Estate Planning

What is a trust?

What is a trust?

For the month of January, I’m going to explore trusts. Trusts can be a useful part of an estate plan, but they are not nearly as ubiquitous in Washington State as they are in man other parts of the country. In many states, like California and Florida, trusts are significantly easier and cheaper than probate, where a $670,000 estate could spend almost $34,000 on attorney fees and court fees. In Washington, attorney and court fees rarely exceed a few thousand dollars. Because trusts are not as frequently used in Washington, I get a lot of questions about what they are, how they work, and why I am (or am not) recommending one. This series of blogs will help explain what a trust is, what the differences are between different kinds of trusts, and when you might need one.

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Remarriage and Estate Planning

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Remarriage and Estate Planning

n a first marriage, the estate planning goals of each spouse are typically aligned: take care of the surviving spouse for as long as he or she lives, and then divide what’s left equally among the children. This also makes sense because most couples jointly own their assets, and estate taxes favor the surviving spouse.

But in a subsequent marriage, or when marrying later in life or after amassing significant wealth, the goals may not be so perfectly aligned.

When does "domicile" matter in estate planning?

When does "domicile" matter in estate planning?

The terms “domicile” and “residence” are often used interchangeably in normal conversation. In a legal context, however, their difference is significant, and can have a significant impact on your estate plan. Your domicile is the place where you maintain your permanent residence and where you intend to return for long periods. An individual can only have one legal domicile at a time. A residence, in contrast, is a place where you live and work, but without the intent of permanence.

What is your plan for tangible property?

What is your plan for tangible property?

There are three types of property that can transfer through a will: real property (also called real estate), intangible personal property (like cash, bank accounts, retirement accounts, insurance policies, etc.), and tangible personal property. Tangible, meaning “perceptible by touch,” refers to all the stuff we own – jewelry, vehicles, clothing, furniture, art, dishes, electronics, musical instruments, and more.

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National Estate Planning Awareness Week

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National Estate Planning Awareness Week

In 2008, the U.S. House of Representatives designated the third week of October as “National Estate Planning Awareness Week” in order to encourage American adults to create estate plans. Despite this, more than 50% of American over the age of 18 have estate plans. This year, in the face of a global pandemic, use this opportunity to learn how to protect yourself, your family, and your business.

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Medicare Open Enrollment October 15 - December 7

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Medicare Open Enrollment October 15 - December 7

Every year, Medicare health and drug plans make changes to costs, coverage, providers, and pharmacies in their networks. Between coverage changes and health condition changes, it is wise to revisit health plans during the open enrollment period annually. Medicare’s annual open enrollment period begins October 15 and ends December 7.

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How to Visit a Nursing Home

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How to Visit a Nursing Home

Nursing homes and assisted living facilities are beginning to allow visitors again. If you are considering visiting a friend or family member, it continues to be important to take precautions to prevent the spread of COVID-19. Even if nursing homes in your state are allowed to resume visitation, individual nursing homes may remain locked down due to local or facility-specific circumstances.

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Estate Planning Tools for a Beneficiary with a Substance Use Disorder

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Estate Planning Tools for a Beneficiary with a Substance Use Disorder

September is National Alcohol & Drug Addiction Recovery Month. In 2017 alone, 19.7 million adults in America experienced a substance use disorder. For people trying to support a family member struggling with addiction, estate planning can be particularly emotional.