Author Archives: Jay Butchko
Weighing the Pros and Cons of Aging in Place
For many Spokane Valley residents, the prospect of spending their golden years in a retirement home or similar long-term care facility is not an appealing one. Their goal is to stay in their own homes where they have already built a life and support system. While “aging in place” has many advantages over other… Read More »
What Happens to a Washington Single-Member LLC When the Member Dies?
If you own–or plan to start–your own business, it is important to consider the future probate implications of your business structure. For example, if you are a sole proprietor, your business essentially lives and dies with you. A sole proprietor is an unincorporated business with no legal existence separate from the proprietor. This means… Read More »
Can You Use Your Will to Create a Trust?
Trusts are often used in Washington estate planning to hold and transfer property. Living trusts are standalone documents that create a trust during the lifetime of the grantor, i.e., the person who makes the trust. But you can also create a trust through your will. These are known as testamentary trusts, and they do… Read More »
Should You Take Out Life Insurance on an LLC Member?
If you own or co-own a Washington business, you might consider taking out a life insurance policy to protect that business in the event of your sudden death. For example, many Washington limited liability companies take out life insurance policies on their members. This can provide liquidity to buy out the member’s interest in… Read More »
What Happens If a Washington Probate Estate Goes “Unclaimed”?
Washington Attorney General Bob Ferguson recently announced the state recovered over $5.2 million in unclaimed property in the form of uncashed checks issued by MoneyGram. Under Washington law, such unclaimed property is turned over to the state’s Department of Revenue, which maintains a registry that anyone can freely search. If you have unclaimed property… Read More »
What Happens to My Social Security After I Die?
For many Washingtonians, Social Security serves as their primary source of retirement income. But what happens to your Social Security benefits after you die? Can you pass them on to your spouse or children like you would a private retirement account? The short answer to that question is “maybe.” Social Security only pays you… Read More »
The Corporate Transparency Act: What Spokane Business Owners Need to Know
The Corporate Transparency Act (CTA) is a new federal law aimed at combating money laundering, terrorism financing, and other illicit activities. Under the CTA, many Spokane businesses are now required to disclose detailed information about their “beneficial owners” – the individuals who own or control the company. This requirement adds a layer of transparency… Read More »
How Are Washington Revocable Living Trusts Taxed?
Revocable living trusts are an easy way to transfer your property without the need for probate after you die. In its simplest form, a revocable living trust transfers title to your property from yourself to your trustee for the beneficiary. During your lifetime, you can serve as your own trustee and beneficiary and are… Read More »
Do You Need to Include Intellectual Property in Your Washington Estate Plan?
Estate planning is about identifying the people you want to receive your property after you die. Most of us only think about our tangible property (household goods, personal effects), real estate, or liquid assets like cash when making our estate plan. But if you own any intellectual property, you need to consider what will… Read More »
Could Refinancing Your Home Waive Your Rights as a Surviving Spouse?
Washington law has long recognized a surviving spouse’s right to an “award in lieu of homestead” from their deceased spouse’s estate. Basically, the surviving spouse is entitled to an allowance from their deceased spouse’s property. This allowance takes priority over all other claims against the estate and is meant to ensure the surviving spouse… Read More »