C Dennis Brislawn Jr's Answers

Tiered LLC tax reporting issues?

I agree that a disregarded LLC would merely pass its tax reportable data on to its member, i.e. the C Corporation parent. But some assumptions are being made here - remember that an LLC can elect different tax treatment from whatever is considered "default". Many one person or even multi-person LLCs elect treatment as S or C Corporations for various reasons rather than disregarded or partnership. Some multi-entity LLCs elect partnership treatment while some elect corporate treatment....

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How do you transfer a home after the death of your parent

Washington State generally will requires a probate to transfer real property titled in the name of the deceased person. This answer could be different if there was a surviving spouse taking under a community property agreement, the deed stated "joint tenants with right of survivorship", the property was titled in trust, etc., but your facts do not state this. So, a deed can be executed by a person in legal authority. You would get legal authority by admitting the Will to probate in an...

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Funding Business Interest to Living Trust

This is not a comprehensive answer, but I hope it will help. If it is an S Corporation, make sure that your trust is drafted with "Qualified Subchapter S" or QSST provisions. When you transfer stock to a living trust you are transferring your corporate interest. What the corporation owns in its own name as an entity is not relevant to this transaction. A corporation is normally set up for perpetual existence, at least until such time as it is properly dissolved. Just because a...

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I am excutor of my mothers revoccble living trust.

Washington State inheritance tax is imposed on estates over $2,000,000 as of this writing. This number includes equity in home, investments, life insurance, stuff, Muffy & Fluffy (cat and dog) - in short anything that has a value. Discuss how to establish value with your attorney or CPA for State and Federal tax reporting purposes. A living trust may elect treatment as an estate... there are some decisions to be made on reporting. Your mother's income tax Form 1040 must be filed, and the...

I am excutor of my mothers revoccble living trust.

Washington State inheritance tax is imposed on estates over $2,000,000 as of this writing. This number includes equity in home, investments, life insurance, stuff, Muffy & Fluffy (cat and dog) - in short anything that has a value. Discuss how to establish value with your attorney or CPA for State and Federal tax reporting purposes. A living trust may elect treatment as an estate... there are some decisions to be made on reporting. Your mother's income tax Form 1040 must be filed, and the...

Need Help - My girlfriend died before transferring deed - do I have to move?

It is vitally important for your brother to contact an attorney. If his finances are low, have him contact the low fee panel of the Washington State Bar or the Seattle-King County Bar Association. That said, we do not have "palimony" in Washington. Living together does not create a marriage. It can invoke basic and essential fairness, though, which is what the prior post alludes to in discussing a meretricious relationship. Your brother may have a number of claims. Respecting the deed,...

What's the maximum dollar amount for real estate income property allowed to be placed in by-pass trust with-in the living trust?

The answers by my colleagues were correct. However, there may be more to this story as it applies to you. The current exemptions at the federal level are in doubt (2010 there is no death tax and in 2011 there is a return to the federal 2001 EGTRRA level of $1,000,000 per person.) The current state exemption is static until changed. This means that you can get an incorrect result if you draft an allocation formula only for today without considering the changes tomorrow will bring or is...

What is the difference between living will and living trust in the state of Arizona?

As a general answer, a living will (sometimes called a directive to physicians) is a document permitted in your state that allows you to set forth conditions for withholding of certain life support measures. Normally, a living will takes effect when you are in a terminal condition and cannot express your current directions. Many times it is paired with a separate health care durable power of attorney, and when it is, you should be careful to indicate which takes precedence. Some states even...

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My husband named me as a partner on his LLC before we were married. Can this be done w/o my signature?

While I am not licensed to practice in Texas, and your address lists you as from there, a couple general considerations may help. You should talk to a lawyer in your state immediately, especially if there is a judgment naming YOU in your personal capacity. I am not clear on your facts, but if there is a judgment against the LLC this does not mean that you owe a dime personally. Let's review some concepts. First, you may or may not own a community property interest in the LLC. A full...

I'm the trustee for my sister's trust and now need to terminate the trust

There is no easy answer to this, and you ought to take the time to see a lawyer to advise you. Some will even meet with you without a charge. 1. You can resign as trustee and leave it to its own devices. 2. Sounds like a court was involved since there is a bond. You may want to have the court terminate the trust. Generally this would involve notice to beneficiaries and a hearing, with some kind of trust accounting for where the funds went prior to the trust becoming insolvent. Since...