A Transfer on Death Deed is a powerful estate planning tool that allows property owners to pass real estate directly to beneficiaries without the need for probate. In this blog post, I’ll explore what a TOD deed is, how it works, when it’s helpful, and — most importantly — why you are probably better off using the probate process in Washington State
Credit Shelter Trusts, also known as Bypass Trusts or Family Trusts, play a crucial role in estate planning. These trusts offer a strategic approach to maximize the preservation and distribution of wealth, especially in the context of estate taxes. In this blog post, I'll delve into the key aspects of Credit Shelter Trusts, exploring their purpose, mechanics, and the potential benefits they provide for individuals and families.
How do I protect my daughter’s inheritance from her husband? I know they aren’t happy, and I think they will get divorced soon.
This is a common concern for a lot of my clients — how to protect their adult children from losing their inheritance. The answer is both simple and complicated, because there is the letter of the law, and then there’s what actually happens in reality.
Since the Supreme Court legalized same-sex marriage in 2015, it would be easy to think that estate planning for LGBTQ+ couples would be just like heterosexual couples. However, same-sex couples may have situations that require extra or special planning, such as adoption by non-biological parents or navigating unsupportive family dynamics. Estate plans for same-sex couples could be more vulnerable to contests from family members who don’t recognize the validity of the couple’s relationship, they could challenge custody over non-biological children if the biological parent passes away, or they could interfere with a spouse’s ability to make medical and financial decisions for their partner.
A postnuptial agreement, or “postnup,” is similar to a prenuptial agreement, except this legal contract is written and signed after the couple is legally wed. A postnup sets forth how assets will be divided, and may include other provisions dictating marital conduct like the division of household chores to monogamy expectations to how frequently in-laws may visit. Like a prenup, a postnup an be a powerful estate planning tool, when used properly.
A prenuptial agreement (sometimes called an antenuptial agreement, premarital agreement, or colloquially “prenup”) is a written contract entered into by a couple prior to getting married. The agreement enables them to select and control many of the legal rights they acquire upon marrying, and what happens when their marriage eventually ends (whether by death or divorce). Thus, it can be a powerful estate planning tool, if used properly.
When people move, they usually remember to get a new driver’s license, to update their voter’s registration, and to find a new doctor. But they usually forget to update their estate plan. While your existing estate play is technically valid in your new state, it may not have the same meaning that is had in your former state. Laws can vary significantly between states, and may affect your income tax, state estate or inheritance tax, and whether your property is considered marital or separate. What makes a good plan in California or Florida may not be favorable in Texas, New York, or Washington, and vise-a-versa.
