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 ...
Legal Think Pieces
Estate Planning and Trusts (Part 1)
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...
Health Care Directives: What is a Living Will?
A Living Will—also known as a Health Care Directive—is a powerful legal tool that lets you control your end-of-life medical care decisions. In Washington State, it provides clarity for your loved ones and guidance for your doctors when you're unable to speak for yourself. Learn how a Living Will can protect your dignity, reduce family conflict, and ensure your wishes are honored.
Power of Attorney, Part Three: Durable vs. Non-Durable POA
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...
Power of Attorney, Part Two: Scope
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...
Power of Attorney, Part One: A Powerful Estate Planning Tool
When you are engaged in estate planning, the topic of Power of Attorney (POA) is likely to come up. At The Whipple Law Group, we include POA documents and Health Care Directives in our flat estate planning price. We do this because of the importance these documents hold and the vital role they ca...
Wills, Part Four: I Have My Will, Now What?
Review Your Will Regularly You should review your will every two to five years, or whenever your circumstances change. Changes that warrant revising your estate plan might include: Marriage Divorce Having a child Having children move out of the house Acquiring or inheriting a large ass...
Wills, Part Three: Where There is Will There is Way
At The Whipple Law Group, we talk to people every day about the importance of drafting a Will. But people often ask why they need a Will or believe they don't have a need for one at all. However, here are five basic reasons why you should prepare a Will: To Choose Beneficiaries The laws of the st...
Wills: Part Two, Do I Need A Will?
“Do I need a Will?” That is a question our firm often hears from clients. Many people do not believe they need a Will. However, these persons are often mistaken. Sadly, it is only after they pass that the reason a Will is so important becomes apparent. Why Do I Need a Will? There are a number of ...
Pet Trust: What Happens to My Pet if I Die?
If you have ever visited an animal shelter, then you have witnessed this sad sight: beloved pets whose elderly (or sometimes not so elderly) owners have passed away. With no one to care for them and, perhaps, no one with the resources to do so, the unfortunate fact is that these animals often end...
Wills: Part One, Keep It Safe
When someone hears the term “estate planning,” drafting a Will naturally comes to mind. While estate planning includes several tools including Power of Attorney documents, Trusts, and Healthcare Directives, a person's Last Will and Testament remains a fundamental element of successful estate plan...
Assets: What Does “Tax Basis” Means?
When working in the field of tax-related issues, it is easy to become confused by certain terms. One of these terms is “tax basis.” Have no fear, it is actually a useful term that is not too challenging to grasp once explained. What does tax basis mean? The term “tax basis” describes the value of...
Estate Planning Blog Series – The Basics
Many people become overwhelmed when confronted with the facts and issues involved in estate planning. This blog series is intended to provide a simple introduction to some of the related concepts and topics involved in estate planning. Goals: Our goals in offering these materials are simple: T...
Introduction to Estate Planning
Estate planning is an extremely important part of life. It is about making loving decisions, now, that will help your loved ones know what you want to happen later. For instance: If you are unable to make decisions about finances and medical issues, who will make them for you? Who will care ...