These clients were a married couple in their sixties, with three adult children. The couple’s assets totaled over two million dollars, which exceeds the Washington State tax exemption limit. Meaning that, at their death, the couple could be required to pay estate taxes based on the size of their estate and the assets in it. So, with this in mind, we created a Trust plan for the couple. This was the best option for this couple, as they could put all of their assets into the trust to avoid probate.
We also provided a Pour Over Will, Financial Power of Attorney, Medical Power of Attorney, and Living Will. The Pour Over Will provides for any assets that may miss being put into the trust, including assets that are acquired after the trust was created or accounts forgotten to be transferred by the client. It allows the personal representative, or trustee settling the estate, to “pour” any assets outside of the trust into the trust.
We also prepared the following documents for each spouse:
- Financial Power of Attorney;
- Medical Power of Attorney; and
- Living Will.
The Power of Attorney documents are to provide for the couple in the event that they are in a situation where they cannot make financial or medical decisions for themselves (i.e., incapacitated).
We prepared the Health Care Directive for end of life decisions, and to take the mystery out of what the couple would want to happen to them if they were in a permanent vegetative state.
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Need estate planning help but not sure where to start? Click the link to check out this free presentation I put together that will answer all your questions (it’s basically the talk I give at potential client strategy sessions):
https://cmslawfirm.com/foundation
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