General Law Blogs

A few more or less random thoughts and notes on estate planning which are not to be regarded as legal advice or endorsement of any particular action:

By Terri Petrey

• The statutory scheme for disposal of assets, ie. dying intestate (without a will), may be an acceptable solution for some folks.
• But, if you have minor children wills are necessary if you don't want the court appointing their guardian.
• Probate in Washington State is not the bugaboo it is in some other states.
• If you own property that you plan on passing by will in another state it will be subject to that state's probate scheme.
• Term life insurance has never been more affordable even for senior citizens.
• A common misperception is that the proceeds from life insurance policies are not part of the taxable estate at death.
• An advantage of passing property by will is that probate imposes a statute of limitations on creditors.
• Believe it or not, it is not unusual for otherwise rational people to forget to move property into a trust.
• Many types of property, non-probate assets, pass outside of wills by beneficiary designation.
• The rules on Medicaid eligibility have recently changed.
• There are excludable assets and transfers under Medicaid analysis.
• The federal estate tax scheme has never been so uncertain as it is now.

Full post as published by The Law Blawg of Theresa Petrey, PLLC on December 04, 2006 (boomark / email).