Insight on Estate Planning - Year End 2020

Related Practice: Estate Planning & Administration

Here’s a brief glance at what you’ll find in the Year End issue…

 

Does a Qualified Charitable Distribution Make Sense This Year?

A unique provision in the tax code allows certain transfers, made directly from a traditional IRA to a qualified charitable organization, to avoid taxation. Although this benefit of a qualified charitable distribution (QCD) has been negated for 2020, there are still several viable reasons for making a QCD this year. This article explains how the current tax laws in 2020 affect QCDs. A sidebar details how QCDs work.

Consider All the Angles of Joint Ownership

Estate planners generally tout the virtues of owning property jointly — and with good reason. Joint ownership offers several advantages for surviving family members. But this shouldn’t be viewed as a panacea for every estate planning concern. This article details the two types of joint ownership as well as the advantages and disadvantages.

Shh! This Is a Silent Trust — Let’s Keep it Quiet

Generally, estate planning advisors recommend that individuals be upfront with family members about how they plan to divide their assets. However, when using a “silent trust,” sometimes referred to as a “quiet trust,” people will have to keep their plans to themselves. This article explains that a silent trust limits the amount of information shared with beneficiaries or, in some cases, keeps the existence of the trust secret.

Estate Planning Pitfall: You’ve Named the Wrong Executor

Appointing the executor of an estate is a critical estate planning decision. Many typically turn to a family member, such as a spouse or adult child, as a first choice. What happens when the person who would be the obvious choice turned out not to be the best one for the job? This brief article explains why choosing the “wrong” executor could cause a multitude of problems.

Do You Need a Revocable Living Trust?

A revocable living trust (RLT) is one of the most common estate planning devices nationwide, touted most often as a way to avoid probate. This article describes RLTs and provides important considerations for Washington resident estate planning.

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To discuss issues specific to your circumstances, contact one of our Estate Planning attorneys.