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Eric James Sachtjen

Eric Sachtjen’s Answers

27 total

  • If an LLC elects to be taxed as a corporation, does that mean it has to follow corporation rules and regulations (and not LLC)?

    Basically, to what extent, if any, does the form the LLC elects to be taxed as affect which rules and regulations govern it? My guess is that it doesn't, but wanted to know if anyone had experience with this. Note, this isn't about taxation or s...

    Eric’s Answer

    The LLC would follow state law rules for its governance and operations, but would need to meed federal tax law rules. There are often times crossovers of the two though. For example, your LLC might have multiple classes of ownership, but if the LLC is taxed as a corporation, and it elected S corporation status, this would violate the second class of stock rule. I recommend you speak with a tax attorney and have him or her work with your CPA.

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  • Revising a will.

    I need to revise my will but I don't remember where the old will is? the old will may have been held by an attorney or maybe the attorney recorded the will? I checked the recorded documents on the county website but it does not go back further tha...

    Eric’s Answer

    Contact the clerk of the Superior Court in each county you have lived in since them and ask them to search for your name. If that doesn't work, then search for the name of the attorney in the WSBA database at https://www.mywsba.org/LawyerDirectory . If that doesn't work, then if you execute a new will the language in it will have the language stating it revokes your prior wills and codicils. If you then file that with the clerk of the court, which you are not required to do, provided the last will has this language revoking the prior will, this last will shall control.

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  • I don't wish to take any business away from lawyers but can I purchase a Will Kit CD, fill in the blanks and get it notarized?

    Is that now a legal document?

    Eric’s Answer

    Yes. Make sure the program produces a document that meets Washington's requirements for the document in question. Whether you should do this is another question.

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  • Are executors of insolvent estates permitted to accept an executor's fee? How is gross estate value calculated?

    Is the gross value calculated based on the actual "selling price" of the assets or an estimated value provided by the executor?

    Eric’s Answer

    Executors are allowed a reasonable fee for their services. Executors inventory the assets of the estate and place a value upon them. Value is determined by the type of asset. Sometimes its is based by appraisal (real estate), sometimes it's based upon sales price. In any case, an "assets" value is determined based upon what a willing buyer would pay a willing seller for the assets (note a sweetheart price you would sell to a family member or a friend).

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  • The cost to write up 2 wills ????

    What do you think ???

    Eric’s Answer

    The cost depends on many factors including, the state and city in which you live, the size of your estate, the desired estate plan (i.e. outright to beneficiaries, in trust, tax planning). You should contact an estate planning attorney in your area who will better be able to advise you on the cost.

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  • What happens when a person dies without a will?

    There is little personal property and no debt. There is a spouse and 2 adult children. The home is in foreclosure and will be given to the bank.

    Eric’s Answer

    • Selected as best answer

    This type of probate is call an "intestate probate". Each state has different rules about who can request a probate be initiated and be nominated as personal representative. If an individual does not initiate a probate, then a creditor may. The bank is secured so it will get its assets without a initiating a probate. I see little reason why someone would initiate a probate under these circumstances.

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  • I'm looking for a lawyer to provide the following services: what type of lawyer should I consult?

    I need to start my business (LLC?), I also need to protect my intellectual property and also properly respect the copyrights of ideas and publications of those I reference in presentations that are part of the business (a health oriented workshop)...

    Eric’s Answer

    You should find a law firm such as ours with tax, business, and intellectual property attorneys. Those firms without all three won't be able to provide adequate advice. Feel free to contact me further with questions.

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  • CPA Firm as LLP or LLC or Partnership

    I am in the process of opening a CPA firm. I was wondering the best form to use. Partnership or LLP or LLC? Which is the best for a CPA firm if I have to go it alone? Guess I can't do the LLP if I want to do it alone. Can I use my wife as a partner?

    Eric’s Answer

    Most professionals incorporate as a LLC or a S Corp (or PLLC or PS). Your particular state may have a different name. You might have small self employment tax savings with a PS. But sometimes the tax savings are not worth the additional hassle with a S corp. Contact a tax attorney in your state.

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  • I have just received a $20,000.00 bill from my attorney on a will contest. I am out of money but the case has not gone to trial

    I am being charged with undue influence by my late husband's 2 adult children from a previous marriage. They were left out of the latest will and 2 others before that. I am out of money to continue this charge. They do not want to settle. Where do...

    Eric’s Answer

    Cases such as yours are expensive. You should consult with your attorney about the bill. If you are unable to pay, contact your local bar association who may be able to match you up with an attorney willing to act as legal counsel to you pro bono, or if there is a law school in your area, contact their legal clinic.

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  • If I am a beneficiary to my mother's estate, and she has died, shouldn't I have a right to the house key?

    the locks have already been changed by the executrix, and she is keeping everything hush hush, meaning she is not telling anyone anything, even when asked. The lawyer ignores all of our emails, and phone calls. There are four beneficiaries, one ...

    Eric’s Answer

    The personal representative takes possession of the decedent property. The attorney represents the personal representative, not the beneficiaries directly. It is the job of the personal representative to gather and distribute the assets to the beneficiaries. If the personal representative is not responding to you within a reasonable amount of time, then you might want to seek the advice of a lawyer to protect your share of the estate.

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