Estate Planning & The Non-Traditional Family

Suffice it to say, a little estate planning would have gone a long way for the family featured in this article from the Seattle Times this morning....

I Just Love Stories Like These...

I find myself in Portland, Oregon this morning visiting my best friend, his wife & kids. They are excited because I am now eligible for reciprocity in Oregon, meaning that I can petition to become a member of the Oregon bar. Against my advice (I didn't want them to wait!), they have been waiting for me to do so as they'd like me to work on their estate plan. I have to investigate it further, but it is possible that sometime in the next few months I may be practicing in Oregon as well as Washington.

Anyway, the Seattle Times has a fantastic article this morning about a very humble, private woman in Yakima who has given $20 million for scholarship programs through her estate. What a legacy!

When working with my clients on their estate plans, I always discuss whether they would like to include a charitable bequest. I believe that they are, at the very least, an excellent device to collect any gifts that fail in your estate and pass them along to a deserving charity or organization, rather than having those bequests go to distant family members or the state. Charitable gifts may also play an important role in tax planning if you have a taxable estate.

Anyway, more on this later, but I wanted to pass this article along. I hope that you and yours are finding joy during this stressful holiday season. I think it might be time for a nice hot buttered rum!