Author Archives: Jay Butchko
How a Washington Credit Shelter Trust Can Affect Your Future Estate Tax Liability
If you are married and own substantial real estate or property in Washington State, you may need to think about creating a credit shelter trust as part of your estate plan. A credit shelter trust is a type of irrevocable bypass trust that can be used to reduce the amount of federal or Washington… Read More »
What Happens If a Washington Probate Estate Runs Out of Money?
When a Washington resident dies, their probate estate is responsible for paying any debts or expenses left by the decedent. The personal representative (executor) of the estate must pay any valid creditor claims using the estate’s available assets. These payments take priority over any gifts or bequests made under the decedent’s will. But what… Read More »
Frequently Asked Questions About Payable on Death Bank Accounts in Washington
One way to keep your checking, savings, or other bank accounts out of your future probate estate is to register them as “payable on death” (POD) accounts. A POD account is something you need to arrange with your bank or other financial institution where you have an account. While POD accounts are sometimes referred… Read More »
Can You Probate a Copy of a Will in Washington State?
Probate is a court administered process and there are a number of formalities you must observe when executing a will in Washington State. To be accepted, the will must be in writing and signed by you (as the “testator”) in the presence of at least two witnesses. The witnesses must also sign the will… Read More »
What You Need to Know About Charitable Remainder Trusts in Washington State
Many Spokane Valley residents want to include charitable giving as part of their overall estate plan. This can be something as simple as making a charitable bequest in their will or living trust. But if you are looking to make a more substantial donation, you may want to consider creating a charitable remainder trust… Read More »
What Assets Belong in a Medicaid Asset Protection Trust?
If you are looking to qualify for Medicaid to receive help in paying for nursing home care, you may need to establish a Medicaid Asset Protection Trust (MAPT). A MAPT is an irrevocable trust that protects your assets from being counted against you when applying for Medicaid. When properly structured, MAPT assets will also… Read More »
What Is the Role of a Trustee in a Revocable Living Trust?
A revocable living trust is a common Washington estate planning tool used to hold and manage certain assets. The person who creates the trust is known as the settlor or grantor. The settlor funds the trust by transferring legal title to the assets to a trustee. The trustee then administers the trust assets for… Read More »
Could a Life Estate Deed Help You Keep Your House Out of Probate?
For many older and retired Spokane-area residents, their home is their most important asset. It is therefore understandable they wish to make plans for disposing of their residence after they die. While you can certainly bequeath your home as part of your last will and testament, that means putting your house through probate. Generally… Read More »
Will I Have to Pay Federal Gift Taxes If I Give Money Away Before I Die?
Not everyone waits until death to financially provide for their loved ones. Many individuals are happy to give their money away while they are still alive. But can this lead to tax complications? More specifically, will you have to pay federal gift tax on any money you give away before your death? How Federal… Read More »
Understanding the Limits of a Washington Power of Attorney
A Washington power of attorney enables you to appoint someone to act as your agent. Some powers of attorney are limited in scope. For example, you might appoint someone as your agent to sell a piece of real estate on your behalf. A general power of attorney, in contrast, grants your agent broad authority… Read More »