I figured since most people have off for Dr. Martin Luther King Jr. day today (my team has it off at least) we’d talk about the estate planning saga surrounding his family after he was assassinated. See, Dr. King died intestate. That means he did not have a Will. And it’s not terribly hard to understand why – he was only 39 years old (although I think he was obviously living a much riskier life than your typical 39 year…
It’s been some time since we talked about the step-up in basis, so I thought we’d revisit it. It’s a powerful tool that saves families millions of dollars in income tax every year. And it’s a missed opportunity for many families that don’t know about it and take actions that eliminate the step-up in basis. Let’s dive in! First, let’s define terms. “Basis” for our discussion, is the term used to describe the value of your property at the time…
Happy Sunday and officially Happy New Year! Since the Seahawks wrapped up the 1st seed in the playoffs and everyone is a fan again, I thought I’d talk about how you can make sure your Seahawks tickets get passed down to the next generation. The first thing to know is, if you want to take the decision making out of the hands of your heirs, you can create a revocable trust, allocate money for Seahawks tickets every year, and require…
Happy Sunday, and Happy New Year (in a few days)! Before I get into this weeks’ message, a reminder that we’ll be back in the office tomorrow, so if you’ve been waiting to hear from us during our Christmas break, we’ll be back. Now, let’s get into today’s topic – Happy New Year! I love the end of the year because it gives a great opportunity to reflect on what’s happened and look ahead to the future. And no, I…
Happy Sunday! Before I get into my topic(s) of the week, please read this entire newsletter. There’s some logistical stuff you don’t want to miss… Okay, let’s go! :) First, do you know what today is? It’s favorite, and least favorite day of the year. Why? It’s the winter solstice. Shortest day of the year. Sun came up at 7:54am and went down at 4:19pm. That’s simply unacceptable. However… with the shortest day of the year behind us, the only…
Happy Sunday! It’s holiday season, so I wanted to share a story with you about gratitude and luck. Brooke (my wife) and I played tennis on Friday with a bunch of other couples. One couple, was not a couple, it was two guys (for context – this is mixed doubles – one lady and one guy). I knew them both and made a joke about them playing together in mixed doubles. I knew one of the guys was just filling…
Happy Sunday! This week we’re doing something fun! One of you readers emailed me with a scenario and a question, so I thought I’d answer it here. Ready? Here we go! Very good letter and explained in a very clear and understandable way. Love the solution but, I won’t be getting married to get the exemption. SO, what can an 79 year old do so my kids can avoid having to pay close to $1mil+ in WA estate taxes when…
