The Seattle Estate Planner

Americans overtreated to death?

2010-06-28T08:05:00.000-07:00

This very moving article about end-of-life issues is a good read. As an estate planning attorney, I discuss these types of matters at length with my clients, partcularly when drafting their health care directives.

It is interesting to me to read this, as I would concur that the vast majority of my clients indicate a desire not to be left on life support for inordinate amounts of time.

The Roth Estate Tax?

2010-06-15T17:20:00.000-07:00

Here's and interesting idea coming out of Congress. I also like the author's discussion about the potential downside to the repeal of the estate tax.

Questions? Of course, contact your favorite estate planning attorney today!

Death in 2010

2010-06-09T08:55:00.000-07:00

As I've mentioned to many of my clients, 2010 is a great year to die if you have a particularly large estate. This article from the NYT is particularly illustrative!

Richland couple finds stash of cash in furniture - Mid-Columbia News | Tri-City Herald : Mid-Columbia news

2010-05-17T14:03:00.000-07:00

I have to say that I have had really good luck with estate sale companies. As a probate attorney, I have probated estates all over the State of Washington. I have actually found that most estate sale companies are surprisingly pleasant to work with, and impeccable when it comes to ethics and honesty. I reckon they know as I do that having a good reputation is more important than any few bucks you might make by being anything but ethical.

But I have to say this article really highlights the best in the people that work in the probate industry. Kudos to these folks for being upright and honest. If I'm ever probating an estate in the Tri Cities, I'll recommend them to my personal representative without a doubt.

The Disposition of Remains Document

2010-04-30T09:17:00.000-07:00

WARNING, THIS POST CONTAINS VIDEO FOOTAGE OF AN EMBALMED HUMAN!

Probably not a common warning for most blog posts, but I stumbled across an interesting article that inspired me to talk briefly about one of the many tools in my belt as an estate planner: the Disposition of Remains.

This stand-alone document lives with your will, and specifies just what you want done with your body upon your death. While many of my clients default to pretty generic provisions -- cremation and then scattered by their family; burial on a family plot -- some of my clients are very directed in their dispositions: specifying what type of a funeral or wake the would want, paying for family members to travel to have their ashes scattered, and even naming a particular party planner to arrange a celebration of their life.

As creative as I've seen some of my clients' dispositions get, none of them have gone to this extreme:

You can read the full article here.

Of course, you'll want to consult with your favorite estate planning attorney to discuss just what cool things you can do with you body once you've shuffled off this mortal coil.

And please, always wear a helmet when you're riding your motorcycle. ;)

Where There's a MJ Will, There's a Way!

2009-06-30T15:18:00.000-07:00

So, it looks as if Michael Jackson's will has been presented! It will be interesting to find out how good MJ was at keeping his affairs in order. I am left to ponder just when he last updated his estate plan.

According to the article, his mother had already petitioned to administer his estate. Here in Washington, his selection of an executor in his last will and testament would supercede his mother's petition as administrator. (An administrator is the title given to someone who is dealing with an intestate estate, or an estate where there was no will, while an executor is the title given when there was a will.) It will be interesting to see how this shakes out in the end.

So, for you occasional followers, I am not obsessed with Michael Jackson, simply a child of the 80s and therefore a student of his celebrity. I am certainly saddened by his loss, though you will not find me wailing on Hollywood Boulevard over his star. It has, nonetheless, given me some good fodder on here, so I will do my best to follow this and give you my estate attorney mpressions of what's going on!

Did MJ Have a Plan?

2009-06-26T10:26:00.000-07:00

I have a hard time believing the rumors that Michael Jackson died without a will. In my day-to-day as an estate planning attorney, I come across many a wealthy client that, for any variety of reasons, has not completed their estate plan.

Surely, however, with the sea of attorneys that MJ has had around him over the years, someone must have thought to insist that he get his affairs in order! This article from Business Week is interesting regardless. I guess time will tell.

