When to Consider a Lifetime Trust for Children
Despite some misleading assertions to the contrary, trusts are not the solution for every estate plan. Trusts come with baggage and the person setting up the trust (herein the “parents”)…
Don’t Forget to Use QCDs for Your RMDs
The end of the year marks the time when many people are doing two things simultaneously. First, they are deciding how much (or how much more) they can afford to…
Don’t Give 10% To Your Church In Your Will
Many people desire to tithe both during life and after death. Accordingly, giving 10% of their estate to their church (or other charity) is often a goal for a couple…
Asset Protection Strategy Overview
Managing and preserving hard-earned wealth is a priority for many individuals. However, the specter of potential creditors looms ominously, ready to lay claim to our assets at any moment. Whether…
A Refresher on the Gift Tax
A parent can structure a gift of $1M to a child today such that neither the child nor the parent will pay any tax. A common misconception is that a…
Use Retirement Accounts to Give to Charity in Your Estate Plan
Whether you know it or not, your “estate” is comprised of different assets with different attributes. Some of your assets will be governed by your will, while others will be…
Consider Declining to Act as Power of Attorney
A power of attorney authorizes a person (an “agent”) to act on behalf of the “principal” when the principal is no longer able to make his or her own decisions…
How Much Estate Tax Will I Owe (Back-of-the-Napkin Calculation)
Washington state has published its estate tax threshold for 2024. Spoiler alert: it hasn’t changed from 2023. When learning about the estate tax, people generally want to understand how to…
Navigating the Personal Residence Capital Gains Tax Trap for Seniors
As a senior citizen ages in her residence, she begins to understand a problem that has been brewing for years or decades. The house that she bought many moons ago…
Out-of-State Property Requires Special Attention in Estate Plan
Commonly called “Probate,” the laws that dictate the handling of a person's assets after their death usually depend on the state in which they reside. However, when it comes…
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