Here’s a brief glance at what you’ll find in the April/May issue.
Small business owners may qualify for the special use valuation method
The need for estate planning is essential for small business owners who have most of their personal fortune tied up in the operation. Fortunately, they may have an ace up their sleeves: the special use valuation method. With this approach, a person’s executor may secure significant tax savings when the owner’s business interest is passed to heirs.
Need to make a “quick fix” to your will? Executing a codicil may be the answer
For most people, the first step in estate planning is to create a legally enforceable will. But what if some circumstances have changed since the will was drafted? It may be in need of a “quick fix.” This article explains how a codicil can supplement an existing will.
Decisions, decisions. Many factors go into deciding when to transfer wealth
A critical estate planning decision is whether to transfer wealth during one’s life or keep assets in his or her estate and transfer the wealth to loved ones after death. This decision is further complicated by the fact that the inflation-adjusted gift and estate tax exemption amount is currently scheduled to be halved after 2025.
Estate Planning Pitfall. You’ve overlooked digital assets in your estate plan
Traditionally, an estate plan addresses one’s tangible assets, such as cash and securities, investment real estate, vehicles, and a house. But this is 2022. Increasingly, people are living in a digital world, where prized possessions include online bank accounts, social media accounts, and other significant items protected “in the cloud.”
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. For Washington residents, however, avoiding the probate process should not be the primary purpose for utilizing an estate plan with an RLT because the probate process here is more streamlined than in most other states. This article provides background on RLTs and the Washington probate process and also highlights some important considerations involved in Washington-resident estate planning.
Click here to read the full Stokes Lawrence Insight in Estate Planning April/May 2022 newsletter.
To discuss issues specific to your circumstances, contact one of our Estate Planning attorneys.
