This primer is meant for instructional purposes only.  It has been created with the intent of providing only a surface-level overview of common trust types for a non-attorney audience.  This primer is not a substitute for proper legal guidance.  The trust arrangements described below should not be attempted without an experienced professional who can provide this counsel. 

Estate planning is a crucial process that allows individuals to protect their assets and ensure the smooth distribution of their estate after they pass away. However, life circumstances and legal landscapes can change over time, making it essential for people to review their estate planning documents regularly with the guidance of an attorney. There are several key issues that should prompt individuals to seek an attorney's assistance in reviewing their estate planning documents.

Washington State's new capital gains tax has created quite a stir. Despite constitutional concerns, it's now in effect, imposing a 7% tax on capital gains exceeding $250,000 annually. What's unusual is that this tax is seen as an excise tax rather than an income tax, a distinction that's currently under legal scrutiny. The Washington Supreme Court recently allowed its implementation while its constitutionality remains debated. Interestingly, this tax affects married couples more than individuals, offering no combined exemption for couples. Real estate is exempt, but intangible property gains are not. The deadline for filing is approaching, so it's crucial to consult your CPA for guidance and ensure compliance. If you've been involved in business transfers, estate administration, or charitable donations in 2022, it's wise to consult both your attorney and CPA to navigate this complex tax landscape.

What are the death taxes? Can I avoid them?