Washington residents and Americans throughout the country may have learned from former President George H. W. Bush a few lessons about how to create an estate plan. For instance, when a couple is married, assets may go from the deceased spouse to the surviving spouse. However, this may not be advantageous if the second spouse dies weeks or months after the first one does.
A Washington resident who has a loved one with a disability may decide to plan for their future by using a special needs trust. This type of trust is designed to provide for future costs of long-term care, and it can supplement Medicaid and Social Security benefits. However, there are special rules regarding this type of trust regarding income and the distribution of proceeds.
Divorce has become common for women in Washington and other states. According to one study, 56 percent of women leave financial planning and major money decisions up to their husbands. Divorce can present overwhelming financial challenges for these women. There are several estate planning mistakes to avoid when going through a divorce.
Setting up an educational trust in Washington is more complicated than people often realize. Even though many parents and grandparents want to help their loved ones pay for their education, finding the best financial vehicle can be a confusing and challenging process. Those who are interested in establishing an educational trust should spend some time exploring all of their options before signing any legal documents.
The point of an estate plan is to create the means for an efficient transition of assets upon one's passing. Among other issues that estate planning can address is the continuation of charitable giving initiated during one's life or the creation of a new gift to a favored cause or charity. There are many ways that estate owners in Washington can accomplish charitable goals.
It can be relatively easy for Washington residents to create a will. It can also be relatively easy for them and others to create a will that creates tension between family members. To limit the chances that an estate plan causes families to break apart, it is important to select the right executor. In some cases, this means choosing a professional to do the job as opposed to the oldest child or a close friend.