What Is A Special Needs Trust? There are many types of trusts and each is a different tool used to manage and protect the assets of a trust as laid out by a Grantor so that there is a benefit to beneficiaries. This blog covers the design and uses of a Special Needs Trust What is a Special Needs Trust? A More
Five Things You Need To Do To Provide For A Surviving Spouse Many people think that estate planning consists largely of drafting documents and keeping them in safe places. Attorneys do spend the lion’s share of their time on such important matters, because these documents are your only voice once you die. But there’s also a very practical component to the work we do. Hopefully, this post More
Four Types Of Living Trusts In Washington Trusts are some of the most important, and easiest to use, estate planning documents in Renton. These flexible instruments can take effect while the grantor (person who creates the trust) is still alive, or they can be part of a will. Trusts often offer significant tax advantages as well, and they often shield assets from More
What Is A Special Needs Trust? Many people are unaware that disabled people are restricted by law in the amount of assets they are permitted to own. If a disabled person acquires too many assets, whether by their own work, by marriage, or some other way, they will lose their disability payments. This sounds reasonable, but in reality, SSDI payments for More
The Termination of a Living Trust Once the trustee of a trust has distributed the assets to the individuals named in the document, it is time for the trust to end. The termination of a living trust is not something that most people give much thought to, and for good reason: the termination process is fairly anticlimactic and does not even More
Who Has the Power to Modify or Revoke an Irrevocable Trust? The term “irrevocable” typically means that something is unable to be revoked. When an individual creates an irrevocable trust, they do so with the intent that once it is created, it cannot be terminated. But does that mean it cannot be modified? Not necessarily. Some irrevocable trusts allow for their modification upon the settlor’s death More
What Happens to a Debtor’s Estate If They Die Before a Bankruptcy Discharge? When an individual files Chapter 7 or Chapter 13 bankruptcy, they do so to avoid having their property and assets seized by debt collectors. While bankruptcy is typically not a long, drawn-out process once filed, it still takes an average of three to four months to obtain a discharge. A lot can happen in three More
How to Support Your Disabled Child After Your Death For parents with a child with special needs, one of their biggest concerns is how they are going to continue to support their child after their death. While it is a parent’s first instinct to leave them a large amount of money in a private bank account, doing so could actually have negative implications on More
Is a Revocable Living Trust Right For My Estate Planning Needs? Making post-life arrangements is not something that many people want to do, but it is something that needs to be done despite the discomfort it may cause. Most people opt to create a will, as it is most conventional and requires very little maintenance once drafted and finalized. However, there are several estate planning tools More
Washington Estate Taxes 101 What is an estate tax? An estate tax is “a tax on the right to transfer property at the time of death.” An estate tax does not apply to everyone’s estate; whether it applies to you depends on the total value of your estate. How rich do I have to be for the estate tax More