Pets inherit the house: Portland owner’s life insurance policy goes to the dogs, cats

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A friend’s sudden death that left two old cats orphaned forced animal rights activist Elaine Budlong to face the future: What will happen to her cats and dogs when she dies?

“It’s a romantic notion to think that people will take care of them, but when it comes down to it, friends already ...

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Oregon Estate Transfer Tax Compliance Issues: Beneficiary Designations

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When a decedent who owned over $1,000,000 in assets passes away and all of his or her assets pass via beneficiary designations and not through the normal channels of estate administration, such as probate or trust administration, the Oregon Estate Transfer Tax Return (OR706) may slip through the cracks. This can result in hefty tax penalties and interest.  But how does the Oregon Department of Revenue know whether an OR706 should have been filed?  Who is liable for the taxes?

It is ...

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Oregon Estate Planning: The Basics

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Basic Estate Planning

 Are you considering creating or updating your estate plan?  Here is some helpful information to help you understand the basics about estate plans.

What is an Estate Plan?

An estate plan is a set of documents that provide instructions regarding your care and management of your assets if you become incapacitated and what happens to your property when you die.  A good estate plan will reflect your wishes, provide both financial and personal benefits, and will protect your loved ones. ...

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Gert Boyle: A Case Study in Surviving Unexpected Business Transitions

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Originally published in the Portland Business Journal in March of 2017. 

Gert Boyle is the famous face of Columbia Sportswear and the first woman ever inducted into the International Sporting Goods Hall of Fame. How she got there should be an inspiration for small business owners and anyone facing daunting odds. She defied cultural expectations, both in terms of gender roles and traditional retirement age. She is 93 years old, still involved in the business and still chairman of the board. ...

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Conservatorships vs. Guardianships: Learn the Basics

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Who can serve as the guardian or conservator?

  • A court will honor the protected person’s express wishes for who he or she would like to serve as guardian or conservator, if possible.
  • Usually a family member will serve as guardian or conservator, but he or she must be qualified to serve.
  • If there are family conflicts, or if no family member is qualified to serve as guardian or conservator, it may be best to have a third party serve as guardian or conservator. ...
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Care and Estate Planning for Alzheimer’s Patients

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Originally published in the Portland Business Journal on March 14, 2016. Co-written with Tracy Morgan, executive director at the Alzheimer’s Association’s Oregon Chapter. 

Since 1982, the Alzheimer’s Association has invested more than $350 million in more than 2,300 scientific investigations.

Thanks to the efforts of the Alzheimer’s Association and its partners, Alzheimer’s disease is now at the forefront of biomedical research, with 90 percent of what we know discovered in the last 20 years. Some of the most remarkable ...

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Tax Law Lessons: The Drawbacks of GoFundMe Accounts

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Originally published in the Portland Business Journal on August 24, 2016

On Oct. 1, 2015, Chris Mintz was shot seven times while trying to protect others from the gunman at Umpqua Community College in Roseburg

The day after the shooting, his cousin set up a GoFundMe account to raise $10,000 to help pay for his medical bills. Within three weeks, more than $812,000 in donations was raised for his care, making it the second most successful GoFundMe fundraising campaign at ...

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Tax Law Lessons: Mark Zuckerberg’s Charitable Pledge

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Originally published in the Portland Business Journal on March 11, 2016

Mark Zuckerberg, the founder of Facebook, has pledged to put 99 percent of his stock in Facebook toward advancing human potential and promoting equality. The value of his stock currently stands at $45 billion. Zuckerberg and his wife, Dr. Priscilla Chan, launched the Chan Zuckerberg Initiative in 2009 by forming a Facebook page for CZI. From the date that the page was launched until now, Zuckerberg and ...

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Tax Law: Five Tips to Help with Your Tax Bill When You Can’t Pay in Full

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What tax-law-tipsif you didn’t pay your tax bill in full on April 15? Don’t panic but don’t ignore the problem either. If you speak with any banker or financial advisor, they will tell you this is a common problem, especially if it is a cash flow issue.

(1) File your return. Make sure that you file your tax return as soon as possible, if you haven’t already. ...

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Portland estate planning question: I received an inheritance. What should I do?

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According to estimates given by MetLife, two-thirds of baby boomer households will receive some inheritance over their lifetimes, with a median amount of $64,000. For many families, this is a substantial amount of wealth and families struggle with knowing how to view this money. Here is a 10,000 foot perspective to keep in mind with regard to an inheritance.

portland-estate-planningAn inheritance should ideally create a ...

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