About 644,868 small businesses operate in Washington, according to the U.S. Small Business Administration. When you are a business owner, estate planning can help ensure the continuity of your business. For instance, if you become incapacitated, a power of attorney...
Estate Planning
Why is it worth it to add funeral plans to your will?
The thought of planning for death might not be the most pleasant idea you will ever have. However, considering the uncertainties of life, it is important to make preparations for the future. One aspect often overlooked is including funeral plans in your will....
Estate planning tips to help you avoid probate
By planning your estate effectively, you can ensure a smooth transfer of your assets to your loved ones after you pass away. One key goal in estate planning is to avoid the probate process, which can be time-consuming and costly. Use beneficiary designations Some...
Reducing your estate tax burden in Washington
Estate taxes in Washington state have the potential to significantly impact the wealth you pass on to your heirs. However, not everyone has to pay them, and whether you do depends on the value of your estate. If you do wind up having to pay estate taxes, there are...
How can you avoid estate planning mistakes?
A solid estate plan ensures proper distribution of your assets after you are gone. While having a plan in place is important, avoiding common mistakes is equally so. To prevent errors, you must have a good understanding of the process. Get started early...
What is the difference between first- and third-party special needs trusts?
Parents of children with disabilities often utilize a special needs trust to plan for the financial future of their child. These SNTs are able to manage the beneficiary’s assets while still allowing them to remain eligible for public benefits. Medicaid and Supplement...
When to start the estate planning process?
Estate planning is a crucial step to ensure that your assets and property get distributed according to your wishes after your death. Many people wonder when they should begin the estate planning process, and the simple answer is that it is never too early to start....
Is hiding your estate planning from your kids a good idea?
Parents often hesitate when sharing the details of their estate planning with their adult children. Historically, parents have done this to avoid hurting their children’s feelings, avoiding requests for money now and, naturally, the difficulty of thinking of...
3 tax advantages of creating a charitable remainder trust
If your portfolio includes highly appreciated assets like stocks, bonds or an investment property, you may want to consider creating a charitable remainder trust. This type of trust allows you to make a substantial tax-exempt donation to a charity or charities while...
When should you update your will or estate plan?
Wills and estate plans exist to direct the division of someone's assets after they die. While planning ahead is great, it is also good practice to update your will or estate plan every few years or whenever you experience a significant life event. Here are a few...