Seattle Estate Planning Attorneys
At DC Legal, our estate planning attorneys provide comprehensive representation for wills, trusts, estate plans, health care directives, power of attorney, asset protection strategies, transfer of homes and other property, and Medicaid planning. We can discuss your short- and long-term goals, family dynamics, and any other circumstances to help establish an estate plan that is tailored to your specific needs. Furthermore, our tax planning lawyers have the technical knowledge to provide guidance regarding tax minimization strategies and tax consequences.
Estate planning is for everyone. The majority of individuals believe they are either too young or they don’t have the net worth to benefit from an estate plan. Thus, we have compiled the following list of reasons as to why it is so imperative to plan your estate now.
Foremost, an estate plan allows you to decide who gets your assets, as well as when and how they receive them, in the event of death. Without an estate plan, your assets pass to your heirs according to Washington’s intestacy laws, and those heirs will receive your assets without the benefit of your direction or trust protection.
Loss of Capacity
Accidents happen, and what if one were to happen to you? An estate plan allows you to choose who will manage your bank accounts and additional financial resources (such as an IRA, 401k, or other retirement plan) in the event that you become mentally incapacitated and lose the ability to manage them on your own. Without an estate plan, this decision is left to the courts.
In the event of death, a well-drafted estate plan often allows you to bypass probate entirely. Those without an estate plan will be forced to go through the probate process, which is oftentimes a very long and expensive one.
Have you considered who will raise your children if you pass away? An estate plan allows you to nominate the guardian of choice for your children. Without an estate plan, this decision is left to the court.
Is your family the result of multiple marriages? If so, an estate plan allows you to determine what goes to your current spouse, as well as what goes to your children from any previous marriage(s). Without a plan, children may miss out on inheriting what was intended for them.
Children with Special Needs
An estate plan allows you to create a Supplemental Needs Trust that will allow your child to remain eligible for government benefits while using the trust assets to pay for non-covered expenses. Without an estate plan, a child with special needs may be disqualified from receiving Medicaid or SSI benefits, and may need to use his or her inheritance to pay for their own care.
Do you own a business? If so, an estate plan allows you to control the future direction of your business, as well as decide who is best fit to take over your business in the event of death. Without an estate plan, your family may lose control of the business entirely.
We provide result oriented guidance to ensure your wills, trusts and directives protect your wealth, and provide ease of financial management and health care decisions in order to preserve a legacy for your family.
Our estate planning attorneys offer assistance with various wills and trust documents, including:
- Pour-over wills
- Spendthrift trusts
- Charitable remainder trusts
- Living trusts
- Revocable and irrevocable trusts
- Testamentary trusts
- Revocable living trusts
- Individual trusts
- Special needs trusts
Additionally, we provide assistance with Health Care Directives, Medicaid Planning, and setting up a Power of Attorney.
Our estate planning attorneys protect each client’s assets from being entirely consumed by nursing home and assisted living costs, and allow them to pass more of their savings on to their family and other loved ones.
Note, there are specific rules associated with the transfer of assets when dealing with Medicaid eligibility. Transferring assets without complying with these rules could result in long periods of ineligibility. Waiting too long to transfer assets to family or loved ones may result in unprotected assets.
It is important to make necessary arrangements for the handling of your affairs in case you experience an accident, sudden illness or unplanned absence. Arrange a meeting with us today.