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THESE ARE INTENTED TO STIMULATE A BASIS FOR QUESTIONS RELATED TO YOUR PARTICULAR FACTUAL CIRCUMSTANCES – BEFORE YOU ACT.
THIS WEBSITE DOES NOT CONSTITUTE LEGAL ADVICE.
IF YOU WANT LEGAL ADVICE, PLEASE MAKE AN APPOINTMENT TO SPEAK WITH ME.
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A Revocable Living Trust is a notarized document creating a legal entity which can hold property to be flexibly distributed to beneficiaries by the appointed successor of the creator of the Trust without probate.
Another benefit of Trusts is protecting separate property. Many parents want to empower their kids to have a separate property account to put gifts both during life and inheritance for their adult married children. Doing so is a hedge against divorce as well as a hedge against an adult child with children of their own predeceasing parents and inadvertently disinheriting grandchildren because the surviving spouse remarries someone who likes their own kids better. This is what happened to Cinderella. When her dad died, her step-mom favored her step-sisters and abused her. If Cinderella’s dad would have had a separate property revocable living trust that would have become irrevocable when he died then the story would have been very boring because Cinderella would have been empowered. Empowerment is bad for drama, but great for your kids.
THE PANDEMIC WAY OF DOING THINGS
In the new pandemic way of doing things, I have to have an image of a driver’s license for each person, and I also have to have a separate email address for each person.
All discussions about estate planning are via recorded ZOOM meeting, even if at some point in the future it becomes safe enough that people want to come into the office in person again.
All signing is electronic via a recorded DocVerify appointment after a ZOOM meeting (signing in the initial appointment is no longer possible), even if at some point in the future it becomes safe enough that people want to come into the office in person again. I do not use paper and ink signatures on any estate planning documents anymore.
Clients must have time to review the documents before the ZOOM meeting and make notes about questions. Clients must take the time after the ZOOM meeting to check the documents for accuracy before giving the OK to sign. Once uploaded, the documents cannot be changed without re-executing all of them.
Because of the pandemic, I send a Legal Services Agreement to be electronically signed. Since no notary is required, you can sign whenever is convenient without an appointment for a recorded video meeting. However, I do have to have the driver’s license image and separate email for each person first.
One of the most popular reasons for creating a Trust is avoiding probate on business interests.
For example, the member interest in an LLC can be held as Trustee of a Revocable Living Trust in order to avoid probate of all assets held by the LLC.
IT IS IMPORTANT TO UNDERSTAND THAT AVOIDING PROBATE ON THE LLC MEMBER INTEREST AND AVOIDING PROBATE ON REAL ESATE ARE TWO DIFFERENT THINGS. A TRANSFER ON DEATH DEED SHOULD BE RECORDED TO TRANSFER REAL PROPERTY WITHOUT PROBATE IN ADDITION TO HOLDING THE LLC MEMBER INTEREST AS TRUSTEE OF YOUR TRUST.
Go to the Washington Secretary of State website to see if the name you want is available.
Then use the form below to form the LLC. Sample corporate documents are also included.
After formation there is a checklist you can use to stay on top of everything:
Get EIN number from IRS
Open bank account
Get business license
Open WA DOR account for payment of 1.5% gross receipts tax if needed (not needed for rental income)
Pay federal estimated tax
Christopher S. Mulvaney’s Mission:
To Always Be a Human Being First, and My Role Second.
To First, Do No Harm, then to provide the best legal outcome,
smoothest process, best value, and to make a positive difference in the life of every Client.
Christopher S. Mulvaney’s Mantra:
May I be filled with loving kindness for all life.
May I be safe from dangers within and without.
May I be healthy in body, mind, socially, and spiritually.
May I be at ease and happy, doing good in the world.
For more information about my practice in Bellevue, Washington, please consult my Blog.
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