What Is The Difference Between A Revocable And Irrevocable Trust? There are a few ways that trusts differ. One of the differences between a revocable trust and an irrevocable trust is the ability to make changes to them. If you are reading this then you may be looking into the process of deciding about a will or a trust. A good piece of advice is More
IRS Confirms Taxpayers Will Not Face Retroactive Gift Tax After 2025 Recently, the Internal Revenue Service (IRS) announced that taxpayers who make significant gifts now will not be hit with surprise tax penalties after 2025. For those affected by this proposed regulation, this is a major announcement. Before the IRS clarified this point, there was considerable confusion over how the 2017 tax reform law. Known as More
National Estate Planning Awareness Week Begins October 15 Take advantage of the upcoming National Estate Planning Awareness Week to put your affairs in order Doing so now reduces stress. There are many options available. In 2008, Congress passed a resolution designating the third week of every October as National Estate Planning Awareness Week. This period reminds everyone that the estate plans are easy More
The Two Main Types Of Trusts In Washington Although some probate is almost inevitable since a court must generally approve the will for it to take legal effect, a trust can considerably streamline the process, simply because when the decedent dies, the property passes through the trust, which is not subject to a will, as opposed to the decedent’s personal estate. People wanting More
Healthcare Directives vs Powers of Attorney: Do I Need Both? When it comes time to plan for end-of-life measures, many people become confused about what may be needed while they are still alive, especially if they become incapacitated. Both health care directives and powers of attorney are tools that can be useful if you lose the ability to manage your own affairs and/or make your More
Taking Care Of Your Spouse After You Die No one likes to think about the end of his or her life. However, in the event you do pass, your spouse will be left with your finances. Effect planning can ensure your surviving spouse doesn’t financially struggle if you pass. The below preparations will ensure your spouse is taken care of in the event More
Essential Elements of a Good Estate Plan Estate planning is a process involving advisors who are familiar with your goals and concerns, your assets and how they are owned, and your family structure. Estate planning covers the transfer of property at death as well as a variety of other personal matters. Further, estate planning can be used to minimize the costs and More
Creating a Valid Will for Your Estate A will is a legally binding statement directing who will receive your property at your death. If you do not have a will, the state will determine how your property is distributed. Wills are complicated but essential. It is important to leave your assets in capable hands. By creating a valid will you can also More
What You Need to Understand About 11th Hour Will or Codicil Changes When individuals are on their deathbed, things come into much clearer focus than before, and they may want to make some sudden changes to their will or codicil and estate planning documents. At the Law Office of Dan Kellogg, our estate planning lawyer assists individuals with their last minute will or codicil changes and ensure More
Common Estate Planning Mistakes and How to Avoid Making Them Though you may be uncomfortable discussing your own death, there are discussions you need to have to make your passing less stressful on your loved ones when it does happen. Estate planning is not something that should be done last minute, as it requires careful consideration and preparation in order to avoid making common mistakes More