A life insurance trust can be a good strategy for avoiding estate taxes because it removes the proceeds of a life insurance policy from the taxable estate of the policyholder. When a person dies, the value of their estate is subject to estate tax, which can be a significant expense. However, by transferring ownership of [...]
A credit shelter trust, a bypass or exemption trust, is a type of trust used in estate planning to reduce the amount of federal or Washington estate tax owed by a deceased person's estate. Washington state has a state-level estate tax with an exemption amount of $2,193,000 per person (as of 2023). The federal estate [...]
One thing we've found when it comes to the probate process in Washington State is that there are quite a few people who either don't understand it or simply don't know specifics about how it works. We put a great deal of emphasis on client education because we believe a better informed client is one [...]
Before I answer your question, let me say that having a solid will that outlines how you want your estate handled upon your passing is a good idea. It helps to ensure your wishes are followed, and it can make the time after your passing easier on your heirs. That being said, it is wrong [...]
