controlling interest to the person you want to run your business and transfer a noncontrolling interest to other family members. The problem with this is it may create confusion and conflict that may lead to court battles and even selling the business. Before that happens, plan for possible solutions. A business can be split into separate branches, or family members can buy out each other's shares. A good succession plan takes thought and professional assistance. Don't wait to start this process.
(From "Tips for a Smooth Business Succession" by Amelia Renkert-Thomas)
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We encourage each of you to keep up to date with the latest legal news and issues by visiting our
website. Additionally, don't hesitate to contact our office with questions or to schedule a consultation.
Sincerely,
John Hugg & Staff
Hugg & Associates, PLLC
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Temporary address:
Regus Building
22722 29th Dr. SE, Suite 100
Bothell, WA 98021
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Some Favorite Blogs & Sites
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Want to keep up on news which relates to everyday life? Check out our Flipboard magazine. http://flip.it/GqcZJ
There is a new government website Business Healthcare that offers employers information and educational materials on how the Affordable Care Act will affect their businesses. Among other things, the site provides businesses with content on tax credits and other provisions in the law. The site can help you learn how to provide affordable coverage options to your employees.
Protect the seniors in your family from scams and con artist! The
FBI Scams page keeps you informed of the latest outrageous scams.
Read articles from one of our favorite law blogs,
Above the Law. Irreverent and timely, the blog will entertain and inform you.
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