Estate Planning Attorney in Lynnwood and Bellevue , Washington
What estate planning advice do you have for parents with minor children?
What estate planning advice do you have for parents with minor children?
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i would usually tell my clients with
minor children hey we hope for the best
but we need to prepare for the worst So
at a minimum we probably need some basic
estate plan in place to protect our
loved ones So if we just want a easy
solution to utilize the uniform transfer
to minor act we need to be um aware that
the maximum age we can keep the assets
under that regime is age 25 under
Washington law Which means like if the
parents or grandparents wanted to keep
the assets out of the children’s
individual name beyond their 25 years
old then we probably need to have some
uh trust set up However it’s also a good
idea to revisit our estate plan every 5
to 10 years and sometimes more
frequently because if there is a light
event occurs or if the statute has
changed a lot For example for this 2025
to 2026 regular session actually I am
watching closely at least the two bills
Uh one house bill 2019 regarding the
Washington estate tax and the other
Senate bill 5037 regarding the proposed
uniform custodial trust act on the
Washington law So those statute of
course if we have the change law of
course we might want to do some
adjustment to our established estate
plan at some certain point and um life
insurance actually could be a very
valuable tool uh in estate planning Many
people uh already know that can provide
liquidity But also sometimes we can also
use life insurance to make sure we can
achieve the equalization among all the
beneficiaries because some children some
grandchildren they might want cash and
some children they might just be more
interested in running the business or
managing the real property in the long
term So if the death benefit will be
substantial I would usually tell my
clients please consider setting up an
irrepable life insurance trust to hold
the life insurance policy at the very
beginning So that way we don’t need to
worry about the three-year look back
rule from IRS
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Bellevue and Lynnwood, WA estates & Probate attorney Heather Xu shares her estate planning advice for parents with minor children.
