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info@batemanlawgroup.com
(206) 224-0900

Estate Planning

The term “estate” may bring to mind images of huge mansions on great tracts of land, domestic servants, limousines, private jets and other Hollywood-inspired pictures of immense power and wealth.  But estate planning is not just for the rich and very rich—it’s something we all need to consider.  Estate planning is more than just trying to determine who will receive your assets when you’re gone.  It also involves planning your financial, legal, and family affairs for now and for your retirement years, as well as preparing for incapacity.

Guardianship

Guardianships tend to be the least favored means of dealing with the needs of an incapacitated individual because they are likely to be quite expensive and cumbersome to establish and to administer.  However, if there is no adequate durable power of attorney or living trust, or if there is a need for greater accountability, then a guardianship might be the preferred, if not the only, option available.

Probate & Estate Administration

Reduced to its basics, “probate” refers to the court proceeding under which the assets of a decedent’s estate are brought together, creditors are notified and paid, applicable taxes are paid, and the decedent’s estate is distributed to those persons entitled to receive the decedent’s assets.  There are a number of ways that an estate can be administered without such a court proceeding, but careful planning is essential to accomplishing that objective.

Trusts & Trust Administration

Trusts are incredibly useful estate planning tools.  A “trust” is a legal relationship under which a “trustee” is entrusted with certain assets and is required to deal with those trust assets solely for the benefit of another person, the trust “beneficiary.”  The person who creates the trust is called the “trustor” or “settlor.”  There are at least as many different types of trusts as there are different makes of automobiles, so it’s important to recognize that not all trusts are intended to serve the same purpose.

Real Estate

A qualified real estate attorney can help draft purchase and sale agreements, lease agreements, tenancy in common agreements, and other documents needed regarding real estate transactions.  It is also important to note that there can be certain benefits of selling real estate through an estate administration proceeding.  

Estate & Gift tax

Estate and inheritance laws differ from state to state, so individuals should consider the specific tax rules of the jurisdictions in which they reside or own property and how those rules will affect their specific estate plan.  The United States imposes an estate tax on estates having a taxable value in excess of $5 million (plus adjustment for inflation), while Washington State imposes an estate tax on estates having a value of over $2 million (plus adjustment for inflation).  The top state estate tax rate is 19%.  This means that more Washington families will need to deal with a significant state estate tax than will deal with any federal estate tax.