Author Archives: Jay Butchko
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 »
What Happens to My Retirement Account After I Die?
When you set up a retirement plan such as a 401(k) or an IRA, you can designate a beneficiary who will inherit any money remaining in your account after you die. Typically, you would designate both a primary beneficiary and a contingent beneficiary. The primary beneficiary inherits the account automatically upon your death. Retirement… Read More »
Dealing with “Digital Assets” After Death in Washington
For many of us, our entire lives are contained on our smartphone. From our music collection to our most personal data, such “digital assets” present unique legal challenges when it comes to estate planning. So, it is important to understand what digital assets you actually own–and how you can dispose of them after your… Read More »
Can You Completely Disinherit a Spouse in Washington?
Making a will allows you to decide who will receive your property after you die. There are, however, some caveats. If you are married, your one-half share of any community property–i.e., assets acquired by you and your spouse during your marriage–automatically passes to your spouse upon death. Your spouse may also have certain inheritance… Read More »
How Does My Divorce Change My Washington Estate Plan?
Divorce is a time of transition. Aside from the emotional impact, ending a marriage requires sorting out a number of complex legal and financial issues. Even under the most amicable of circumstances, this process is often overwhelming. One thing many Spokane Valley residents fail to consider when they are in the midst of a… Read More »
How Often Should You Update Your Will in Washington State?
A last will and testament is a legal document that enables you to dispose of your probate assets upon death, name a personal representative for your estate, and exercise other legal rights such as nominating a guardian to care for your minor children. Every Washington resident should have a will regardless of their current… Read More »
What Taxes Will You Owe After You Die?
We often get questions about the estate tax and whether that will claim a share of a person’s assets after they die. In reality, the federal estate tax applies to just a small handful of estates, so few Washington residents need to concern themselves with Federal estate tax. That said, there are other tax… Read More »