Interestingly another celebrity estate debate, the Anna Nicole Smith estate debacle, is coming to my home town of Seattle.

Have I mentioned that you should have an estate plan? ;)

It's Write a Will Month!

2009-03-25T13:32:00.001-07:00

...at least it is in Tucson, Arizona, according to this article from the Arizona Daily Star. I'd argue that any month is a good month to write a will if you don't have one.

The article reiterates much of what I say to my prospective clients: "This is the biggest kindness you can do for anyone.... Even if you think you have nothing to designate to anyone, put something in writing. Give them a hand. Let them know what you would want."

My own mantra is this: You may not be 100% certain about how and what you want to leave to your friends and family. As an estate planning attorney, it is my job to help you make these decisions. I believe that, in the end, these decisions are less important than leaving to your loved ones the gift of clarity.

Charitable Giving on a Grand (and Not-So-Grand) Scale

2009-03-18T13:22:00.001-07:00

Okay, I wanted to let all of my clients know about a great real estate opportunity in the south of England. If any of you are in the market for an English village, I'm happy to represent you in the transaction. :)

Actually, the history of this parcel of land is very interesting, and for those that don't know, much of our property law here in the states has its origin in the English feudal system. It is fascinating stuff for property geeks like me, anyway.

And, of course, I was compelled to write about the sale of this estate as it is currently owned by a charitable trust created, presumably by a will, when English cricketer Herbert Blagrave died with no heirs. While most of us don't have an estate valued at tens of millions of dollars, it is another example of how you can leave a legacy, no matter how small.

We draft all varieties of charitable trusts here at Spencer Anderson & Buhr. But even if your estate doesn't warrant the creation of its own trust, we are always happy to help you get creative when it comes to charitable planning. In fact, it is one of my favorite things to do with my clients, and I believe one of the most satisfying things you will do in your life, even if the charity or charities won't see the benefit until your legacy is realized.

A quick hello and a link to a good article....

2009-02-24T10:41:00.000-08:00

http://www.usnews.com/blogs/the-best-life/2009/2/13/a-dozen-tips-for-older-taxpayers.html

Expansion of Domestic Partnership Rights in Washington?

2009-02-02T13:43:00.000-08:00

It looks like a second expansion of Washington state's domestic partnership law is set to sail through the legislature. At our gay-owned law firm in Seattle, we have spent years representing same-sex couples, regardless of whether they have registered with the state or not.

Every time a new law is passed expanding rights, however, it is vitally important that registered couples, and unregistered couples that are thinking about registering, understand what these expansions mean.

The intent of the law is to provide most, if not all, of the incidents of marriage at the state-level. And just like marriage, there may be a LOT of surprises for couples that don't know just what they are signing up for.

More on these topics later as I take a closer look at the bill. Talk to your favorite attorney today if you are curious about just how these changes may effect you.

The Seattle Estate Planner: How Same-Sex Couples Can Protect Their Assets

2009-01-27T09:37:00.000-08:00

The Seattle Estate Planner: How Same-Sex Couples Can Protect Their Assets

Worst Case Scenarios

2009-01-27T09:24:00.000-08:00

Okay, my short blog today is going to invite the wrath of someone who has lost a family member due to blowfish poisoning.

If you that have worked with me before, you know I believe that I have a responsibility to explain to my clients all of the worst case scenarios that can result from either not having an estate plan, or the decisions that they make while drafting one.

These typically involve such things as being hit by a bus, your spouse or partner hitting you in the head with a hammer, your spouse or partner running off to Paris with your money and a new lover while you are incapacitated due to said hammer strike, or your entire extended family perishing in a freak meteor strike on your family reunion.

Now, I think I shall add to my repertoire blowfish poisoning.

