In the recent decision Estate of James A. Elkins, Jr. v. Comm’r, the Fifth Circuit Court of Appeals ruled that artwork owned by an estate was entitled to a significant 45% valuation discount, resulting in an over $14 million estate…
Read MoreA recent Washington appellate case clarified the distinction between “stigma damages” and “diminished value damages” to a vehicle involved in a collision and addressed whether their recovery may be excluded from an automobile insurance policy. In Ibrahim v. AIU Ins.…
Read MoreThe U.S. Supreme Court recently ruled that inherited individual retirement accounts (IRAs) are not exempt assets for bankruptcy purposes, and thus can be used to satisfy the claims of bankruptcy creditors. In Clark v. Rameker, the debtor had inherited an IRA…
Read MoreThe Seattle City Council unanimously voted to adopt a minimum wage for the City of Seattle, which will gradually increase to $15/hour and then automatically increase with inflation. All employers that have employees working within the city limits of Seattle…
Read MoreA recent Tax Court case, Estate of Olsen v. Comm’r, T.C. Memo 2014-58, demonstrates the importance of proper trust funding after the first spouse’s death. In Olsen, a married couple established two revocable trust agreements during their lives as their…
Read MoreWe are all familiar with franchises to some degree or another. If you don’t think you are familiar, just drive down a main street in any town, and you will surely encounter a franchised business at some point. Because franchises…
Read MoreRecreational sports, such as skiing, scuba diving and basketball can be a lot of fun but are not without their injury risks. Businesses involved in such sports can limit their liability by having participants sign a waiver, but should be aware…
Read MoreThe Washington State Court of Appeals, Division 1, recently clarified the time limit for a creditor of an estate to file a lawsuit against a personal representative who has rejected the creditor’s claim. In re Estate of Stover, involved an…
Read MoreThe Division I Court of Appeals recently split with Division II and held that a lender retains the right to pursue a deficiency action against commercial guarantors after nonjudicially foreclosing on deeds of trust securing the underlying loans. Washington Fed.…
Read MoreThe Certified Professional Guardian Board, a program run by the Washington state court system which governs certified professional guardians in Washington, has revised its standards for “meaningful in-person contact” with the incapacitated person. These changes were made following the Washington…
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