Archive For: Estate Planning & Probate
Washington State’s Estate Taxes For 2015
By: Washington State Estate Planning Lawyer Per E. Oscarsson
The “applicable exclusion amount” is the amount of a deceased person’s estate that passes free of 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 an applicable exclusion amount for federal estate tax purposes and an applicable exclusion amount for the state of Washington’s estate tax purposes. Under both federal and Washington State law, the applicable exclusion amount is subject to adjustment. For federal estate taxes, the applicable exclusion amount is $5,430,000 for 2015. At the time of
Changes To Estate And Gift Taxes For 2015 in Washington State
By: Washington State Estate Planning Lawyer Per E. Oscarsson
The “applicable exclusion amount” is the amount of a deceased person’s estate that passes free of 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 an applicable exclusion amount for federal estate tax purposes and an applicable exclusion amount for the state of Washington’s estate tax purposes. Under both federal and Washington law, the applicable exclusion amount is subject to adjustment. For federal estate taxes, the applicable exclusion amount for 2014 is $5,340,000. That will increase to $5,430,000
Beresford Booth Wins Court Of Appeals Case, Including Award Of Costs And Attorneys’ Fees For Client
By: Washington State Estate Planning & Probate Lawyer Matthew J. Cruz
The Washington State Court of Appeals, Division I, issued its decision in the Matter of the Estate of Karl O. Molck, agreeing with the arguments made by Beresford Booth attorney Matthew J. Cruz. The Court decided the issues in favor of the estate and awarded the estate and its personal representative their costs and attorneys’ fees from the appellant. The Court of Appeals affirmed the trial court’s decision to dismiss a creditor of the estate’s TEDRA Petition because the creditor failed to bring a separate claim against the estate, as required by RCW 11.40.100(1). The Court of Appeals further awarded
What Is The Process Of Estate Administration In Washington State?
By: Washington State Estate Planning & Probate Lawyer Matthew J. Cruz
In Washington State, when someone passes away, their estate will need to be administered. In general the process of estate administration accomplishes three basic purposes: 1) gathers together all of the Decedent’s assets; 2) pays all of the Decedent’s debts; and 3) distributes the net remaining estate to the Decedent’s heirs and beneficiaries. Though these are the basic steps of administration, the process is different depending on how the Decedent organized their estate and how the Decedent chose to implement their estate plan. For example, a Decedent may have died with many assets or with just a few. They may
What If I Die Without A Will In Washington State?
By: Washington State Estate Planning & Probate Lawyer Matthew J. Cruz
What happens to my estate in Washington State if I die without having executed a Last Will and Testament? When someone dies without having executed a valid Last Will and Testament, they are said to have died intestate (without a Will). I am frequently asked whether dying without a Will means your Estate will be distributed to the State of Washington – the answer is “no.” Dying without a Will merely means your estate will be distributed according to state law. In this sense, everyone “has a Will”, some by separate instrument and some by state law. When someone dies
Washington State’s New Transfer On Death Deed
By: BeresfordBooth
Washington is joining several other states in allowing the use of a Transfer on Death Deed to transfer real property to a designated beneficiary at the time of death. This nonprobate transfer tool will become effective on June 12, 2014. A Transfer on Death Deed is a new method in Washington for leaving your real estate to a beneficiary without going through the probate process. The beneficiary will not have any rights to your property while you are alive, but upon death the property will transfer to your beneficiary. A few important things to remember, though: The deed can be
Expensive Mistakes From Do-It-Yourself Estate Planning
By: Washington State Estate Planning Lawyer Per E. Oscarsson
The internet and television have numerous ads for pre-printed estate planning forms, such as wills, powers of attorney, etc. Sometimes, such forms may be specific to a particular state, sometimes they may not. The selling point of such forms is that you can complete them yourself, often “in the privacy of your own home”, and with less cost than if you were to consult a lawyer. While the lower cost may be true in the short run, it may much more expensive in the long run. Use of the form may also not give you the results you intended. A
Foreclosing Banks In Washington State May Need To Open Probates For Their Own Deceased Borrowers
By: Washington State Estate Administration Lawyer William O. Kessler
When borrowers die owing more on their real estate than it is worth, their heirs often let the property go to foreclosure. In those cases, the same heirs often do not commence probate for the deceased borrower because such borrowers often have small estates. Typically, the bank elects judicial foreclosure (i.e. “foreclosure by lawsuit”) rather than non-judicial foreclosure, as a judge’s Decree of Foreclosure is more likely to ensure the full and final foreclosure of the interest of all unknown heirs. In such judicial foreclosures, the lender names as defendants the borrower’s estate, along with the known and unknown heirs
Duties Of Trustees In Washington State
By: Washington State Estate Planning Lawyer Per E. Oscarsson
A trustee is an individual or entity whose function is to administer the terms of a trust. This can involve acquiring, investing, reinvesting, exchanging, selling, transferring, controlling, dividing, and otherwise managing the trust’s property. The trustee often has a wide range of actions it can take in performing this function. But the trustee is held to a high standard of conduct or duty. The trustee’s duties and powers are determined by the terms of the trust, common law and statutes. To whom does the trustee owe these duties? To the settlor (or creator) of the trust as well as to