Author: MCWS Law

Creating an estate plan is a crucial step in ensuring your assets are managed and distributed according to your wishes after your passing. However, an estate plan is not a “set it and forget it” type of document. Life changes, and so should your estate planning documents. Here are key moments when you should consider updating your estate plan to reflect your current situation and...

As of June 6, 2024, Washington State has implemented significant new restrictions on non-solicitation provisions, aligning more closely with its stringent non-compete laws. These changes target agreements that, while not explicitly non-compete clauses, function similarly by preventing former employees from accepting business from previous, current, or prospective customers. What Employers Need...

In a historic move set to reshape the landscape of employment law in the United States, the Federal Trade Commission (FTC) has announced a new rule that bans most non-compete clauses. This landmark decision, aimed at fostering fair competition and protecting workers’ rights, promises to have far-reaching implications for both employees and employers. What Are Non-Compete Clauses? Non-compete...

An estate plan is crucial in that it helps ensure that your loved ones are taken care of, and your assets are distributed according to your wishes after you pass. One of the key components to any estate plan is your will. While it may seem daunting, understanding the basics of will drafting and key terms such as “residue” can make the estate planning process more manageable. Please...

Running a Limited Liability Company (LLC) comes with numerous perks, such as flexibility in management and limited liability protection for its members. However, alongside these advantages, there are various legal obligations that LLC owners must fulfill to maintain compliance with state regulations. One such requirement pertains to the filing of annual reports. Let’s delve into this...

In the realm of estate planning, trusts serve as invaluable tools for individuals to manage and distribute their assets according to their wishes. They offer a flexible and effective means of protecting wealth, minimizing taxes, and ensuring the smooth transfer of assets to beneficiaries. While the variety of trusts may seem daunting, understanding their purposes and functionalities can...

The U.S. Department of Labor recently announced a new rule to help employers decide on whether a worker is an employee or an independent contractor. The new rule took effect on March 11, 2024, and utilizes a six-factor test to make the employee/contractor determination. The rule will largely affect such industries as home health care, construction, trucking, and ride-share and delivery...

In the realm of estate planning, there are a host of different tools and strategies to help ensure the orderly transfer of your assets while also minimizing tax liabilities. One such instrument is the Credit Shelter Trust, also known as a Bypass Trust or a Family Trust. Understanding what a Credit Shelter Trust is and whether it fits into your estate planning objectives is crucial for the...

A testamentary trust is a powerful estate planning tool that allows people to protect and distribute their assets in a strategic and tax-efficient manner after they pass. Let’s take some time and explore the key aspects of testamentary trusts, their benefits, and how they can be instrumental in your estate plan. Please contact a skilled estate planning attorney now to make sure your wishes and...

We recently posted on the new Beneficiary Ownership Reporting Rule issued by the Financial Crimes Enforcement Network (FinCEN). The new rule went into effect on January 1, 2024. While our last post provided a general overview of the new rule, our office received several questions on what information the new rule actually requires a company to report. Let’s take a detailed look so that all your...