Author: MCWS Law

In response to inflation rates, the IRS recently announced a few gift and estate tax changes that it will begin implementing in 2023. The changes will likely benefit your estate plan. If you don’t have a plan, or are looking to modify your existing plan, please contact a skilled estate planning attorney today! Gift Tax Annual Exclusion Beginning on January 1, 2023, the IRS will increase the...

The term “indemnity” often arises in the context of business contracts. In particular, it helps explain how one party to a contract will get compensated following a financial loss because of another party’s conduct. But please keep in mind that the particular way an indemnity provision will work often depends on the specific language used in an agreement. What Does “Indemnity” Mean? Let’s...

Under Washington law, “TEDRA” refers to the Trust and Estate Dispute Resolution Act. The statute is set forth in Chapter 11.96A of the Revised Code of Washington. The law sets forth the procedural framework with regards to resolving disputes that arise during the probate of an estate. What is a TEDRA Petition? A TEDRA petition is essentially a claim that you bring before the court that is...

If you want to dissolve your Washington Corporation or limited liability company (LLC), you’ll want to make sure you follow all the necessary steps. A failure to do so can result in the accrual of annual report fees and late fees. Not to mention, you might continue to receive phone calls and emails from people who believe you’re still in business. Simply follow the steps below and contact the...

A pour over will is a type of estate planning document that works in concert with a trust. Whether this will is ideal for you simply depends on your particular wishes and assets. Please make sure to consult with a skilled estate planning attorney to ensure your plan is current and is consistent with your desires. The estate planning lawyers at the McWilliams Law Firm are always here to help!...

A limited liability company is a specific type of business entity or structure. It’s often referred to as an “LLC.” The main benefits of the entity are that it provides business owners with liability protection, a flexible management structure, and certain tax advantages. What are the Key Features of an LLC? There are three important aspects to a limited liability company. The first is that it...

A sole proprietorship is a type of business structure where a person, referred to as a sole proprietor, is the sole owner of the business. While the sole proprietorship may have a business name, there is usually no legal distinction between the sole proprietor and his/her business. There are definitely several advantages associated with this type of business arrangement, but there are also...

The Independent Contractor Protection Ordinance (ICPO) is a new Seattle ordinance that is set to go into effect on September 1, 2022. The new law is designed to protect independent contractors in terms of both payment and information surrounding their conditions of work. Since our firm has already screened several calls regarding the ICPO, we provide the following details. Definition of...

The quick answer is that the state will decide who gets your assets via the process of “intestate succession.” In general, assets are transferred to your closest surviving relatives. The most likely recipients are your spouse, your children, your parents, or your siblings. If you currently don’t have a will, you should contact a skilled estate planning attorney now. Who Gets What When There Is...

In short, a partnership agreement is a legal document that directs how a partnership will operate. The document helps ensure business success in that it allows you to run your business in the manner in which you want to. In its absence, your partnership’s operations could be governed by your state’s partnership laws. Please contact the McWilliams Law Group now and get the skilled business...