(Spoiler: It’s not good.)A few years ago, a potential client came in devastated. Her mother had passed, and she’d just discovered that her younger brother — 19 years old, a sophomore in college, zero financial skills — was getting a $500,000 inheritance.All at once.Within six months, he had dropped out of school, leased a luxury car, started “investing” in crypto, and generously funded the social lives of half his dorm. By month nine, the money was gone. All of it.She…
I thought it would be fitting to talk about something really uncomfortable for our 100th edition of the newsletter – and what’s more uncomfortable than death? In all seriousness, when someone dies, in addition to the grief felt from the loss, there are other practical things to know and do to make sure the transition is as easy as it can possibly be. So, here are three things to know when someone dies. 1. The Power of Attorney only works…
Happy Sunday! Today I want to talk about a question we get all the time here at the firm – “Why are estate plans so long? It seems like simpler is better.” It’s a great question, and today we’re going to answer it (briefly! No long lawyery answers here!). I’d say there are three reasons estate plans are so long. First, this plan is designed to describe your wishes and appoint people to represent you and your family when you…
let’s talk about taxes… Happy Sunday! Before I get into the fun stuff I have an important announcement to make – we found our new Corina! I mentioned a couple of weeks ago we were in the market for a new office manager – our beloved office manager Corina is moving out of the state for family reasons – and we found someone! Carrie has been with the team for about a week, is learning the ropes, and is going…
This one’s going to be short but packed with thought provoking material. So buckle up! I’m in Spokane at the boys state basketball tournament so I’ve had A LOT of time to think. :) One of the things people always want to know, or would like guidance on, is distribution schedule. Here’s the super short version (and, spoiler alert – frameworks coming up, not rules!). First, you should always start with your own family values and philosophies. If you think…
I thought I’d write about why estate plans are so long this week because I’ve had a few clients ask about it. The question is something like “our stuff is so simple – do we really need all of this?” And that’s a great question. And here’s the answer. 1. We’re trying to be clear. It’s important to remember your plan is going to be used AFTER you are gone and can no longer provide insight about what you meant,…
At the firm we talk with clients all day about different strategies one can employ to reduce estate taxes. Credit shelter trusts… Gifting… Moving out of WA state… And those are all great – but they’re not really that fun for YOU. Well, that all ends today. Are you ready for the most fun way to lower your estate taxes? SPEND IT ON THINGS THAT MAKE YOUR LIFE BETTER! If your assets are significant enough to worry about estate taxes,…
