Estate Planning
An effective estate plan provides a roadmap to how and when you want your assets to be used and distributed during life and after death, while minimizing federal and state estate taxes. We help you create an estate plan that will help you streamline processes and expenses associated with death, incapacity and other anticipated or unanticipated events of family members. Core documents generally include: Will or revocable living trust, durable power of attorney, medical power of attorney, and directive to physicians.
Without an estate plan, your loved ones could be faced with chaos during period of your incapacity or after your death, your minor children would not have a pre-determined guardian to care for them, your assets would be distributed according to default state law rather than according to your wishes, and your estate may be liable for more estate tax than it would with a proper estate plan.
In Washington, under default state law, after your death, all community property will pass to your spouse, and your separate property will pass one-half to your spouse and one-half to your children outright or when they reach the age of 18. In California, under default state law, after your death, all community property will pass to your spouse, and your separate property will pass according to how many children you have. If you have one child, your separate property will pass one-half to your spouse and one-half to your child outright or when he or she reaches the age of 18. If you have more than one child, your separate property will pass one-third to your spouse and two-thirds to your children in equal shares outright or when they reach the age of 18. More often than not, this is not the way clients would want their assets distributed.
With careful estate planning, you can control the disposition of your estate, so that you can give all your assets to your surviving spouse rather than in different proportions based on whether the property is community or separate. Also, most people find that 18 is not the age they want their family assets to pass to their children. You can set up a trust to receive the assets on behalf of your children if you determine that 18 is not the appropriate age for your children to receive the family assets.
Further, depending on the size of your estate, you may be exposed to significant estate or gift taxes. With a carefully devised estate plan, you can minimize your exposure to estate or gift tax while also achieving asset protection.
Sohn Law PLLC will help you create a personalized and tax-efficient estate plan that will protect and manage your estate. We will assist in planning for the future of your estate and planning for your minor children or your aging parents. We also provide trust and probate administration, drafting of prenuptial agreements, community property agreements, and other services related to estate planning.
Without an estate plan, your loved ones could be faced with chaos during period of your incapacity or after your death, your minor children would not have a pre-determined guardian to care for them, your assets would be distributed according to default state law rather than according to your wishes, and your estate may be liable for more estate tax than it would with a proper estate plan.
In Washington, under default state law, after your death, all community property will pass to your spouse, and your separate property will pass one-half to your spouse and one-half to your children outright or when they reach the age of 18. In California, under default state law, after your death, all community property will pass to your spouse, and your separate property will pass according to how many children you have. If you have one child, your separate property will pass one-half to your spouse and one-half to your child outright or when he or she reaches the age of 18. If you have more than one child, your separate property will pass one-third to your spouse and two-thirds to your children in equal shares outright or when they reach the age of 18. More often than not, this is not the way clients would want their assets distributed.
With careful estate planning, you can control the disposition of your estate, so that you can give all your assets to your surviving spouse rather than in different proportions based on whether the property is community or separate. Also, most people find that 18 is not the age they want their family assets to pass to their children. You can set up a trust to receive the assets on behalf of your children if you determine that 18 is not the appropriate age for your children to receive the family assets.
Further, depending on the size of your estate, you may be exposed to significant estate or gift taxes. With a carefully devised estate plan, you can minimize your exposure to estate or gift tax while also achieving asset protection.
Sohn Law PLLC will help you create a personalized and tax-efficient estate plan that will protect and manage your estate. We will assist in planning for the future of your estate and planning for your minor children or your aging parents. We also provide trust and probate administration, drafting of prenuptial agreements, community property agreements, and other services related to estate planning.