There are a number of strategies that can be used in estate planning to reduce tax consequences. A grantor retained annuity trust (GRAT) is an instrument that can potentially allow a person to transfer wealth to the next generation with minimal or no gift tax...
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Estate Planning
Preparing Estate Planning Documents During the COVID-19 Pandemic
Given the uncertainties of the coronavirus pandemic, estate planning is more critical now than ever. No matter your age or health condition, there are specific documents that everyone should have in place to ensure peace of mind. Although COVID-19 and social...
Pros and Cons of Revocable Living Trusts
A revocable living trust is an estate planning instrument that allows you to keep assets in a protected entity during your lifetime and to pass them on to beneficiaries after your death. During your lifetime, you can serve as the trustee, maintaining full control of...
Making Sure Your Estate Planning Covers Long-Term Disability
Estate planning is largely concerned with anticipating and arranging the distribution of your assets after you die. However, a comprehensive estate plan should also include preparing for the possibility of a long-term disability. Research confirms that most Americans...
Using Community Property Agreements to Avoid Probate
Probate is a court-supervised legal process intended to ensure that a decedent’s estate is protected and distributed to the lawful creditors and beneficiaries. However, many individuals seek to avoid probate, wishing to spare their survivors the expense and delay...
Estate Planning During the Coronavirus Pandemic
The spread of COVID-19 across Washington and the rest of the country has understandably caused many people to fear for their own health and that of their families. The virus also has been a wake-up call for people to get their financial affairs in order. Perhaps it...
COVID-19 Crisis Speeds Washington’s Adoption of Remote Online Notarization
Notaries, who play critical roles in administering oaths, witnessing signings and authenticating documents, have always had to perform their jobs in person. But even before the spread of the coronavirus, legislation was in the works in Washington State to allow for...
How Can a TEDRA Agreement Help Settle Probate Disputes?
Distributing the assets of a deceased loved one can be difficult. Disputes can arise with even the most well-crafted will or trust, resulting in costly court battles among beneficiaries that can last years and split families apart. To make these disputes less...
What Estate Planning Steps Should You Take During a Divorce?
If you are married and have a will as part of your estate plan, chances are you named your spouse as the beneficiary to receive most of your assets after you pass away. If you do not have a will, Washington law provides that half of your marital assets will...