Estate planning is multifaceted; it encompasses the laws of Wills & Trusts, real estate, business law, contracts, tax law, and many other areas of the law. It also serves a number of important purposes–it can help you avoid probate, minimize or eliminate estate taxes, provide instructions on how to manage your affairs during your incapacity, and settle matters and control your estate after your death.
We can help you develop a new estate plan or work with you on modifications to an estate plan that is already in place:
Basic estate planning documents include either a simple Will or a "pour over" Will with a Revocable Living Trust, Durable Power of Attorney for asset management, a Health Care Power of Attorney for healthcare decision-making in the event of your incapacity, and a Directive to Physicians (also called a "Living Will") to make sure that your wishes are respected regarding terminal illness, life support, and other end-of-life issues.
There are additional estate planning considerations for non-U.S. citizens and their spouses, including use of a Qualified Domestic Trust (QDOT) to defer the harsh tax treatment often given to non-citizens.
If you have children, you should also consider the benefits of a Trust to ensure that your children’s inheritance is properly managed and their assets protected.
If the total value of your assets is over the estate tax exemption amount (currently $11.58 million), you should explore the tax-saving benefits of a Marital Deduction Trust and Credit Shelter Trust, IRA Distribution Planning, as well as the possibility of incorporating an Irrevocable Life Insurance Trust, Charitable Trust, Family Limited Partnership and/or Family LLC into your estate plan.
Individuals with extensive property and/or business interests can benefit from Conservation Easements, Family Business Continuation Plans, “estate freezing” techniques, and our wealth management services.
If you have estate planning questions, give us a call at 253.858.5434 to set up an appointment today. We represent clients throughout Washington and Idaho and are available to meet in person (with appropriate social distancing protocols in place), by phone, or via video conference.