Recent News

The Tax Cuts and Jobs Act (TCJA), enacted in December 2017, introduced significant reforms that affected various aspects of federal taxation, including changes to estate and gift tax provisions. One of the most notable provisions was the temporary increase in the exemption amounts for federal estate and gift taxes. However, these increases are set to… Read More

Federal law imposes a tax on gifts made in excess of a specific amount in a calendar year to a specific recipient (known as a “donee”). That tax is usually paid by the donor (the giver) of the gift. The specific amount is known as the annual gift exclusion. The annual gift exclusion is $18,000… Read More

The “basic exclusion amount” is the amount of a deceased person’s estate that passes free of federal estate tax.  This differs from the unlimited marital deduction that applies when one spouse dies and transfers all of his or her interest in property to the surviving spouse.  There is a basic exclusion amount for federal estate… Read More

Under a power of attorney, one individual, the Principal, grants to another individual or other appropriate agent the authority to take certain actions on behalf of the Principal. Often, a power of attorney is drafted broadly to give the agent authority to act on a variety of types of matters or with respect to the… Read More

In 1907, the state of Washington adopted the Torrens land registration system as an optional alternative to the recording system. The recording system required documents relating to real estate to be recorded with the county auditor of the county in which the real estate was located. (In King County, the county recorder, not the county… Read More

One of the primary goals of estate planning is to establish protective mechanisms for beneficiaries with varying needs. For instance, a young couple with children may opt for a trust and appoint a reliable trustee to manage assets until the children reach an age where they can responsibly handle their own finances. Alternatively, some individuals… Read More

Sometimes a parent is needed to make health care decisions for one or more of their children or a guardian is needed to make health care decisions for one or more of the children for whom the guardian is the legal guardian, but the parent or guardian is unavailable. This could happen when the child… Read More

If you are the primary breadwinner in your family and have purchased a life insurance policy to provide for your loved ones in the event of your untimely demise, you may be wondering whether the proceeds from that policy could expose your estate to estate taxes. Depending on the policy, these proceeds can range from… Read More

In the state of Washington, a Will must be “attested” by at least two competent witnesses. Those witnesses must sign their names to the Will or to an affidavit that complies with law and must do so while in the presence or the electronic presence of the testator (the person whose Will is involved) and… Read More