We know that planning for our cognitive decline and our “passing” are difficult topics to discuss.
We offer free consultations to help get the discussion started. The process includes recommendations that meet your goals of protecting what you have earned over your lifetime.
Completing the process brings “peace of mind”.
For an appointment, please contact us.
It’s a sign.
The new backlit signage that was recently installed at the Bethel Rd office is a sign (pun intended!) of our commitment to continue serving Port Orchard and nearby communities. We’re pretty excited about the new sign and how easily it is seen at night.
Wishing all of our clients, friends and associates a Great Holiday Season and a Happy and Prosperous New Year!
Congratulations — We’ve all had to deal with the pandemic and many of us have continued to thrive. We appreciate your business throughout these challenging years and hope this newsletter finds you and your family well!
The following represents an actual call regarding someone making end-of-life decisions while in hospice. The question our caller asked illustrates a common problem for those individuals that fail to plan for their own cognitive decline.
Q: I’ve been providing end-of-life care for my Elderly Friend. She expressed gratitude for the care and wanted to include me in her will but is currently in hospice, is not ambulatory, and is mentally incompetent. What can we do to meet her wishes?
A: If the Elderly Friend has executed a General Durable Power of Attorney (a “GDPOA”), then the Appointed Agent under the GDPOA can carry out her wishes, either through a contract to pay for the services, or to execute a codicil if the powers are specifically enumerated in the GDPOA. RCW 11.125.240 provides the Appointed Agent with broad powers to carry out her wishes.
Conclusion: The Elderly Friend did not have a GDPOA and due to her incompetency, she could not execute a GDPOA at this time. It was too late. Unfortunately, her wishes could not be carried out and court options were cost prohibitive. Proper estate planning could have avoided this result.
We hope these estate planning tips are helpful as we are dedicated to protect what you have earned!
If you have any questions or would like to schedule a free estate planning consultation, please contact us at 360.876.6425 or by email at firstname.lastname@example.org
The New Trump “Tax Cut” Act is here and it’s tax time! Who are the winners, and who are the losers?1
“They giveth with the large print and they taketh away with the small.”
– Tom Waits
Let’s examine how individuals fared under the New Act.
Consider Mr. & Mrs. X, a typical married couple filing jointly. They make $200,000 per year2. What “tax cut” can they expect under the the Tax Cuts and Jobs Act?
Their tax rate will go down from 28% to 24% which will save them $8,000. This is roughly the average tax cut for individuals. However, if they made slightly over $400,000 their tax rate would increase from 33% to 35%.
They get another benefit as well because the Standard Deduction was increased from $12,000 to $24,000.
There are also hidden “tax increases” for Mr. & Mrs. X: Read more