Give to Live & Be the Inspiration for Positive Change

Friend of the firm, Arlene Cogen, has the #1 new release in Finance on Amazon – Give to Live: Make a Charitable Gift You Never Imagined.

“This is a love story about your finances, taking care of family and making a difference. Whether you are new to charitable giving or simply keen to improve your understanding of giving and philanthropy, this is your book. It will free you from the haze of the complicated jargon, break things down in understandable terms and share ways to effectively and meaningfully include philanthropy in your life.”

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Life after Wayfair: Congress Steps In

We’re not ashamed to admit we’re a bit nerdy when it comes to tax matters. We always love talking/reading/studying (… eating/sleeping/living) tax and tax-related things. But even we think it’s been more exciting than usual in the world of state tax this summer!

The Supreme Court handed down its opinion in South Dakota v. Wayfair on June 21, 2018. Immediately after that, there was a flurry of activity as each state tried to address implementation of the “new” regime that would allow them to tax out of state vendors of tangible personal property into their states. Our initial look at Washington’s and California’s responses is here. Since then, lawmakers in dozens of states have proposed or introduced versions of the South Dakota law that attempt to tax remote sellers.

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Oregon Shifts Heavy Equipment Personal Property Tax Burden to Contractors starting in 2019

Large and small heavy equipment rental providers throughout the state of Oregon recently scored a huge victory when Governor Brown signed HB 4139 into law earlier last month. The new law replaces Oregon’s existing personal property tax system for heavy equipment with a 2 percent tax on every heavy equipment rental transaction starting in 2019. While many states have either eliminated personal property tax or have exempted certain manufacturing and construction businesses from ad valorem property tax, Oregon was one of the few remaining that offered no relief or reform of any kind for heavy equipment rental providers. Critics often cited the compliance costs associated with the business personal property tax as complex and burdensome in a way that discouraged many companies from accurately reporting. The old system was a location-based tax, meaning that a company would be taxed on heavy machinery it owned based on where it was sitting on January 1 of that year. Heavy equipment rental businesses often rent their equipment out all over the state and beyond, so tracking location of constantly moving equipment for tax purposes proved difficult and also created the potential of requiring companies to pay additional tax in multiple counties or states on the same equipment where assessment dates varied.

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Productive & Positive Planning for Aging: Check Your To Do List

A recent article broke down the often daunting and ignored tasks that make for good planning decisions when you or a loved one ages – – well in advance of when one’s ability to make such decisions may be taken away by changing physical or mental health – or the involvement of a court, in some cases. The article breaks it down into three categories.

As with many important decisions in our lives, knowledge is power, so arm yourselves accordingly. Naturally, the legal documents to effectuate your ultimate decisions are also a necessary part of the planning process, so make sure your estate planning attorney knows your plan, to make sure everything is in place to meet your legal needs.

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Changing Your Name and Gender in Oregon

Oregon is on the move to become a more transgender and non-binary friendly state.

In 2016, an Oregon judge allowed Jamie Shupe, a person who identified as non-binary to change their identity to a neutral third gender. The judge’s decision to allow a non-binary gender is widely believed to be the first of its kind in the United States.

After this decision, Oregon gained momentum in creating a more streamlined process for those who wished to change their name and gender. Changing one’s name and gender used to be a complicated process which was different county to county and which could not always be accomplished alone.

However, starting in 2017, the State of Oregon Judicial Department began providing statewide forms for both adults and minors who want to change their name and/or gender. The petition allows the applicant to decide whether they want to identify as male, female, or non-binary. The forms provide instructions for filling out a petition, where to file the petition, and how much filing the petition costs.

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Hands-Free Really Means Just That: Oregon Stiffens Ban on Distracted Driving

Oregon had allowed limited use of smart phones while driving, but beginning October 1, it is now illegal for drivers to use or hold an electronic mobile device. You are allowed a single touch or swipe to activate or deactivate a device or function, but do not talk on speaker mode while holding your phone, or you could be looking at a fine of $130 to $1,000 for your first offense, $220 to $2,500 for your second offense and a minimum of $2,000 and up to 6 months in jail for a third offense.

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Dynasty Disasters – Intergenerational Wealth

Running an intergenerational family-owned company can be very challenging. How do you balance present family and lifestyle goals, with operating a successful and growing company? How do you choose what is best for the family and its individual members, while also considering the future and thinking ahead to the next generation of the business?

While some family business dynasties such as the Mars Candy company and the descendants of William Randolph Hearst continue to thrive, other dynasties have crumbled. Frances Stroh was born an heiress to one of the largest beer companies in America, Stroh Brewery Company. In her new book “Beer Money: A Memoir of Privilege and Loss” she writes about her wealthy family’s downward spiral leading to the loss of their approximately 130 year brewing legacy. Ms. Stroh documents the missteps an intergenerational family-run company can make which could result in its collapse.

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Blachly & Costantino Speaking at Women Living a Richer Life Summit

Join SYK’s Victoria Blachly and Chris Costantino on March 23rd for an empowering day of coaching, connections, and conversation at Brighton Jones Women Living a Richer Life Summit.

The duo have been selected to speak at the event. Blachly and Costantino will be among the 10 exceptionally amazing women to chosen to take part in the summit.

The event will begin with Michelle Williams sharing her inspiration and vision for the Women Living a Richer Life Summit. Following the kick-off, be ready to engage in an interactive Q&A and to spend the day listening and learning. Attendees are encouraged to stay after, to celebrate the day together and share a toast at the cocktail hour. It’s a great opportunity to talk with speakers, and learn more about one another.

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