Washington Estate Planning Lawyer

Estate Planning

For estate planning clients, responsibility and motivation are important prerequisites. The “Do Nothing” approach is generally not a satisfactory solution in today’s complex legal world. Thoughtful planning to benefit your family and other loved ones is a function of “taking care of business”. The motivation to commence the estate planning process requires a sincere commitment from the client to see the process through to completion. At times, motivation may encounter inertia – whether it be an issue with priorities, lack of understanding of the legal process and/or other factors. Speaking with an experienced attorney is an important step in the process that will help put you at ease over how your assets will be dealt with upon your death. A Bellevue estate planning attorney can provide solutions to your legal needs and provide an adequate explanation of the legal principles relevant to your situation. Estate planning involves the preparation of wills, trusts, powers of attorney, & health care directives (“living wills”), prenuptial & postnuptial agreements.

Probate and Trust Administration

There are a number of tax and non-tax issues pertaining to estate and trust administration. If the deceased individual left a will, a Personal Representative, or Executor, is appointed to oversee the estate. The Personal Representative is responsible for identifying assets, liabilities, filing and paying taxes, resolving other outstanding issues, and distributing any remaining assets. If there is no will, then state law dictates how the probate process will proceed. Probate typically remains open for four months or longer. Distributions may occur prior to the end of the probate period, but sufficient funds must be reserved for any potential claims, expenses, fees, and anticipated taxes owed. The Personal Representative determines the assets’ fair market value upon the date of death. Documents associated with a revocable trust, if created, address terms of distribution. Other procedures may apply to probate and trust administration, so it is best to check with an estate planning lawyer in Bellevue.

Estate & Gift Tax Planning

Federal Estate Taxes and Washington State Estate Taxes are usually based upon the fair market value for estate assets (Gross Estate) on the date of death. Other valuation methods are available, depending upon the circumstances. If the Gross Estate value exceeds the federal estate tax exemption amount, then the IRS must be notified. If the Gross Estate value exceeds the Washington state estate tax exemption amount, then the Department of Revenue must be notified. In the event taxable gifts were made by the deceased person, the exemption amount for federal estate tax may be reduced. If the deceased person is survived by a spouse who is a citizen of the United States, then deductions could potentially offset any federal estate tax due. For those interested in gift tax planning, Federal Gift Tax law is applicable for gifts donated in the United States by a U.S. citizen or resident donor. Other rules apply if the donor is a nonresident alien of the United States. Other rules may apply in your case, so it is prudent to speak with an estate planning attorney in Bellevue.

Real Estate

Buying or selling residential real estate involves, among other things, signing a contract. Contingencies included in (or excluded from) the contract can have tremendous consequences for the buyer or seller in the event the process does not go according to plan. An attorney representing the buyer or seller can assist with negotiations. The seller of residential real estate must remove liens against the property so that the title is clear. Evidence proving that any liens are cleared is important in the event of a dispute. Our firm assists people with the buying or selling of residential real estate either with or without a realtor.

Contact a Bellevue Estate Planning Lawyer Today

The firm is located in Bellevue, Washington and our clients are usually from the Greater Seattle area, including Kirkland, Redmond, Mercer Island, Woodinville & Issaquah. You can use our handy contact form or call us at (425) 454-0915.