By: Christopher Small | October 26, 2020 | Probate
A common probate question or concern is inheritance tax. Today I’m going to alleviate those concerns. To begin, in Washington State, there is no inheritance tax, either state or federal. BUT, the reason for that is because we’re not defining the obligation properly. Inheritance tax, technically, is a tax paid by the person inheriting the property. So, for example, a probate is opened and $100,000 is distributed to three people. If the inheritance tax started at $90,000, each person who…
By: Christopher Small | October 20, 2020 | Probate
We often get probate attorney calls for people wondering if they need to open a probate after their spouse or boyfriend/girlfriend dies. Today I thought I’d let you know where to start to figure that out. First things first, there’s a pretty big difference between spouse and significant other. One gets almost everything, one basically gets nothing (hint – if you are not married you REALLY need estate planning). If you are married, most of your property is likely to…
By: Christopher Small | October 19, 2020 | Probate
“Do I have to follow the will?” is a common probate attorney question, so I thought now would be a good time to address it. Before you think to yourself “of course you do!”, here’s a factual example. Let’s say Fred dies with a will. The will splits everything equally amongst his three kids. However, Fred already gave one of the kids a significant amount of money, and all of the kids are in agreement that that money already given…
A simple (but not easy) way to avoid WA State estate taxes. <a href=”https://cmslawfirm.com/strategysession”>Click here to schedule a FREE strategy session with an estate planning attorney.</a></strong>https://estatemeeting.com
How to gently let down your second choice for guardian of your kids. <a href=”https://cmslawfirm.com/strategysession”>Click here to schedule a FREE strategy session with an estate planning attorney.</a></strong>https://estatemeeting.com
Important trust funding reminder. <a href=”https://cmslawfirm.com/strategysession”>Click here to schedule a FREE strategy session with an estate planning attorney.</a></strong>https://estatemeeting.com
People often think Trust Administration is a lot more difficult than going through a probate. But the truth is, Trust Administration is often much EASIER than probate administration for one simple reason – there’s no court involved. But other than that, the process is very similar to a probate. First, the successor trustee needs to accept the appointment as Trustee. Second, a tax ID needs to be created and a bank account opened. Third, the assets need to be identified…
