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Latest Blog Posts

Three Estate Planning Items Everyone Needs

Posted on: April 10th, 2015
Many people mistakenly believe that estate planning is only necessary for the wealthy. In reality, a basic estate plan is essential for everyone, regardless of income or net worth, because we all want to minimize confusion, unnecessary costs, and stress for loved ones after a death....

Estate and Distribution Planning For Retirement Benefits: A Planner’s Guide

Posted on: April 10th, 2015
1. Threshold Question. Whether life expectancy payout for issue is a desirable goal. If not, then payout is within 5 years, if before RBD (or if after RBD, then over participant’s life expectancy). 2. If Life Expectancy Payout for Issue Is a Desirable Goal. Separate into “inherited IRA” before December 31 of the year after participant’s death. Otherwise, the age of the eldest child is utilized for payout....

Funding Educational Needs of Children and Grandchildren

Posted on: April 10th, 2015
This memorandum summarizes several potential methods for funding the educational needs of others. Outright Gifts. Every individual can give up to $14,000 annually to any one or more persons without any gift or estate tax consequences. This is called the “annual exclusion from gift taxation.” Accordingly, money can be funneled to children or grandchildren for educational purposes by making outright gifts to the individual over a period of years....

Charitable Giving Strategies

Posted on: April 10th, 2015
Despite the recent downturn in the economy, it appears that members of community continue to be generous to their favorite causes. It is only by and through the use of donations that many charitable and other not-for-profit organizations are able to continue to provide services for and in support of the local community....

What Is A Revocable Living Trust?

Posted on: April 10th, 2015
Living trusts are sometimes promoted as a panacea for all estate, tax, and financial planning problems. But the living trust is only one of a number of options which may be used to achieve a person’s estate planning goals. The purpose of this pamphlet is to provide an overview of the advantages and disadvantages of a living trust and to suggest some appropriate uses of the living trust....

What’s the Difference Between Wills and Living Trusts?

Posted on: April 10th, 2015
Both Wills and Trusts are devices which you can use to provide for the distribution of your estate upon your death. Deciding whether a Will or a Trust best fits your needs depends on your circumstances. A living Trust is a popular alternative to the traditional Will, but you should weigh the advantages and disadvantages of each before deciding on one form or the other....
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Leonard A. Hagen, J.D., LL.M.
Sound Estate Planning, PLLC
152 3rd Ave. South, Ste. 107
Edmonds, WA 98020
Phone: (425) 967-7287

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