Bothell Celebrates the 'Greatest Generation'

Posted on August 9, 2010 by John Hugg

For the first time, the City of Bothell and The Greater Bothell Chamber of Commerce have come together to celebrate the members of what Tom Brokaw called the “Greatest Generation” – our senior citizens.

On Tuesday, September 14, 2010, Downtown Bothell businesses and other Chamber Members will honor our seniors with free give-a-ways, shopping, eating, discounts, historical tours, entertainment, prizes and even a wine tasting. The City will wrap up the festivities dedicating the day as Senior Citizen’s Day.

All senior citizens and their families are welcome to attend this all day event. While you can come any time, live entertainment is provided between 10:00 a.m. and 2:00 p.m. Parking is free and a shuttle service, available to all, will run from various retirement communities and the Northshore Senior Center to Downtown Bothell at regular times throughout the day.
 

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Don't Delay Estate Planning

Posted on August 6, 2010 by John Hugg

Last Sunday, the Seattle Times Newspaper, ran an article by syndicated columnist Chuck Jaffe that crystallized perhaps the best reason to plan your estate sooner rather than later. What I took from the article was you do not want to spend time thinking about getting your affairs in order if you only have a short time to live. Mr. Jaffe noted his late brother did his estate plan before becoming ill, and he was thankful he did not have to waste one precious minute worrying about wills, trusts and finances. When time is of the essence, you should focus on what really matters in life rather than the mundane details of what happens after death. There certainly is no better reason to plan sooner rather than later.

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Shareholder Loans

Posted on August 4, 2010 by John Hugg

In a family or closely held business it is relatively common for shareholders to loan money to the company. Often times, however, documentation of such loans is sparse or non-existent. This lack of formality can lead to a loan being recharacterized as a capital contribution. Capital contributions are often difficult to recover if the business has to file for bankruptcy protection. To increase the likelihood of recovery in the face of bankruptcy or creditor threats any loans to a family business should be properly documented. A recent article in Family Business Magazine outlines a number of elements to increase repayment protection. These include, among other things: properly naming the loan documents, fixing a maturity date and payment schedule, setting an interest rate (and not forgiving interest), securing the loan(s) with assets of the business, use the loaned funds for working capital, and making sure the company is adequately capitalized. In short, to provide added protection from creditors and bankruptcy courts, make a loan based on the same criteria commercial lender would look for, properly document the transaction and honor the terms of the transaction.

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