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”)…
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…
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…
Beneficiaries
Think beneficiary designations are just a formality? Think again. In this quick video, Beau Ruff explains how these simple selections can override your will, impact your estate plan, and affect how your assets are distributed. Learn the importance of keeping them up to date—especially for retirement accounts, trusts, and minor children—and how they can provide flexibility or create complications.
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…
Protect Your Wishes with The Health Care Directive and Power of Attorney Combo
Are you confused about the Health Care Directive? Is it the same as a Power of Attorney for Health Care? And what about a Living Will, DNR, or POLST? These…
Setting up a Solo LLC is Simple; a Multi-Member LLC is Infinitely More Complex
When setting up a business, conventional wisdom dictates that the business be set up in a legal entity providing limited liability protection, like a Limited Liability Company (LLC). This is…
Remove Beneficiary Designations on Non-Retirement Accounts
Naming a beneficiary on your investment account might seem like a smart way to avoid probate—but it could actually disrupt your estate plan. In this video, Beau Ruff explains why removing transfer-on-death (TOD) designations from non-retirement accounts can improve estate liquidity, simplify asset distribution, and ensure your will works as intended. Learn how centralized control and thoughtful planning can better serve your heirs and your legacy.
Reconsider Adding Children to Your Bank Account
Adding your child to your bank account might seem like a simple way to ensure they can help manage your finances—but it could create more problems than it solves. From unintended disinheritance and gift tax issues to exposing your assets to your child’s creditors, joint accounts come with hidden risks. In this video, Beau Ruff explains why a power of attorney is often a safer, smarter alternative for granting access without giving up ownership.
