Estate Planning and Funding Your Trust The number one problem estate planning attorneys see with trusts is funding your trust, hands down. In this episode of the show I talk about how to fund your trust to make sure that it actually happens. Before we get to how to fund a trust, let’s talk about funding your trust in general. It is important to remember that a trust is sort of like a box that you have complete control over….
What is Portability in Estate Planning? I’m often asked about portability in estate planning, though it isn’t usually by using the word “portability,” it’s usually by asking about estate taxes. What’s important to remember at the outset is that Washington State has its own estate tax. And that estate tax does not allow for portability. What is Portability The easiest way to talk about portability is with an example. Imagine a husband and wife. They have $10 million dollars worth…
How to Pick a Guardian When No Good Choices Today’s show didn’t necessarily originally start out about how to pick a guardian when there are no good choices, but the message fits in just as good. The main point is this – even your “okay” choice, your best choice out of all of your choices, is going to be better than the choice of a judge. And, the fact is, if it’s a tough choice for you, if there are…
Is Inherited Property Separate Property or Community Property? I had an interesting conversation today with someone who asked a question I think a lot of you might be wondering. But before I get to the story, I’ve got to provide a little context. This person wanted to give her property to her kid. But, she was worried that her kid’s spouse, whom was separated from the kid but still married to the kid, would use some influence to squeeze the…
#RichLifeLawyer Show 42: Estate Planning is NOT Death Planning When most people think of estate planning they think of death planning. They think of the 4 D’s. 1. Divide 2. Dump 3. Defer 4. Dissipate This is death planning at it’s core. And it’s a terrible mindset to bring to estate planning. Estate planning should be aspirational. It should be inspirational. It should not be centered on death because that’s not the point. Estate planning is not about death planning,…
I think the reason people do things is important. It gives you an insight into what kind of job someone will do from you, particularly when talking about something so personal as your legacy. So I wanted to share why it is that I decided to become an estate planning attorney. The video says it all, but here is a short summary… 1. I Want to Have Lifetime Relationships With My Clients One of the great things about being an…
#RichLifeLawyer Show 041: 3 Ways Estate Planning Can Help You That You Might Not Know I’ve talked before about what most people think of when they think of estate planning (and why that is dead wrong – pun intended). Today I wanted to talk to you about three ways estate planning can help you that you might not have thought of. Those three things are: Power of attorney; Medical power of attorney; and Health care directive (AKA living will) These…
