News Category: Estate Planning
Modernizing an Existing Irrevocable Trust
Many savvy estate plans include the use of an irrevocable trust that was established many years ago. However, the very nature of an irrevocable trust means that once the trust agreement is finalized, the terms of that trust cannot be amended or modified. Over the years, tax laws have changed and, depending on when the
Prenuptial vs. Postnuptial Agreements: What’s the Difference Between These Two Types of Agreements, and Which One is Right For Me?
It is becoming increasingly more common for modern couples, either before or during their marriage, to execute a written legal contract with the goal of protecting the separate interests of either partner in case of divorce, legal separation, or death. A prenuptial agreement or “prenup” is a legal contract that is signed before marriage. A
Importance of Beneficiary Designations in Estate Planning
Beneficiary designations are an essential component of every estate plan; however, these designations are often overlooked. As a bit of background, there is a distinction between probate assets and non-probate assets. Probate assets are distributed according to your will during a probate administration whereas non-probate assets are distributed outside of the probate process and are,
Avoid the Estate Planning Exemption Cliff: Plan to Take Advantage of the Current Exemption Before it Expires
In an effort to provide Americans with various forms of tax relief, in 2017 Congress enacted the Tax Cuts and Jobs Act (“Tax Act”). This act provided tax reductions in many different categories, but one of the most significant was that it nearly doubled the Estate Tax and Lifetime Gifts Exemption (“Exemption”). However, these tax
Durable Power of Attorney – One of Your Most Important Estate Planning Documents
We all make important decisions and engage in regular financial transactions without giving a second thought about our capacity to do so. But what if you suddenly lost the ability? What would happen? While most of us don’t spend a lot of time thinking about it, unexpected things can and do occur. For instance, you
Estate Planning for the Modern Global Family
Estate planning tends to be a topic that overwhelms most people. It can be further complicated for modern-day global families whose lives include international nuances. For example, when one spouse is not a U.S. citizen, certain legal considerations come into play that can impact your planning strategies. Further, more and more families have international beneficiaries
Estate Planning for Your Pets
When preparing your estate plan there are a number of things to consider including how to provide for your pets who are an important part of your life and ensuring that they are taken care of after your passing. There are a couple of options for estate planning for pets that range from including a
2024 Estate Planning Opportunities
The start of a new year is a great time to review your current estate plan or consider creating one. 2024 brings a number of opportunities for creating an estate plan, pursuing gifting strategies, and considering philanthropic goals. Here are a few estate planning opportunities for your consideration this year: Increased Estate, Gift, and Generation-Skipping
Estate Planning – Do I Need a Revocable Living Trust?
One of the most common questions we hear from our clients is “do I need a revocable living trust?” While in some states a revocable living trust is a vital component of any estate plan due to those state’s probate laws, Washington has very friendly probate laws and a revocable living trust is generally not
Back to School – Estate Planning for College Students
As college students prepare to move into campus housing and attend orientation, estate planning is likely the last thing on their mind. However, when a person turns 18, health care decisions and managing financial matters no longer reside with the parent. Having certain estate planning documents in place prior to the start of the school