Estate Planning
Developing an estate plan can be a daunting process. At the Law Office of John S. Palmer, our goal is to make the process as easy as possible for you. We also have the knowledge and experience to help develop an estate plan that is right for addressing such issues as:
- Minimizing or eliminating potential estate taxes
- Protecting assets from creditors
- Providing for possible future long term care needs
- Reducing the possibility of conflict between family members over management of your affairs
- Special planning needs for seniors
We will gladly review your existing estate planning documents free of charge. A review of your existing documents is recommended if they were executed in another state; if they are more than five years old; or if there have been any significant changes in your life, such as new children or grandchildren, divorce, remarriage, or a significant change in your health or net worth.
Last Will and Testament
A Last Will and Testament can do much more than just designate who inherits your property after your death. Parents can nominate a guardian for their minor children. A Will can also create a Trust to hold and manage the inheritance of any beneficiary, such as a minor or incapacitated adult; a testamentary Special Needs Trust can leave a bequest to a disabled beneficiary without jeopardizing his or her eligibility for Medicaid or SSI, and the trust funds can be used to pay for goods and services not covered by those programs.
A Revocable Living Trust is an alternate way to dispose of property after your death. Learn more about Revocable Living Trusts.
Every estate plan should also include a Durable Power of Attorney, granting the legal authority to a third party (called an Attorney-in-Fact or Agent) to manage your affairs in the event that you become incapacitated. Parents may authorize their Attorney-in-Fact to make health care decisions for minor children, and include a provision nominating a legal guardian for their children. Learn more about Durable Powers of Attorney.
Community Property Agreement
A Community Property Agreement is unique to Washington State, but it is a well-established and widely used estate planning document used by couples with no estate tax issues. Not all property owned by a married couple is automatically deemed to be community property. A Community Property Agreement can eliminate any doubt as to the separate or community status of property by declaring that all property owned by the couple, now or in the future, is automatically converted to community property, and all community property passes automatically to the surviving spouse upon the death of the first spouse. This negates the need to go through a probate proceeding after the first spouse’s death. Because a Community Property Agreement would negate any estate tax planning in a couple’s Wills, it should not be used by couples with potential estate issues.
Health Care Directive
Finally, a Health Care Directive is an optional, but very popular, document, also known as a "Living Will", directing that all medical treatment (and artificial nutrition and hydration as well, if so desired) be withdrawn under certain circumstances. Similar documents, such as the Physician’s Orders for Life Sustaining Treatment, or "POLST" form, and the Five Wishes form, have been developed in recent years. These documents do not replace a Health Care Directive, but may provide supplemental instruction regarding life sustaining treatment. However, care needs to be taken to make sure these documents work together to create a clear set of instructions for others to follow.
Download our Estate Planning Questionnaire.
At the Law Office of John S. Palmer, we will gladly review your existing estate plan free of charge, and let you know if any changes are needed. We can tailor any estate planning document to meet your needs, and draft an estate plan that is right for you.
If you have any questions or would like to schedule a free initial consultation, please call us
at (425) 455-5513, toll free at 1 (877) 455-5513, or send us an email.