Estate Planning

Typically, when we think about estate planning, we think about moving money from one person to another after death. Or maybe about making sure our dependents are cared for by the person we think is best able. But estate planning goes beyond those two points. If done correctly it can ensure that family members are more united during a crisis or tragedy or ensure that your wishes are met even if you are unable to communicate them.

Of course estate planning includes making sure that any property you have is passed to the right people in the most cost efficient manner. The use of a will and/or trust can achieve these goals. Given that Washington state has an estate and gift tax system, many individuals that wouldn’t have to pay any federal estate tax may have to pay state estate taxes if plans are not made and executed.

For those individuals that do not have a lot of assets or property, there are still other parts of estate planning that are worth the time and expense. If done correctly, estate planning will include preparing for the possibility that you may not be able to express your wishes near the end of your life. Having a living will or advance medical directive as well as various powers of attorney in place can make sure that your medical and financial wishes are carried out and you have someone you trust making choices on your behalf.