If you are a business owner you need to think not only about routine estate planning but also what will happen with your business when you retire, die or become incapacitated. Recent studies show that approximately 27% of family owned or family managed businesses worldwide will change hands in the next five years. However, less… Continue Reading
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Hugg & Associates PLLC is a boutique law firm providing client-centered services to individuals and businesses. Our practice focuses on all aspects of elder law, estate planning, asset protection, business succession planning, probate and trust administration. If you are a business owner, in addition to the above services, we are experienced business, real estate, and contract law attorneys.
Shareholder Agreements – Smart Planning for Business Owners
Most closely held businesses with multiple owners should have a Buy-Sell Agreement, often called a Shareholder Agreement. Without such an agreement problems can arise. Upon an owner’s death his or her shares in the company will often pass to a surviving spouse. This may or may not be desirable from the surviving business owner’s point… Continue Reading
Power of Attorney
Tips to Creating Your Power of Attorney The Wall Street Journal recently ran an article about Durable Powers of Attorney and their potential for abuse. The article set out several recommendations to ensure your Power of Attorney will be honored and adhered to, as well as tips to minimize the potential for fraud. Among the… Continue Reading
New Provisions for Revocable Living Trusts
Recent changes to Washington’s law on trusts and estates codify certain aspects of revocable living trusts. Here are a couple of the new additions to the statute: A person must be at least 18 years old and of sound mind to create a revocable living trust. The statute also sets out a 24… Continue Reading
You Can Keep Assets Even If You File Bankruptcy
One of the most common misperceptions about Bankruptcy is that you will lose all of your property. That is simply untrue. You are permitted to retain a certain amount of property. You will list all of your assets on your “petition” and the schedules related to the petition. You, often with the assistance of your… Continue Reading
