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Washington Estate Planning Blog

Gifting in your Will

You can structure your gift in different ways to meet your needs. For example, you can make a: Specific Bequest   a gift of a specific dollar amount, asset, or percentage of your estate to a specific person or organization. Residual Bequest a gift all or a percentage...

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Life Insurance

Did you know that the proceeds from your life insurance policy are included in your estate? You can use an irrevocable insurance trust (ILIT) to own your policy and still leave the proceeds to your family without having the funds included in your estate. There are...

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Kids and IRAs

Did you know that f you list your three children as your beneficiaries on your IRA and one of your children predeceases you that child’s children may get nothing? Did you know that if you name a minor as a beneficiary, they can’t legally own that IRA? Many parents...

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How To Protect Your Digital Remains

Perhaps you have a plan in place for those who will survive you. You have IRAs, Insurance, a Trust or two, a Will but what about your online life after death? How do protect your privacy and prevent identity theft? 1. Appoint a digital executor – This is a person who...

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Am I Married or Not?

Washington voters granted the right to marry to same-sex couples but that doesn’t change a thing as far as the IRS is concerned. The IRS continues to ignore state law and enforce the terms of the Defense of Marriage Act (DOMA) which provides that for purposes of any...

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The Family Cabin

Many families have vacation homes that hold a special place in the family history. Parents often want to leave this home to their children but if there is not a specific plan in place, such a ‘gift’ will end up being a curse. When planning for the transfer of the...

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IRAs and Divorce

If you are going through a divorce or legal separation and you or your spouse have money in retirement plans, you will most likely be required to share those assets.  IRAs are divided using a process known as “transfer incident to divorce” or QDRO, which allows legal...

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Prenuptial Agreements

A prenuptial agreement is a property agreement which clarifies and personalizes the basic property rights granted to married couples. In Washington, these agreements must be fair and should benefit both parties. If you are considering a second marriage, are marrying...

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Snowbirds

Many times people from the northern states fly south for the winter. If you are one of those snowbirds, you should make sure there is no questions as to your state of residence. Take steps to identify your preferred state of residence by preparing estate planning that...

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