Author Archives: Jay Butchko
What Happens if a Washington Trust Beneficiary Refuses to Accept a Distribution?
People often create revocable trusts in an attempt to keep their estate planning private. Unlike a will, which is subject to court-administered probate in Washington, a trust is generally not a matter of public record. That said, lawsuits can and do arise over the administration of trusts, in which case their provisions can still… Read More »
5 Things to Know About Irrevocable Life Insurance Trusts
Many Spokane Valley residents purchase life insurance policies to provide their family with some measure of financial security. With the typical life insurance policy, you pay monthly premiums and upon your death, the insurance company pays a defined death benefit to the beneficiary or beneficiaries you named during your lifetime. Usually, the beneficiary is… Read More »
What Will Happen to Your Family Business After You Die? Lessons from the NFL
Many Tri-cities residents own their own business. Some might even be owned together with other family members. This can raise a number of questions when it comes to estate planning. Do you want to leave the business to your children? Do you want it to be sold? If so, what happens to the other… Read More »
Frequently Asked Questions About Probate in Washington State
You have probably heard the term “probate” in connection with the death of a family member or close friend. But you may not fully understand what it means. In this article, we will look at some of the more frequently asked questions about probate here in Washington State, and what you need to know… Read More »
What is the Difference Between a Living Will and Power of Attorney?
Estate planning involves the execution of a number of different types of documents and other tasks that all work towards the same goal – to organize your estate for the future. The estate planning tools you use will depend on your own specific situation. However, most people should make their medical wishes known and… Read More »
Three Ways to Save on Washington Estate Taxes
The estate tax in Washington is among the highest in the country. The amount of estate taxes range from 10 to 20 percent and they increase depending on the value of the estate. Unlike other states, though, Washington does not have an inheritance tax. An inheritance tax is placed on the beneficiaries of the… Read More »
Tips for Avoiding Probate in Washington State
Going through the probate process in Washington State can be an expensive and time-consuming undertaking. The longer probate takes, the longer your beneficiaries will have to wait to receive the inheritance you left for them. However, not all estates in Washington have to go through the probate process and there are tips you can… Read More »
What is a Living Will in Washington?
Nobody wants to think about the end of life and it is easy to put it off, particularly for those who are young and healthy. However, careful planning can ensure that your final wishes are fulfilled and that you are treated with dignity. While living wills are an important part of any estate plan,… Read More »
Do All Estates Have to Go Through Probate in Washington?
Probate is a legal process overseen by the courts that is sometimes required after a person passes away. Probate gives the personal representative of a person’s estate the authority to pay the taxes and debts of the deceased, collect their assets, and ultimately transfer assets to beneficiaries. The personal representative of the estate is… Read More »
4 Things You Need to Know About Washington State Medicaid Planning for 2024
For many Washington residents aged 65 and older, the cost of receiving long-term nursing home or other institutional care is prohibitively expensive. Medicaid can provide benefits to cover these costs. But there are strict income limits and other eligibility requirements a senior must follow in order to qualify and remain eligible. So if you… Read More »