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.
Probate is a legal process that takes place after someone passes away, involving the distribution of their assets and settling their debts. In Washington State, the probate process follows specific rules and regulations. This blog post aims to provide a guide to understanding probate in Washington, including key steps, general timelines, and important considerations.
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.
Diagnosing memory problems can be difficult. Memory problems can be caused by depression, thyroid problems, a reaction between medications, dehydration, vitamin deficiency, stroke, infections, and dementia. If you are beginning to suspect that a loved one may be developing a memory problem, there are actions you can take immediately to help them.
To age in place successfully, a senior has to be able to engage with others, and remain healthy and safe in their independent living situation. The right technology can support their ability to do that. Discuss whether certain apps or devices might help your loved one stay safe and healthy, and consult with their primary care practitioner to identify areas where technology may help now and in the future.
Before he was elected, President Biden campaigned on a promise to lower the estate tax exemption limit, and to consider abolishing the step-up in basis for capital gains tax. While it is difficult to predict when the Biden administration will turn its attention to taxes, it appears that their current priorities are managing the pandemic and shoring up the economy. That leaves a small window to consider how these proposed changes may impact your estate plan, and to prepare any necessary changes in advance of when it will be discussed.
