Douglas Jay Lineberry’s Answers

Douglas Jay Lineberry

Gig Harbor Estate Planning Attorney.

Contributor Level 12
  1. How long does a Chapter 7 bankruptcy last on a credit report?

    Answered over 2 years ago.

    1. Douglas Jay Lineberry
    2. Lawrence Michael Blue
    3. Derek R. Caldwell
    4. Walter C Oney Jr
    4 lawyer answers

    Chapter 7 bankruptcy will show on your credit report for 10 years from the date you file the petition.

    14 lawyers agreed with this answer

  2. For a single member LLC, can I leave money in the company to reduce my individual tax?

    Answered over 2 years ago.

    1. Douglas Jay Lineberry
    2. Bradley Richard Thompson
    3. Curtis Lamar Harrington Jr
    4. Andrew J Wyman
    5. Michael Charles Doland
    6. ···
    6 lawyer answers

    Since your LLC is a single member company it is probably a disregarded entity for federal tax purposes (unless you elected to have it taxed as a corporation). You can't leave money in one year and then withdraw the next year for tax savings - you are personally taxed on the net income of the LLC each and every year, whether you actually take the money out of the LLC's account or not.

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  3. Can a Revocable Living Trust (via trustee) hold title to property with an individual as a joint tenant w/ right of survivorship?

    Answered about 1 year ago.

    1. Douglas Jay Lineberry
    2. Shawn B Alexander
    3. Charles Adam Shultz
    4. Paul H Grant
    4 lawyer answers

    The Washington statute governing joint tenancies doesn't actually specify that the joint tenants must be natural persons, but it does use terms like "himself" and "herself". I think the reasonable implication of those terms, along with a good dose of common legal sense (why would you have rights of survivorship with something that cannot die?), indicates that you can only have a joint tenancy with right of survivorship between natural persons. And as the other answer notes, if you held it...

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  4. I just filed ch 7 bankruptcy and was informed that my deceased father left some money to me. What happens to the money?

    Answered about 1 year ago.

    1. Douglas Jay Lineberry
    2. Madhu Kalra
    3. Diana Carolina Valle
    4. Craig Steven Sternberg
    4 lawyer answers

    Under Section 541 of the bankruptcy code, the bankruptcy estate will include any property you acquire or are entitled to acquire by inheritance within 180 days after the date you filed your petition. You could try to argue that you were actually entitled to it as of two years ago when your father died, it simply took that long for the probate to be administered. That said, note that the statute reaches what you do acquire or are entitled to acquire. That argument would only reach the "...

    10 lawyers agreed with this answer

  5. Family Limited Partnership and Value Discount

    Answered about 2 years ago.

    1. Douglas Jay Lineberry
    2. Arthur Harold Geffen
    3. Larry R Schreiter
    4. Jared Reed Callister
    4 lawyer answers

    There are far too many variables that go into the valuation question than can adequately be addressed on a message board like this. Personally I've seen valuation discounts go anywhere from 5% to above 40%, but each situation is unique. The outcome is dictated by variables that include the specific mix of assets (real estate, securities, closely held business interests, etc.) as well as who is involved and how long the partnership has been in existence. Considering the complexity of the...

    10 lawyers agreed with this answer

  6. My wife has a will from when she was married to her first husband. Is it still binding after their divorce?

    Answered almost 3 years ago.

    1. Douglas Jay Lineberry
    2. Bruce Clement
    3. Rixon Charles Rafter III
    3 lawyer answers

    Under RCW 11.12.051, if a person is divorced after making their will, any provision of the will in favor of the ex-spouse are automatically revoked unless the will specifically provides otherwise. Also, under RCW 11.07.010, any non-probate designation in favor of a spouse (such as beneficiary of an account, annuity, insurance policy, etc.) are also automatically revoked. The law then treats the bequest to the former spouse as if the former spouse had died first (specifically as if the...

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  7. What are the estate rules in Washington with regards to spouses with children from previous marriages?

    Answered over 1 year ago.

    1. Douglas Jay Lineberry
    2. Kevin Terry Steinacker
    3. Michael Thomas Smith
    3 lawyer answers

    The information you received appears to be a reference to Washington's intestacy statutes. RCW 11.04.015 is basically the estate plan you get when you didn't bother to create your own estate plan. The legislature has therein set out how property is distributed in the event someone dies without having signed their own will (or living trust) to direct how their property will be distributed upon death. The statute directs property distributions based on the character of property (community or...

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  8. Are financial planning and estate planning the same thing?

    Answered over 2 years ago.

    1. Douglas Jay Lineberry
    2. C L Huddleston III
    3. Justin Jay Watling
    4. Lori Ann Strobl
    5. Matthew Aaron Wiley
    5 lawyer answers

    You really should do both of these things. Think of financial planning as what you will do in order to build assets that can be used to finance your son's care. Investments, insurance proceeds, etc. If something happens to you there's still going to be a lot of bills to pay. Estate planning is how you describe how the assets can be used. If your son is a minor when you die, who will manage the trust that holds the aforementioned assets? What can the funds be used for? When will the...

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  9. If I should pass before my husband, can he legally leave my money to his daughter? Would a will protect my "assets" ?

    Answered over 1 year ago.

    1. Michael Thomas Smith
    2. Douglas Jay Lineberry
    3. Dagmar Pollex
    4. Joseph Michael Pankowski Jr
    4 lawyer answers

    Are your funds actually deposited in an account that is designated as "joint tenancy with right of survivorship"? The typical alternatives for joint ownership of assets (in Washington State) are community property, tenancy in common and joint tenancy with right of survivorship. You only get the survivorship feature if the ownership designation is "with right of survivorship". If the designation is merely "joint tenants" it would actually be regarded as tenancy in common. In any event, if...

    8 lawyers agreed with this answer

  10. Can we remove my wife's mother from the deed on the house?

    Answered about 1 year ago.

    1. Chandra Melissa Lewnau
    2. Douglas Jay Lineberry
    3. Michael Thomas Smith
    4. James P. Frederick
    4 lawyer answers

    You should definitely talk to an attorney that knows something about long term care planning and government benefits (particularly Medicaid). You may have other planning options to pay for the cost of care without having to sell the house, but this area is not a do-it-yourself kind of thing. Talk to an elder law attorney that is well versed in long term care.

    7 lawyers agreed with this answer

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