Estate Planning/Asset Protection

Estate planning is a must for anyone who wants to make sure that their final property and health care wishes are honored, and that their loved ones are provided for. A proper estate plan can:

• Ensure that your property will pass to those you have chosen, as quickly and efficiently as possible
• Minimize the amount of taxes that will be paid in order for your assets to be transferred after your death
• Avoid the time and expense associated with probate, through tools such as living trusts
• Ensure that your wishes for your health care are honored

Many people believe that estate planning and asset protection are only for the wealthy. This is simply not true. Regardless of the size of your estate, proper planning can save time and expense.

A Will is Not Enough

A Will is a document that allows you to direct who will receive your property upon your death. Though having a Will in place is better than not having one, it should not be your only estate planning tool. If you die without a Will, known as "intestacy", your estate will pass to your heirs according to State law. When a Will is in place, it must be given effect by Probate Court, which can be a time consuming and expensive process. And because a Will is only effective upon your death, it provides no protection in the event of disability.

What is a Trust?

Trusts are estate-planning tools that can be an alternative to or a supplement to Wills and Probate. There are different types of Trusts, including Testamentary Trusts, which take effect upon your death, and Living Trusts, which are effective during your life. The biggest advantage to a Living Trust is that it completely avoids the cost and hassle of probate upon your death. Another benefit of a Living Trust is that it can provide for the management of your estate if you become incapacitated, yet allows you to remain in control of your assets until that time. Other advantages of a Living Trust include:

• Privacy - avoid probate, which is a matter of public record
• Easy to create, maintain, and change
• Allows you to have control of your assets
• Allows for easy and quick distribution of your assets upon death
• Takes care of you and your loved upon disability
• Protects disabled children or spouse
• Difficult to contest
• Can minimize estate taxes

Contact a lawyer with a focus on helping seniors

At my Seattle law office, I advise people about estate planning, trusts, wills, gifting and other mechanisms of estate planning. More important, I help clients decide upon a plan in order to achieve their individual needs and goals. My entire nursing and legal career has be dedicated to working with seniors. I understand their needs and concerns.

Contact me at the law office of Catherine S. Strong, RN, BSN, JD. I can help you get started along the path that will allow you to arrange your assets in a way that matches your goals and objectives.