So, my best advice today: before popping down to Todai for some Fugu, check in with your attorney to make sure that you have your affairs in order. It just makes sense! :)

How Same-Sex Couples Can Protect Their Assets

2009-01-26T15:23:00.001-08:00

I recently posted this legal guide on Avvo.com. It is a VERY simple overview for those who want the know the basics about how estate planning can protect your assets in a same-sex relationship. As always, I am happy to tell you a lot more about the process and available protections!

Charitable Giving... of Someone Else's Money?

2009-01-22T10:38:00.000-08:00

This article from the AP today made me chuckle. I certainly applaud the Pratts for their generosity. That is, they could have simply stolen the bank's money and NOT given any to charity....

I was amused not only by the fact that they took the money and ran, but by their speculation that they could retire to Florida on $177,000. I don't mean to imply that this is a small sum. For me and most of my estate planning clients, this sum would certainly go a long way towards alleviating the multitude of tiny financial pinches we are all feeling these days. But I think that any financial planner worth their weight will tell you that the income produced off of $177K is certainly not sufficient to support you in retirement.

So, here's a little free legal & financial advice: 1) Even if you believe that a bank error is divine providence, it is probably not legal for you to keep the money, and 2) If you are going to abscond with $177,000, try some Central American country instead: your money will go a lot further and it will be harder for the authorities to find you. ;)

Of course that is a joke, since being on the up-and-up is the best legal advice I have to offer. What isn't a joke is planning for your future, which means consulting with a professional like me for your estate plan, and a financial planner who can help you get on track for a proper retirement, divine intervention or not.

Bilking the Elderly

2009-01-12T13:59:00.000-08:00

In these tough economic times, these kinds of stories have become too common. If you have an elderly member of your family, or elderly neighbors or friends that you fear may be taken advantage of, gently guiding these clients to an attorney to help with their estate planning can put in place some real protections to help make certain that they are not left vulnerable. And, provided that you have a trustworthy attorney, it is another set of eyes that can watch out for your loved-one's interests.

Unfortunately, we occasionally hear of attorneys that have similiarly been wooed by their clients' wealth. You always want to be certain that your loved ones are working with attorneys that can be trusted. Don't be afraid to ask around about an attorney. Sites like avvo.com can give you some limited perspectives, and you can always search the Bar to see if there are any ethical violations for any particular attorney.

Best yet, interview the attorneys to which you are sending this vulnerable population, and make certain that they seem trustworthy. The attorney may not be able to discuss the particular client matter with you, but any attorney ought to be able to provide basic assurances to you that they have a fundamental understanding of, and belief in, the important core ethics of the attorney-client relationship, and all duties that spring from it.

Estate Planning & The Non-Traditional Family

2008-12-10T08:27:00.000-08:00

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...

2008-12-06T07:15:00.000-08:00

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!

All I Want for Christmas...

2008-11-26T08:47:00.000-08:00

According to an article today's Seattle Times, Nordstrom is offering some Neiman Marcus-like holiday gifts this year through its online catalog. As the article says, "Nothing says 'Happy Holidays' quite like a $15,000 ethnic-print couch or a $50,000 private session with a celebrity photographer."

You, like me, may be asking who in this economy has the spare change to throw around on items like this? I'm sure someone out there does. And for the record, if any of you are thinking about buying one of these fancy items for me, I'd rather you donated the money to Seattle's Pride Foundation, or some other worthy organization in my name. (Okay, if you insist, I'll take the custom painting by artist Ruben Toledo, but I still hope you give something to charity.)

Now, in the event that you are planning to make a gift of this size, be sure to consult with your accountant or attorney! Currently, individuals are allowed to gift no more than $12,000 per year (sorry, there is no Christmas/Hanukkah/Kwanzaa exemption) to any one person. There are, of course, a multitude of creative ways around this, and consulting your tax professional is key to make certain that you don't run afoul of IRS regulations. Oh, and by the way, we do that at my firm! :)

And hey, if you are really stuck on what to give that parent, sibling, child, or good friend for Christmas, and don't want to drop $15,000 on an armoire full of Juicy Couture, get creative and give them the gift that will benefit them for the rest of their lives: an estate plan! It may not be the most romantic present they receive this year, but I'd wager it would be the most valuable.

