Category Archives: Estate Planning
Should You Take Out Life Insurance on an LLC Member?
If you own or co-own a Washington business, you might consider taking out a life insurance policy to protect that business in the event of your sudden death. For example, many Washington limited liability companies take out life insurance policies on their members. This can provide liquidity to buy out the member’s interest in… Read More »
What Happens If a Washington Probate Estate Goes “Unclaimed”?
Washington Attorney General Bob Ferguson recently announced the state recovered over $5.2 million in unclaimed property in the form of uncashed checks issued by MoneyGram. Under Washington law, such unclaimed property is turned over to the state’s Department of Revenue, which maintains a registry that anyone can freely search. If you have unclaimed property… Read More »
What Happens to My Social Security After I Die?
For many Washingtonians, Social Security serves as their primary source of retirement income. But what happens to your Social Security benefits after you die? Can you pass them on to your spouse or children like you would a private retirement account? The short answer to that question is “maybe.” Social Security only pays you… Read More »
Do You Need to Include Intellectual Property in Your Washington Estate Plan?
Estate planning is about identifying the people you want to receive your property after you die. Most of us only think about our tangible property (household goods, personal effects), real estate, or liquid assets like cash when making our estate plan. But if you own any intellectual property, you need to consider what will… Read More »
Could Refinancing Your Home Waive Your Rights as a Surviving Spouse?
Washington law has long recognized a surviving spouse’s right to an “award in lieu of homestead” from their deceased spouse’s estate. Basically, the surviving spouse is entitled to an allowance from their deceased spouse’s property. This allowance takes priority over all other claims against the estate and is meant to ensure the surviving spouse… Read More »
What You Need to Know About Charitable Remainder Trusts in Washington State
Many Spokane Valley residents want to include charitable giving as part of their overall estate plan. This can be something as simple as making a charitable bequest in their will or living trust. But if you are looking to make a more substantial donation, you may want to consider creating a charitable remainder trust… Read More »
What Happens to My Retirement Account After I Die?
When you set up a retirement plan such as a 401(k) or an IRA, you can designate a beneficiary who will inherit any money remaining in your account after you die. Typically, you would designate both a primary beneficiary and a contingent beneficiary. The primary beneficiary inherits the account automatically upon your death. Retirement… Read More »
Dealing with “Digital Assets” After Death in Washington
For many of us, our entire lives are contained on our smartphone. From our music collection to our most personal data, such “digital assets” present unique legal challenges when it comes to estate planning. So, it is important to understand what digital assets you actually own–and how you can dispose of them after your… Read More »
Can You Completely Disinherit a Spouse in Washington?
Making a will allows you to decide who will receive your property after you die. There are, however, some caveats. If you are married, your one-half share of any community property–i.e., assets acquired by you and your spouse during your marriage–automatically passes to your spouse upon death. Your spouse may also have certain inheritance… Read More »
How Does My Divorce Change My Washington Estate Plan?
Divorce is a time of transition. Aside from the emotional impact, ending a marriage requires sorting out a number of complex legal and financial issues. Even under the most amicable of circumstances, this process is often overwhelming. One thing many Spokane Valley residents fail to consider when they are in the midst of a… Read More »