You may think that the only people who should care about estate planning are the lucky few with six- or seven-digit incomes, a lavish mansion in an exclusive suburb and a flashy sports car or two in the driveway. In fact, estate planning is a sound idea for anyone who...
Year: 2021
How can a generation-skipping trust help you preserve your wealth?
You’ve worked hard to build your wealth, and you’d like to keep it in your family after you’re gone. Of course, you also want to minimize the estate taxes owed by your loved ones. One means of doing that is through a generation-skipping trust (GST). Let’s look at what...
Financial abuse of the elderly: Recognize these 3 red flags
When people start getting older, sometimes they need to rely on others. Whom they rely on is just as important as how those people help them. There have been many times when the elderly have relied on the wrong people, and their families found out too late. They may...
Your move to Washington should prompt you to take a fresh look at your will
Many people move out to the Pacific Northwest looking for a change in pace to advance their careers or retire. While many new residents plan for many things, revisiting their estate plan that they originally drafted in another state usually isn't one of them --...
Estate disputes often involve sentimental items
Estate disputes have many causes, ranging from a will appearing to be fake to heirs wondering if their parent even had the mental capacity to write a will at the end of their life. There are usually solutions that can be found, but one of the most difficult situations...
How can you minimize the chances of family members contesting your will?
A contest over the contents of someone's will can happen for many reasons -- but some family situations are actually more likely to result in disputes than others. You may find it interesting to learn what motivates these kinds of family disputes after a loved one's...
Should you be paid for your services as executor?
Many people who accept the role of executor for family and friends agree to serve in that capacity without seeking compensation. There may be little money in the estate and the duties may be perfunctory enough that there is no need to seek payment. But then there are...
Be very careful when you name someone as a trustee
Creating a trust as part of your estate plan can be a great decision. When properly structured and funded, a trust can protect your assets from creditors, help you qualify for government benefits as you age and reduce the likelihood of people challenging your legacy...
Decanting: What can administrators do about “bad” trusts?
In Washington and other states, the administrator of an estate trust has a fair amount of power. Sometimes, such power can result in improperly administrated trust documents. However, in most cases, estate administrators want to do what is right for decedents and...