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Insight Law handles all Will, Trust, Probate and Estate Planning Matters. Call for a free consultation at (206) 397-4780.



Friday, June 1, 2012

How Much are Funeral, Cremation, and other End of Life Fees in Washington?

Is cost a consideration when determining whether you would prefer to be cremated or buried? 

Here is a chart that shows some estimated costs of these services in Washington. 







































If you would like specific recommendations of companies that have provided a good value and service to some of our clients, feel free to contact us. 

As always, we are here to answer your questions.  Call us at (206) 923-9356 or email Alerian at mailto:info@insightlawfirm.com if you have questions about this article or would like to schedule an appointment.

Alerian Hall is an estate planning attorney in Seattle, Washington.   Alerian Hall’s financial expertise (she was previously a financial advisor) enables her to provide a truly comprehensive and tailored estate plans for her clients.  Visit Insight Law’s website to learn more. 


www.insightlawfirm.com

Author: Alerian Hall

Estate Planning Attorney
Will Lawyer
Trusts Attorney
Probate Attorney

Tax Attorney
Tax Lawyer
Bankruptcy Attorney

Making Sense of Health Care Directives, Living Wills, and Advance Directives

Depending on what state you live in, you may have heard many terms to describe a document that essentially states what your decisions are in the event of your death or if you are in a terminal condition. The variety of different terms can be confusing.  

Generally, in Washington State, attorneys refer to a document that states your decisions in the event of a terminal illness or your death as a Health Care Directive.  However, Health Care Directives have many other names:



The titles of these documents are not as important as making sure that your documents state your decisions. So, for example, before you panic because you do not have a living will,  read through your legal documents to determine whether they address all of the decisions you face in the event of a terminal illness or your death:

These decisions include:
  • whether or not you would like artificially-provided nutrition and hydration if you are in a terminal condition,
  • whether or not you would like to be an organ donor,
  • who you wish to act as your attorney-in-fact to make health care decisions for you,
  • whether you wish to be cremated or buried, and how,
  • whether you would like a funeral, wake, or other type of service, and how
If all of these decisions are covered with your existing legal documents, then you can feel relatively confident that you have all the documents you need. If not, feel free to contact us to discuss what documents you need to fill in these gaps.

As always, I'm here to answer your questions.  Call me at (206) 923-9356 or email me at mailto:info@insightlawfirm.com
Alerian Hall is an estate planning attorney in Seattle, Washington.   Alerian Hall’s financial expertise (she was previously a financial advisor) enables her to provide a truly comprehensive and tailored estate plans for her clients. 

Clarifying the "Whos" and "Whats" of the Estate Planning Process


As you go through the estate planning process, it is easy to become confused with the different names assigned to different roles.  You will name an attorney-in-fact, executor or personal representative, guardian and trustee if you have minor children, and a successor trustee if you have a trust.  In addition, different documents are used to name the persons you choose for these roles.  The chart below is a reference for you to help keep straight "who" does "what".






As always, I'm here to answer your questions.  Call me at (206) 923-9356 or email me at mailto:info@insightlawfirm.com if you have questions about this article or would like to schedule an appointment.

Alerian Hall is an estate planning attorney in Seattle, Washington.   Alerian Hall’s financial expertise (she was previously a financial advisor) enables her to provide a truly comprehensive and tailored estate plans for her clients.  Visit Insight Law’s website to learn more.  

www.insightlawfirm.com

Author: Alerian Hall

Estate Planning Attorney
Will Lawyer
Trusts Attorney
Probate Attorney

Tax Attorney
Tax Lawyer
Bankruptcy Attorney

2012 Quick Summary Chart of Tax Changes


Here’s a chart designed to give you a quick overview of the 2012 tax changes that are most likely to affect the average person.

Let us know if you have any questions. 

Charts showing more detail on Income Taxes (Chart A) and the Saver’s Tax Credit (Chart B) follow the main chart.









Author: Alerian Hall

www.insightlawfirm.com

Estate Planning Attorney
Will Lawyer
Trusts Attorney
Probate Attorney

Tax Attorney
Tax Lawyer
Bankruptcy Attorney

Types of Trusts- Do you need a trust?



Revocable Living Trusts.
 A revocable living trust is a tool to avoid probate—a process that occurs at your death where the court helps settle your estate.  
If you do not have a tax problem, and you do not have out-of-state property, then you probably do not need a revocable living trust because Washington has a very efficient probate process.  As a result, the administrative hassles and cost of a revocable living trust often outweigh those of probate in Washington.
A revocable living trust does not in itself have any tax benefits, although these can be built in. 

Special Needs Trusts. If you have a child with a disability, I strongly recommend setting up a special needs trust in your will that goes into effect at your death.  This will ensure that the funds you leave to your disabled child will not disqualify them from receiving government benefits.

