Due to current federal and Washington state gift and estate tax laws, along with uncertainty with respect to future changes in these tax rules, this year represents a potential once-in-a-lifetime opportunity for many Washington families to reduce their taxable estate and pass on more of their assets to their beneficiaries. If you are a Washington …
Category Archive: Trusts
Nov
15
End of Year Estate Plan Check-Up
Estate Plan Check-Up It is always a good idea to review your existing estate plan on a regular basis to ensure that it still accomplishes your goals and reflects your current situation. Even if you don’t have a will yet, you still probably have an “estate plan” of sorts – retirement accounts, life insurance, living …
Jun
29
Washington Trusts: Credit Shelter Trust
A Credit Shelter Trust is an Estate Planning tool used by married couples specifically for the purpose of reducing estate taxes (or “death taxes”) due upon the death of the second spouse. The Credit Shelter Trust operates much the same way as a Disclaimer Trust by using the federal and state exemption amounts of the …
May
13
Washington Trusts: Disclaimer Trust
A “Disclaimer Trust” is a estate planning technique used by married couples in order to reduce or eliminate the estate taxes (federal and state) due upon the death of the surviving spouse (the last spouse to die). A Disclaimer Trust is one of several strategies that can be used in a will to accomplish efficient …
May
03
Washington Trusts: Revocable Living Trusts
A “Revocable Living Trust” is a trust established by a person (the “grantor”) during their life, most often for the purpose of using the trust to hold their assets (real estate, bank accounts, brokerage accounts, etc) so as to avoid probate upon their death. The grantor retains the ability to control and enjoy the use …
Apr
27
Estate Planning Steps and Process
Select a few estate planning attorneys that might be a good fit for you. Give them a call and see if they are going to meet your needs regarding budget, availability, expertise and personality fit. (Here’s a previous post on finding an attorney). Make an appointment for sooner rather than later. Finding time for the …
Apr
19
4 Lessons from a Washington First Responder Will Clinic
This last weekend I had the pleasure of participating in the Washington State Bar Association’s Will Clinic for First Responders (police, firefighters, paramedics). As a volunteer lawyer, I had the opportunity to assist in the estate planning (wills, powers of attorney, advanced health care directives) for a couple of families who put their lives on …
Apr
06
2011: Estate Planning in Washington Examples
The examples provided below are a follow up to a previous post regarding the current estate tax laws applicable to Washington State residents. The previous post can be found here. I have prepared the following hypotheticals to illustrate the importance of an Estate Plan incorporating specific provisions regarding Washington State taxes.
Apr
05
2011: Estate Planning in Washington State – The Good, the Bad and the Ugly
The Good News: Beneficial Changes to Federal Law for 2011 and 2012 After months of negotiations following the lapse of the Federal estate tax for 2010, Congress finally got around to enacting new estate tax rules at the end of last year. On December 17, 2010, the Tax Relief, Unemployment Insurance Reauthorization and Job Creation …