News Category: Estate Planning
Estate Planning 101: Making Exempt Gifts
I have yet to meet a client who wants to pay estate taxes. Tax avoidance is among the primary reasons people meet with estate planning attorneys and develop estate plans. In 2022, the federal gift, estate, and generation skipping transfer tax exemptions are $12,060,000 per person (which is indexed for inflation and will rise through
In re Marriage of Watanabe: Washington Divorce Law: Still No Joint Title Gift Presumption
The saying that “the beaten road is the safest” is typically associated with advice not to take unnecessary risks and to play things safe. In the law, the notion rings true for courts and their adherence to established precedent and rulings. Judges follow precedent to promote fairness and uniformity in handing down decisions, that way
The Importance of Post-Divorce Beneficiary Planning
When you’re in the throes of a separation or divorce, it is easy to forget the importance of updating your will and your estate plan. With so much happening in the here and now, things like beneficiary designations and estate planning can feel very much like an “I’ll get to it someday” problem. However, as
Estate Planning in the 21st Century
On January 1, 2022, the Washington Uniform Electronic Wills Act (“Act”) took effect and in so doing brought estate planning documents into the 21st century. The Act modifies existing requirements in order to enable people to execute a valid Electronic Will. The changes allow clients, witnesses, and attorneys to overcome challenges such as lack of
Seven Things to Consider about Prenuptial Agreements
Prenuptial agreements (prenups) are no longer the sole domain of the rich and famous. There are many reasons why more couples consider one as they enter into marriage. Each prenup is tailored to the needs, desires, and circumstances of the parties involved. What follows are some common factors to help you determine whether you would
WHAT IS AN ESTATE PLAN? DO I NEED ONE?
What is an Estate Plan? An Estate Plan is a set of legal documents that memorialize how you want your assets distributed at your death. A good Estate Plan will also include documents that provide for options to manage your assets and health during your life if you are unable to do so yourself. Estate
Christmas in July? UPDATE to ‘Tis the Season: A Gifting Opportunity
In November, 2020, we published the original post “‘Tis the Season: A Gifting Opportunity.” This is an update. If you are in the holiday spirit this season, you may wish to make gifts using the 2021 annual federal gift tax exclusion amount. To qualify for this exclusion for the year 2021, the gifts must be
Federal Estate Tax Legislative Update
Four months into the 117th United States Congress, the anticipated federal legislative proposals to restructure the federal estate tax are finally seeing the light of day. Senator Bernie Sanders and others recently introduced the For the 99.5% Act (the “Act”). True to its name, the Act takes direct aim at income and wealth inequality through
I Created an Estate Plan When My Spouse and I Had Kids, Why Should I Update it Now?
When you were younger, after getting married and having children, you met with a lawyer and created an estate plan. Now the kids are grown, finished with college, and are is settled in their adult lives. Of your three children, two are married. One has your first grandchild on the way. Your retirement is still
New Year, New Uncertainties: Estate Planning Changes on the Horizon
With Democrats gaining control of the White House, the House of Representatives, and, albeit somewhat tenuously, the Senate, there is a growing possibility of legislative changes to the federal estate tax laws to fulfill Democratic policy objectives and combat the significant budget deficits caused in part by the Covid-19 pandemic. In the unlikely event some