Recent Blog Posts
The Corporate Transparency Act: What Spokane Business Owners Need to Know
The Corporate Transparency Act (CTA) is a new federal law aimed at combating money laundering, terrorism financing, and other illicit activities. Under the CTA, many Spokane businesses are now required to disclose detailed information about their “beneficial owners” – the individuals who own or control the company. This requirement adds a layer of transparency… Read More »
How Are Washington Revocable Living Trusts Taxed?
Revocable living trusts are an easy way to transfer your property without the need for probate after you die. In its simplest form, a revocable living trust transfers title to your property from yourself to your trustee for the beneficiary. During your lifetime, you can serve as your own trustee and beneficiary and are… Read More »
Do You Need to Include Intellectual Property in Your Washington Estate Plan?
Estate planning is about identifying the people you want to receive your property after you die. Most of us only think about our tangible property (household goods, personal effects), real estate, or liquid assets like cash when making our estate plan. But if you own any intellectual property, you need to consider what will… Read More »
Could Refinancing Your Home Waive Your Rights as a Surviving Spouse?
Washington law has long recognized a surviving spouse’s right to an “award in lieu of homestead” from their deceased spouse’s estate. Basically, the surviving spouse is entitled to an allowance from their deceased spouse’s property. This allowance takes priority over all other claims against the estate and is meant to ensure the surviving spouse… Read More »
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 »