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Douglas Jay Lineberry's Answers
- 98 Legal Answers
- 1 Legal Guide
6
Attorney answers:
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For a single member LLC, can I leave money in the company to reduce my individual tax?
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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My wife has a will from when she was married to her first husband. Is it still binding after their divorce?
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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4
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Home was sold 5 years ago, still own money on a home equity line of credit, can I file bankruptcy?
Yes, you can file bankruptcy and get a discharge of your obligation for the old home equity line balance. If the old home was sold and you maintained the home equity line obligation it simply became unsecured debt (much like a credit card). Based on the facts you've given there's no reason why you should not be able to file bankruptcy and get discharged from that debt.
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2
Attorney answers:
Is there a time litmit to when my discharge be revoked?
Taken directly from the UScourts.gov website: The court may revoke a discharge under certain circumstances. For example, a trustee, creditor, or the U.S. trustee may request that the court revoke the debtor's discharge in a chapter 7 case based on allegations that the debtor: obtained the discharge fraudulently; failed to disclose the fact that he or she acquired or became entitled to acquire property that would constitute property of the bankruptcy estate; committed one of several acts of...
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3
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How do you revoke a executor of an estate if that person is going to prison for the next 3-1/2 years?
RCW 11.36.010 states that certain persons are not allowed to act as personal representative (executor) of an estate. Disqualified persons include all "persons who have been convicted of any felony or of a misdemeanor involving moral turpitude." Assuming his sentence was for a felony offense what he wants or does not want, and his willingness to give it up, makes no difference. Sister could simply petition the court to be appointed as personal representative and bring a copy of brother's...
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4
Attorney answers:
Last Will and Testament document has our old residential address
I don't think I'd amend a will just to change the address in it. An address is not a required element of a will, so it's accuracy does not in any way invalidate your will. I generally recommend that you visit with an estate planning attorney every 18 to 24 months to review your estate plan and discuss whether your changing life circumstances warrant amendments to the estate plan. If at some point in the future you are making other amendments to your will you can change the address then. I...
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Witnesses to wills in washington state
Your interpretation is correct. RCW 11.12.020 states that the will must be in writing, signed by the testator, and "shall be attested by two or more competent witnesses, by subscribing their names to the will, or by signing an affidavit that complies with RCW 11.20.020(2), while in the presence of the testator and at the testator's direction or request." There are several appellate cases that have looked at this issue and statute and concluded that the statute does not require the testator...
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2
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Domestic Partner in Family trust home.
There's some question here as to what the domestic partner's status is. You are probably correct in stating that the trust owns the property. However, it is not necessarily correct to say that the partner is now a tenant or renter. It is possible to make someone a beneficiary of a trust for a specific term of years, in this case five years. If this trust creates such a term beneficial interest, then the domestic partner is entitled to be treated as a beneficiary as much as any other...
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4
Attorney answers:
In the State of Washington, can HOA dues be included in a Chapter 7 bankruptcy?
Yes, you can include pre-petition HOA dues in a chapter 7 bankruptcy. However, dues that accrue post-bankruptcy would not be discharged in chapter 7. If, then, it takes the bank another three months to foreclose after you file bankruptcy, the HOA could still pursue you for the additional three months of HOA dues.
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3
Attorney answers:
No Re affirmation was done on my car
It may not be helping your credit score, but you could regard this situation as a win. When you file a bankruptcy you're required to state your intent with respect to a vehicle - surrender, redeem or reaffirm the debt. If you don't make a choice at all the creditor can repossess (and the creditor can also repossess if you select "other" and write in "drive through" or "ride through" or something like that). If you designate that you're going to reaffirm it then you avoid the repo, but that...
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