Estate Planning Strategies Christopher Small

If you die while in the process of divorcing, your future ex-spouse could get EVERYTHING. Here’s how to prevent that.

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There are a bunch of old estate planning lawyers out there retiring. Here’s what to do if yours does.

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When you put a house into a revocable living trust, you can get a step-up on a tax basis. If you’re married and in a community property state like Washington, you get this benefit twice. When the first spouse dies, the house receives a step-up in basis to the current market value. When the surviving spouse dies, you get a second step-up in basis to the market value at that time.

A revocable trust isn’t its entity while the trustors are alive, so it uses their social security numbers for tax purposes, allowing for the step-up in basis at each death.

If you need help, we’d love to discuss how you can protect your family, yourself, and your money.

Getting started is easy. Get a free strategy session by clicking the link - https://cmslawfirm.com.

Talk to you soon!

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Probate is the legal process of transferring assets after death. It can be costly, time-consuming, and frustrating.

The good news is that avoiding probate is easier than you think! With proper estate planning, such as updating beneficiary designations and creating a revocable trust, you can ensure a smooth transfer of your assets without the hassle.

If you need help, we’d love to discuss how you can protect your family, yourself, and your money.

Getting started is easy. Get a free strategy session by clicking the link - https://cmslawfirm.com.

Talk to you soon!

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Have you inherited a retirement account? Learn more about managing an inherited IRA or 401k to minimize income taxes. Plan your distributions wisely to avoid hefty tax bills.

Need estate planning or Probate help? Visit cmslawfirm.com for a free consultation.

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Did you know that sometimes putting your house in a trust isn’t the best way to leave it to your kids? If you have one or two kids who agree on what to do with the property, a transfer on the death deed might be a better, cheaper, and faster option.

Want to learn more? Visit cmslawfirm.com, and let’s discuss your estate planning needs.

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