Interesting Read on the California Marriage Ban

2008-11-24T10:15:00.001-08:00

This Reuters article on California's Proposition 8, the questionable amendment to California's state constitution that reversed previously-granted marriage rights for same-sex couples, is a really interesting read for law geeks, and for anyone that is concerned with fundamental civil rights in our country. Don't you worry, I'll have plenty more to say about this later!

Of course as always, if you ever have questions about LGBT Law, my firm has answers.

Planning for the Future While Reacting to the Now

2008-11-24T08:13:00.000-08:00

It's a gorgeous morning here in Seattle, and I'm looking forward to a short Thanksgiving work week and a long weekend with friends and family. During tough times, the love and support of my families (biological and chosen) provides me solace by helping me to remember what is important in life.

Times are indeed tough. I don't know of a single friend or acquaintance who isn't feeling pinched by the contraction in the stock market, the uptick in prices (on everything!), a rough housing market, and the general uncertainty about jobs, savings, and retirement.

This morning's Seattle Times says it all: "Washington bankruptcy filings rise 40%". Attorneys at my firm have helped hundreds of families reduce or relieve their debt. It is a constitutionally-guaranteed provision that protects the citizens (and corporations) of our free nation from feeling imprisoned by their debt.

I know I am supposed to talk about estate planning & probate here. But on this beautiful Seattle morning, one of my partner's bankruptcy client's came by to drop off some documents, and I was struck by what a kind, professional, and responsible person this clients is. You would not know the client from any other professional on the street.

Bankruptcy is something that most of us see discussed in news reports, but rarely talk about with our family and friends. Like so many subjects in our society, discussion of finances with the people we care about remains largely taboo. Imagine, however, that you are watching a loved-one swim. He isn't a particularly strong swimmer and typically wades in the shallow water, feet on the bottom, so as not to put himself at risk. In spite of his best efforts, your loved-one ends up in deep water, and is struggling to stay afloat. Are you going to let him drown because you are worried that tossing him a life ring is going to embarrass him? If you know someone who is struggling, bankruptcy may be able to help him to keep his head above water.

My business is about planning; surveying your assets and deciding how to protect them and pass them on to your family, friends, or charity. I strive to build life-long relationships with my clients and their families. And while that relationship is about celebrating and planning when times are good, is also about helping to lift you up when times are bad.

My clients are smart; a lot smarter than me, anyway. But in these times I know that even some of those very smart and talented people are suffering too. If you are, my firm can help!

Don't Have an Estate Plan? You're Not Alone!

2008-11-21T14:28:00.000-08:00

I just did an initial meeting with a nice young couple that is expecting their first child. Is there a better time to make sure your affairs are in order? Interestingly, I meet with a lot of couples that have kids in school who have never made the time to make official their desires who will take care of their kids and how if something happens to the parents.

Don't get me wrong. I don't have kids, but I have many friends and family members who do, so I understand how busy life gets when you are juggling everything else you do while at the same time raising a family. But hey, that's why you pay someone like me to take that task on!

Lawyers.com, a site owned and run by LexisNexis did a really interesting survey that showed that nearly 60% of Americans don't even have a simple will. While I am certain that some of this is due to the cost involved, the survey seems to confirm what I already suspected: a lot of people don't have estate plans because they think they don't need them, or they plain don't want to talk about death!

There's not much I can do about the latter, but let me say that most anyone can really benefit from an estate plan. I have done a fair amount of pro-bono work for the very elderly. Consistently I have found that as they approach the end of their lives, those who have very little to give to their beneficiaries are as equally concerned about where their property goes as those that have large estates. After all, who wouldn't want to be certain that their old car went to their niece, or that particular family photograph goes to their cousin?

