Senior
October 28, 2016 [B1]
www.rentonreporter.com • www.kentreporter.com
FALL 2016
LAW OFFICES OF DAN KELLOGG 425-227-8700
Whether or not we like it, and whether or not we are prepared for it, death is inevitable. Since this is true, it is best to be prepared for it – physically, spiritually, emotionally and financially. Preparation in all of these aspects is the key to a successful death experience. For the purpose of this article, we will focus on preparation for the financial aspects which involve estate planning. Estate planning is the process by which we implement a plan for the distribution of our assets after death to family members, friends or favorite charities. The plan can be implemented by several different strategies, depending upon the circumstances. A married couple with a non-taxable estate
might use a Community Property Agreement which will transfer all assets to the surviving spouse without the need for a probate proceeding. A single person (or the surviving spouse) might use a Last Will and Testament (or in case there is no Will, the provisions of state law) to provide for the disposition of their assets after death. If so, following their death there will likely be a probate proceeding if their assets include real estate or other assets which cannot be otherwise transferred after death. Another alternative would be a Revocable Living Trust to hopefully transfer the assets following death without the necessity of a probate proceeding. The choice of strategy by which the estate plan will be implemented is made in the light of all of the circumstances and the preferences of each individual. Estate planning is particularly important for young families with minor children. In the unlikely event that both parents die, it is important to provide a trust for the benefit of any minor
children. In the case of a taxable estate with a total value in excess of $2.0 million, many clients want to minimize the amount of the estate tax that will be due to the state or federal government following their death. Plans for this purpose may involve structured gifting strategies or the use of trusts. It is also typical that an estate plan will include a Health Care Directive (a so-called “living will”) by which a client will express their intentions regarding the use of artificial life support in an “end of life” circumstance. The client should also sign a Durable General Power of Attorney to designate an agent with authority to make financial and/or health care decisions for them during their lifetime. No one wants to think about death. But it is wise to make suitable estate planning preparations at a time when you are thinking clearly and have the strength to be sure that your intentions will be carried out.
Family of Friends • One and Two Bedroom apartments available
for Independent, Active Seniors 55+ • Washer/Dryer in each apartment • Indoor Pool, Fitness Room, Craft & Woodshop • Knitting, Sewing and Beekeeping Clubs! • Lots of Fun Activities & Trips!
206-243-0300 2805 S 125th Street Burien, WA 98168 www.boulevardparkplace.com
1682620
Estate Planning
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