Happy Sunday! I’m out of town winding up a vacation, and wanted to just give a little shout out to America as the 4th of July comes upon us. I hope you all have a safe, happy, fun holiday! Next week we’ll have some more helpful estate planning and probate strategies! Have a great day! Cheers, Christopher Small Founder/CEO CMS Law Firm LLC PS – we love referrals! If you know someone that could use our help, please let them…
Happy Sunday! I thought I’d talk about this as I seem to consistently get people checking in on us after talking to their CPA and or financial planner and being told you should not name your trust as the beneficiary on your retirement account because it messes everything up. Before I get to the rules, though, I want to make one thing clear – we WANT your questions! And, we want you to talk to and listen to the professionals…
Happy Father’s Day to all you dads out there! Hope you’re having a great day and getting to do whatever you want on your day. And, because I’m an estate planning attorney (and a father, and a son who’s lost a dad), you know I have to take this a little dark… :) When I woke up this morning I was thinking about all the dad things one thinks about. And one of the things that came up was the…
Attention Washington residents: Did you know our state has its own estate tax that kicks in at just $3 million? That threshold includes the value of real estate and life insurance payouts—even if your family never actually sees that cash. And the tax rate? It can climb as high as 35%. We’ve seen families pay hundreds of thousands in Washington estate taxes without ever realizing they were on the hook. How the Washington Estate Tax Works Exemption threshold: $3 million…
Happy Sunday! Last week we talked about how a Credit Shelter Trust (sidenote – miss a newsletter? They’re ALL on our website – https://cmslawfirm.com/blog) can help married couples take their WA state estate tax exemption from $3m to $6m. This week we’re going to talk about what to do after that to further reduce your estate taxes (these will also work if you are not married). A couple of notes before we get going though. Note 1 – if you…
One of the most common misconceptions I hear during estate planning consultations is this: “If I don’t make an estate plan, the government will take all my assets.” Let me clear this up right away—that’s not how it works. What Really Happens If You Die Without an Estate Plan If you pass away without a will, trust, or other estate planning documents, there are state laws—called intestacy laws—that determine who inherits your property. Here’s the general order of distribution: Spouse…
If you’re a Washington resident with a sizable estate, big changes are coming to the state estate tax on July 1, 2025. For the first time in over a decade, the exemption is increasing—but so are the tax rates. Here’s a breakdown of what’s changing and how to prepare. The Good News: Higher Exemption Threshold Starting July 1, 2025, the Washington state estate tax exemption will rise from $2.193 million to $3 million. This is the first increase since around…
