Discover the essential steps to estate planning during your peak earning years. This comprehensive guide explains how to protect your assets, reduce taxes, and secure your financial legacy for future generations. From creating wills and trusts to business succession planning and managing health care directives, learn actionable strategies tailored for professionals and families looking to safeguard their wealth and ensure peace of mind.
The UTMA allows a custodian to manage assets on behalf of a minor until they turn 18, with the custodian holding significant control over investment and use of the assets. However, there are risks, such as the minor gaining full control at 18 and the impact on financial aid. A Trust, on the other hand, offers greater flexibility and protection, such as extended control over distributions, protection from creditors, and tax advantages. Trusts also allow for continuity of management in the event of a trustee’s death. While UTMA accounts are simpler, a Trust is often a more effective solution for long-term asset management for minors.
By delegating parental rights on a temporary and revocable basis, parents can ensure their children’s welfare, healthcare, and education remain a priority, even in their absence. For families navigating complex situations, such as military deployment or immigration issues, this legal tool can provide reassurance and stability. If you are considering a Custodial Power of Attorney, consult with a qualified attorney to ensure your document meets your needs and complies with state laws.
A Powers of Attorney (POA) is an estate planning tool in Washington, where you appoint a person, known as the agent or attorney-in-fact, to manage your affairs. An agent is commonly appointed to handle financial or medical matters, when you are unable to do so yourself, due to illness or injury. However, it can also be used by individuals in full health who wish to delegate authority to another person, for added convenience or assistance in managing their affairs.
Estate planning is often associated with married couples or wealthy individuals. However, it's equally, if not more useful, for unmarried individuals. Without a proper estate plan, state laws may dictate how your assets are distributed. This may not align with what you have in mind for your perso...
How Do You Choose an Estate Planning Attorney? You have been told about the significance of estate planning to secure your assets for the future. You have been informed that estate planning is one of the most loving things you can do for your loved ones. Now, how do you go about choosing the righ...
Updating Your Estate Plans Estate planning is a crucial task that many of us tend to overlook. Yet, it's an essential part of ensuring our family legacy and protecting our assets. An estate plan is not a one-time document. It's a living, evolving plan that should reflect our current circumstances...
If you reside in Washington, understanding the estate tax is crucial for safeguarding your assets and ensuring your loved ones aren’t burdened with unnecessary taxes. Proper estate planning can help minimize or avoid estate taxes through strategic gifting, irrevocable trusts, life insurance policies, and leveraging the marital deduction. With the federal estate tax exemption set to drop significantly in 2026, now is the time to review your estate plan. Consulting an experienced Spokane estate planning attorney ensures your estate strategy aligns with current tax laws, helping you preserve wealth and protect your legacy.
Washington State’s legal system is governed by the Revised Code of Washington (RCW), which consists of statutes enacted by the legislature and signed into law, and the Washington Administrative Code (WAC), which regulates state agencies. RCWs are categorized by Title, Chapter, and Section, covering areas like estate planning (Title 11) and criminal law (Title 9A), while WACs guide agency decision-making and enforcement. Since laws and regulations evolve, staying informed is essential, but legal matters can be complex. At The Whipple Law Group, we help clients navigate the legal system with clarity and confidence.
Dealing with the distribution of physical items in an estate can be a daunting task, and the question of “Who gets what?” often poses a significant challenge. Below, we'll explore common issues people face and some creative potential solutions to make the estate inventory process smoother and mor...
Spokane's Best Estate Planning Attorneys for 2024 The Whipple Law Group is proud to announce its selection to Expertise.com's Top 9 List of Best Estate Planning Attorneys in Spokane for the year 2024. This prestigious recognition is a testament to our firm's unwavering commitment to providing exc...
What Does it Mean to Be a Personal Representative? Being appointed as the personal representative, commonly known as the executor or administrator, of an estate is a position of significant responsibility and trust. Ultimately, the role demands integrity, clear communication, and a commitment to ...
Starting an Estate Plan Creating a plan for your estate is an essential task. It creates a road map for your family and beneficiaries to follow, in the event of your passing, that is clear and legally binding. The scope of your estate plan should consider all assets, as well as your medical care ...
Business succession planning (i.e., an estate plan for your business) is a crucial component of personal estate planning that ensures a smooth transition of ownership and management of a business from one generation to the next. Succession planning involves the development of a comprehensive stra...
Estate planning goes hand-in-hand with probate. Probate serves to legally transfer your assets to your heirs. Estate planning ensures that your assets are transferred in the manner you decide. You maintain control as to who receives your property and in what shares. Working with an experienced at...
What happens to my pet after I die? Our estate planning attorneys help you answer that question, and give you the peace knowing that your pet will be well taken care of after you are gone. For many pet owners, their furry friends are not just animals but beloved family members. The thought of lea...
If you own a home, business, or investments, there is a good chance that you will need a trust to protect your wealth. Because individual needs vary, it is almost impossible to approach trust creation from a one-size-fits-all perspective. Instead, your individual needs, personal goals, familial c...
What is an NFT? An NFT is the acronym for Non-Fungible Tokes. A NFT is something that is one-of-a-kind. It is unique but unlike, say a work of art, you cannot touch it. It is actually a digital asset. JPG files, GIF files, and MP3 files all might be examples of NFTs. Why is owning an NFT differen...
What is Crypto? Cryptocurrency is, “a digital currency in which transactions are verified and records maintained by a decentralized system using cryptography, rather than by a centralized authority.” Decentralized, meaning that it's an organization controlled by several offices or authorities, ra...
Most attorneys and law firms have their own approaches to legal representation. At our firm, we prefer an approach where we: First, engage in a fact-finding mission with our client in order to get the ‘lay of the land;' Second, identify our clients' goals, objectives, and primary concerns; ...
When considering trusts, it is helpful to keep in mind three central “characters.” These include the Grantor, the Trustee and the Beneficiary (or Beneficiaries). The Grantor is the person or persons who originally set up the trust. They set the terms of the trust and provide for its funding. The ...
Trusts Trust are very powerful and effective devices with regards to estate planning. Today, trusts are not just used by the very wealthy. People with a wide variety of income levels use them as estate planning tools too. Trust are very different from a Will. What is a Trust? A trust is often i...
What is a Living Will? Simply put, Health Care Directive, also called Advanced Directives or Living Will, provide instructions to your family and medical providers regarding what end-of life medical care treatment you want and do not want when this time approaches. Our health care directives (HCD...
What is a Durable Power of Attorney document? The difference between a durable power of attorney (‘DPOA') and a “non-durable” power of attorney (‘POA') document is fairly simple. If the POA is durable, it means that it will continue being effective in the event you become incapacitated. A “nondur...
At The Whipple Law Group, we draft separate Powers of Attorney (POA) documents for our clients. For instance, we draft a Financial Decision-Making POA, which specifies what decisions and actions the designated Powers of Attorney may take with regard to your finances. Our client decides whether th...