Insight on Estate Planning - August/September 2014
Related Practice: Estate Planning & Administration
Here's a brief glance at what you'll find in the August/September issue...
Unintended consequences: After divorce, review your estate plan to avoid surprises
The recently divorced have likely had their fill of legal documents and proceedings, but it's important that they review their estate plan as soon as possible to ensure they're protected against unintended consequences. This article explains how to retain control of assets and look out for the best interests of one's children, particularly in the event of remarriage. It shows how two strategies, in particular, can serve this purpose. A sidebar looks at how to help protect a child's inheritance in the event of his or her own divorce. Read more...
Protecting your real estate assets
When preparing an estate plan, asset protection for real estate is particularly challenging, because it's the only asset that can't be moved. Gifting it is one option, but this leaves the property exposed to creditors. This article discusses three strategies for protecting a home against creditors: tenancy by the entirety, homestead exemptions, and a qualified personal residence trust (QPRT). It also looks at protecting business and investment real estate. Read more...
How will the GST tax affect your estate plan?
A new grandparent often considers making a gift to the newest member of the family. However, before taking action, it's important to understand how the generation-skipping transfer (GST) tax may affect an estate plan. The GST tax is a flat tax on transfers that skip a generation. This article offers the definition of a "skip" person and particular situations in which the GST tax applies. It also discusses allocating the GST tax exemption in a way that maximizes the tax savings. Read more...
Estate Planning Pitfall: You own property outside your revocable trust
The primary purpose of a revocable trust — also known as a "living trust" or "inter vivos trust" — is to avoid probate. But, for those who are not diligent about transferring assets to the trust, that purpose may be defeated. This article describes why it's desirable to avoid probate and how a revocable trust and other strategies can achieve this end. Read more...
New Washington Law Allows for Transfer of Real Property at Death without Probate
Under a new Washington law, an individual may execute and record a Transfer on Death deed that will transfer real property to one or more beneficiaries at the transferor's death without the need for a probate proceeding. Read more...
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