Other Types of Trusts. In addition to revocable living trusts, estate attorneys can create a variety of additional types of trusts to help you with estate tax planning goals.
For example, if you have a large estate, authorizing a credit shelter trust or disclaimer trust in your will is a relatively inexpensive way of saving estate taxes.  If you have permanent life, an irrevocable life insurance trust (ILIT) may be an efficient way of avoiding estate tax on your insurance proceeds. (FYI—Insurance proceeds are generally not subject to income tax, but they may be subject to estate tax.)    
Except for language authorizing a child’s trust in your will, most people do not need any trusts), but if you do have an estate subject to estate tax or a child with a disability, we can talk about your options.

Author: Alerian Hall

www.insightlawfirm.com

Estate Planning Attorney
Will Lawyer
Trusts Attorney
Probate Attorney

Tax Attorney
Tax Lawyer
Bankruptcy Attorney

Who should you choose to be your attorney-in-fact, guardian for children and executor?


Choosing people to fill these fiduciary roles is a big decision. If you are struggling over this issue, here's a summary of qualities to consider as factors. You'll also need alternates and second alternates.




Still coming up blank?  Institutional fiduciaries might be an option. 

As always, I'm here to answer your questions.  Call me at (206) 923-9356 or email me at mailto:info@insightlawfirm.com

Alerian Hall is an estate planning attorney in Seattle, Washington.   Alerian Hall’s financial expertise (she was previously a financial advisor) enables her to provide a truly comprehensive and tailored estate plans for her clients.  Visit Insight Law’s website to learn more. 

Author: Alerian Hall

www.insightlawfirm.com

Estate Planning Attorney
Will Lawyer
Trusts Attorney
Probate Attorney

Tax Attorney
Tax Lawyer
Bankruptcy Attorney

Probate: What You Need to Know


What is probate? 

Probate is a legal process using the court system following your death where your Personal Representative settles your estate. The following occur in probate:
  • Your Will is filed with the court
  • An inventory of your estate is made
  • Appraisals of property may need to occur
  • Debts are paid
  • Taxes are file and paid
  • You Will is proven to be valid
  • Your heirs are given notice
  • Your assets are distributed to beneficiaries
Probate generally takes over a year, which gives time for the above steps to occur, as well as time for creditors to collect (creditors have four months if publication of notice, and up to two years if no publication).

What assets are affected by probate?
Assets can be transferred to your beneficiaries upon your death in 2 different ways depending on what type of asset they are. First, some types of assets (see the assets listed in the left column below) are transferred directly to your beneficiaries based on the beneficiary designation you put on those assets. On the other hand, some types of assets (see the assets listed in the right column below) must go through probate, a process in which a court determine what your intentions were based on your will (or the rules of intestacy if you have no will).
Do I want to avoid probate?
It depends. Assets that go through probate will generally take longer to get to your beneficiaries. Also, probate can be expensive (attorney fees, filing fees, etc.) and a hassle for your Personal Representative. However, probate can be a good thing- especially if you have significant unusual debts, pending lawsuits (or potential professional liability), or a failed business. Also, very small estates have simplified (and therefore cheaper) procedures to follow. Families that are unclear on the entire financial picture of the estate may also want to go through probate to have the court sort everything out for them.
How can I avoid probate?
Use Proper Beneficiary Designations. First, a lot of your assets (see the list in the left column above) already avoid probate, if you have done your beneficiary designation correctly. However, most people will not correctly list their beneficiaries. For that reason, sometimes these assets will end up going back through probate or will not go to the beneficiary you intend.  It is essential you check all of your beneficiary designations to make sure they align with the estate planning we do.
Transfer Assets to a Living Trust. Second, other assets that normally go through probate can avoid probate if you transfer ownership of them from your name into a revocable living trust. This trust will generally be called something like "The Smith Living Trust." This trust is a fairly simple way to avoid probate, and is frequently used for out-of-state property (to avoid going through probate in 2 states).
Change the Ownership Form of Jointly Held Assets.  Finally, some assets that you hold jointly as “Tenants in Common” can be converted into an ownership form called “Joint Tenancy with Rights of Survivorship.” These assets would then pass directly to the other owner (a.k.a. the "joint tenant") upon your death, and vice versa. This is an easy solution when you want your spouse or RDP to receive the assets outright, but is not an available option for many types of assets.  A Community Property Agreement can also be useful tool. These ways of changing of ownership will generally override your will provisions, so it is essential to discuss this with me prior to making these changes.

How do I control who gets my probate assets since there is no beneficiary designation for those assets? 
A Will states your intention for who gets most of your probate assets (in addition to who you want as your Personal Representative).  However, for some assets, like your pets and furniture, you must create a list of these outside of your will.  Since this list doesn’t need to be witnessed, it’s a good idea to write it out in your own handwriting (to show that you really created it). 



STILL HAVE QUESTIONS? Please contact me. I’m happy to help (there’s no fee to chat with me). My email is mailto:info@insightlawfirm.com, and our website is http://www.insightlawfirm.com/.