Washington's new trust decanting law grants trustees decanting powers over irrevocable trusts. Jenna Ichikawa explains what this means for irrevocable trusts in which the trustee has discretionary power to make distributions of principal.
Stokes Law Briefs
Wills do not typically govern "nonprobate assets." Jenna Ichikawa reminds readers that it is critical to consider what nonprobate assets they own, how those assets will pass at death, and whether the transfers are aligned with their overall estate plans.
Jenna Ichikawa explains how grantor trusts can be powerful planning tools.
Most Wills contain provisions for the appointment of a guardian in the event that both parents of a minor child are deceased. However, a Will is not effective until death and therefore is not effective to designate a guardian for a child whose sole parent is alive but mentally or physically incapacitated. Jenna Ichikawa explains what you can do to protect your children if you become incapacitated.
Many individuals do not realize that in addition to the annual $14,000 gift tax exclusion there are also unlimited gift tax exclusions for the payment of certain qualified tuition and medical expenses. Jenna Ichikawa explains how the exemptions work.
In the event that you become incapacitated, an agent designated under your power of attorney must step into your shoes to manage your property for your benefit. Jenna Ichikawa explains that accessible and organized financial records will assist your fiduciaries with doing their jobs seamlessly and efficiently.