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Protecting investments and ensuring they get passed to the right people in the unfortunate event of a death can be a complicated process when cryptocurrency is involved. After all, cryptocurrency is known for decentralization and security; if only you are meant to ever have access to them, how do you ensure your assets are properly […]

Recently, the Biden administration was considering repealing a long time tax benefit that affects your estate plan – the so-called “step-up in basis.”  Fortunately, there is no mention of repealing this benefit in the newest Biden tax plan.  The step-up in basis is one of the most powerful ways to save on capital gains tax.  […]

All states—including Washington—employ a legal process to close residents’ estates after they pass away. This legal process is referred to as probate.  In Washington, the probate process can be long and arduous – often taking 6-12 months or longer. Typically, an attorney is hired to navigate the process which can be costly. At Harbor Law […]

Both the federal government and the Washington state government impose a tax on assets after an individual passes away. Not all assets are taxed as there is an “exemption” amount—an amount of assets that are excluded from tax. The federal estate tax exemption is very high in 2021 at $11.7 million per person (however, Congress […]

Depending on the headline you read or the survey you saw reported, you may have heard that nearly half of American adults don’t have wills…or that just 40% have made estate planning arrangements…or that almost half of people over 55 still haven’t made a will. While the specifics differ and there’s no exact measure, the […]

When most people think about estate planning, the first thing that comes to mind is writing a will or creating a living trust. In other words, most people think in terms of passing property to loved ones. While that’s an important element of estate planning, it’s not the only one.  One area of estate planning […]

One of the most important elements of a comprehensive estate plan is the appointment of a healthcare agent, also known as a healthcare representative. The person you choose will make medical decisions for you if you become incapacitated. For example, your healthcare agent will authorize treatment and make choices for you if you are in […]

Wealthy, high profile people neglect estate planning more often than you might expect. Black Panther star Chadwick Boseman passed away without a will in 2020, though Boseman had been fighting cancer for four years. While estate planning failures aren’t the norm among celebrities, they’re neither new nor rare. Jimi Hendrix, Jim Morrison, Prince and Bob […]

Depending on the nature of the trust, choosing a trustee may be a bit different from choosing a personal representative or selecting a healthcare agent. The personal representative’s role is short-term, and largely consists of wrapping up a specific list of tasks that must be completed in order to settle an estate. A healthcare agent is responsible for […]