I really believe that there is no estate too small to benefit from an estate plan. About the only time I would ever advise someone to consider skipping the estate planning process is if their goals are identical to their state's laws of intestacy (the laws that control where your property goes when you die without a will). Even in that circumstance, an estate plan will provide certainty and clarity that cannot exist without one.

The word legacy gets tossed around a lot in the realm of estate planning. I think that leaving a legacy for your kids, grandkids, partner, friends, or a charity are all very noble. In the end, however, I believe that the absolute most-important legacy you leave through an estate plan is the legacy of clarity for those you have left behind. This clarity will provide them certain answers at a time when they feel very uncertain. This is a gift that is invaluable, and not even remotely contingent upon the value of your estate.

Greetings from Downtown Seattle!

2008-11-21T09:04:00.001-08:00

It is a nice, partly-sunny late-fall Seattle morning, and the weekend is looking pretty decent. I'm hoping that if the winds stay calm and the skies relatively dry, I can get one last weekend on the water in my 17' 1976 Bayliner Mutiny. My sister and I bought it off of my grandmother late this summer after my step-grandfather passed away in June. We've been thrilled to keep one of his prized possessions in the family, and I only hope that we are as good caretakers as he was of this 70s-bowling-alley-blue beauty.

As an estate planning and probate attorney, I've probably spent as much time on family probate matters as I have on anyone else's. I reckon that some would find this morbid or depressing. It is certainly emotional, surveying the life of someone I know well, and whose own life played a role in molding my own. That said, I am thrilled to be able to help my family, and the families of my clients, at this most profound of all moments.

Through this, I've been struck by the loose ends that are left untied, the bad feelings unaddressed, and all the little "i"s undotted and "t"s uncrossed. That's probably why I feel compelled to blog here: I want YOU to know the whys and hows of estate planning.

Yes, I get paid to draft estate plans, so in the interest of full-disclosure, I have a vested interest in you wanting to get your affairs in order. But that's not my goal here. Rather, I want to talk to you about the experiences I see my clients facing every day (in general terms of course - attorney-client privilege is extremely important to me!), the tough decisions they have to make, and the intended and unintended results of those decisions.

I supppose I should take a moment to define estate planning for those that don't know what it is. It's pretty straightforward if you break it down by its elements: Your "estate" is a broad description of all the property you own: furniture, collectibles, vehicles (and vessels!), real estate, bank accounts, stocks and bonds, and even intangible and inchoate (yet-to-be-formed) rights and interests that have real value. The "planning" portion is deciding how you want to manage that property while you are alive, and where and how it passes to your heirs and/or other beneficiaries when you die. This may also be referred to as asset protection, generational planning, etc.

The most simple of my estate plans consist of a will and disposition of remains, powers of attorney for health care and financial decisions, and a health care directive, which is also known as a "living will" or "directive to physicians". More complex estate plans include living (a.k.a. inter-vivos) trusts (a trust created during your life), testamentary trusts (a trust created upon your death), pre-nuptial or domestic partnership agreements, and community property agreements. The most complex estate plans will include many or all of these aforementioned planning vehicles, as well as tax-planning trusts (of both the inter-vivos and testamentary nature), and family companies. Of course, you can see a list of the kind of work I typically do on estate plans on my firm's web site at www.spenceranderson.com/estate-planning.htm.

Sorry, I know that's a lot of information, but it is a good basis to help you understand just what it is that I do, and what it is that I am going to talk about here. Yes, of course, I will try to pepper this with some other fun tidbits of information, and I suspect that you will see me venture outside of the estate planning arena just a little when I talk about emerging property rights issues, family law, and small business matters, all of which tie back to my main practice area of estate planning and probate.

So there it is, my introduction. I hope you find this blog occasionally helpful and more occasionally interesting. I invite you to email with questions, thoughts, feedback, etc. Respectful disagreement is absolutely fine, just be nice!

Thanks for reading, and I'll post more soon.