When many people think about an estate plan they often think of the taxes involved. The federal estate tax is often first on their list of things they think they or their heirs are going to have to pay for. There are a few things about the federal estate tax that may be interesting for Kent area residents.
The thrill of a wedding is something that gets brides and grooms excited for months in advance of the actual event. A person's wedding is one of the happiest days of their lives and is an event that is anticipated by everyone in the family. But after the wedding there are certain important things that newlyweds should think about and one of those is estate planning.
Most Kent area residents know the importance of having an estate plan. Although most people know that estate plans are valuable some may think that they can be expensive. Do-it-yourself estate plans are available but can often lead to confusion.
When Robin Williams took his own life this past August everyone was in shock. The unexpected death of a beloved movie star and comedian affected many people. But since he died there has been a battle among his heirs over his estate. There are a few things that non-celebrities can learn from this conflict in order to make sure their estate plan doesn't have the same pitfalls.
For married couples in the state of Washington there are many estate planning options. One option available for married couples and domestic partners is a community property agreement.
It can be hard to stay on top of all of the changing media, electronic devices and social media websites. The majority of Americans have at least one kind of digital account like e-mail, Facebook or Twitter. But, what happens to these accounts when you die? It is important for people to know how to incorporate social media into an estate plan as part of their estate administration.
Baby boomers will be leaving over $30 trillion to their offspring over the next 30 to 40 years. That's an incredible amount of money that will be passed down to the next generation. How can people in Washington ensure that they are passing down this money to their heirs properly? There are certain things to keep in mind when it comes to estate planning.
The death of a loved one can be an emotional time. Many people going through the estate planning process in Washington know about probate. Probate is the court process that supervises the transfer of money and property, identification of heirs and payment of debts when someone dies. Probate can be a significant cost for an estate and there are ways, through careful planning, that probate can be avoided or significantly reduced.
Preparing for the future it common for Washington State residents and those across the nation. Whether it is for the short-term or the long-term, taking steps to protect the future and finances of an individual and their family is important. When a will is constructed during a person's lifetime, the details of the document could unexpectedly created issues during the estate administration. The probate process could be complicated if estate planning is not done properly, so it is crucial an individual carefully and adequately drafts the document.
When Washington residents execute their wills, they appoint an executor to wrap up their affairs. The executor pays off debts and taxes and pays out the inheritance to the heirs according to the will. After a few months, the executor's work is typically done and the estate is settled. However, there are types of estate plans that call for much longer term estate administration.