Relevant and Concise Estate Planning Blogs
Revocable living trusts can be one of the most useful parts of an estate plan, but only if they’re properly funded. Many people establish a living trust for their estate, but most will also fail to properly fund it – often resulting in an unintended probate process that may distribute property to unintended beneficiaries. […]
Read MoreOur lives can at times undergo significant changes, whether through our own means or by events we can’t control. When important events happen, it’s crucial to account for them in your estate plan by updating your will or trust to reflect the changes in your life. While the maintenance of keeping your estate plan up […]
Read MoreProtecting 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 […]
Read MoreRecently, 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. […]
Read MoreAll 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 […]
Read MoreBoth 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 […]
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Read MoreDepending 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 […]
Read MoreWhen 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 […]
Read MoreOne 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 […]
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