Family Conversations about Legal Concerns
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Transcript of Family Conversations about Legal Concerns
Family Conversations about Legal Concerns
Jonathan A. Sprouffske, JD
Connolly Tacon & Meserve, P.S.
OlyLaw.com
(360) 943-6747
Topics to be Covered
What is Estate Planning?Talking with Family about Estate PlanningHealth Care DirectivesDurable Powers of AttorneyCommunity Property AgreementsWillsIntestacyProbateProbate Assets vs. Non-Probate AssetsLiving Trusts vs. Testamentary TrustsEstate Taxes
What is Estate Planning
• Not only for the wealthy.
• Provides for you during your lifetime.
• Expresses your wishes for end of life decisions.
• Provides for others after your death.
“The Talk”
• Every family is different.
• Most importantly be sincere.
• Have a proposal.
• Make it personal.
• Communicate the values that are important to you.
• Follow it up with a letter.
Health Care Directives
• Living Will, Do Not Resuscitate Orders, Health Care Directives.
• Provides directives to physicians or emergency personnel regarding health care treatment.
• If over 18, with “serious health conditions” consider a POLST form. (Physician Orders for Life-Sustaining Treatment)
Durable Powers of Attorney
• Financial Decisions
• Healthcare Decisions
• May not be able to access personal health information from a medical provider without HIPAA language.
• Valid only during your lifetime.
Community Property Agreement
• An agreement between a married couple giving all of the assets to the surviving spouse.
• Purpose is to assist in avoiding taxes and probate.
• Probate might still be needed upon the death of both spouses.
• Not appropriate for everyone.
Intestacy
• Dying without a will.
• Distribution is done according to state law.
• Probate is more expensive.
• The people inheriting might not be who you would like them to be.
• Unable to plan for estate taxes.
Estate Taxes
• Are subject to change.
• Current WA estate tax exemption is $2,000,000.
• Current federal estate tax exemption is $5,000,000.
• Doubled for married couple.
Wills
• Specifies who you want to inherit.
• Governed by State Law.
• Must be properly executed.
• Specific recording requirements.
Probate
• Transferring assets
• Paying Creditors
• Probate Process– Probate Open– Notice to Creditors and Heirs– Creditor’s Claim Period– Notice of Completion – File Final Tax Return
Non-Probate Assets
• Beneficiary Designations
• Transfer on Death
• Payable on Death
• Joint Tenancy with Right of Survivorship
Living Trusts
• Main Purpose – Avoid Probate
• Beware of Scams
• Costs
• Upkeep
• Still may need an attorney’s assistance upon death.
Testamentary Trust
• Built into a will.
• Designed to take effect after your death.
• Examples:– Disclaimer Trust– Trust for Children or Grandchildren– Special Needs Trust
Questions?