[WSBAPT] Estate Planning for Single Person (Might Involve Estate Tax)

[John J. Sullivan]

Or ... a competent tax attorney. 

John Sullivan

Sent from my iPhone

> On Jul 29, 2017, at 5:59 PM, Jay DeMers <jay.demerslawfirm at gmail.com> wrote:
> 
> This kind of planning must be done with a CPA/CFP.  Jay
> 
>> On Sat, Jul 29, 2017 at 3:23 PM, Erin Fairley <erin at leschilaw.com> wrote:
>> I don’t see a need for any trusts unless client has out of state property or need for privacy. Disclaimer trust doesn’t work for single people. 
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>>  
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>> Suggestions:  gifting each year to reduce estate, donations to charity. 
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>> Erin Fairley / Attorney
>> 
>> erin at leschilaw.com / (206) 353-4625
>> 
>> Leschi Law, PLLC
>> 
>> 121 Lakeside Avenue, Suite B Seattle, WA 98122
>> 
>> www.leschilaw.com
>> 
>>  
>> 
>> The information contained in this e-mail message may be privileged, confidential and protected from disclosure. If you are not the intended recipient, any use, distribution or copying of this e-mail message or any attachment to it is strictly prohibited. 
>> 
>> -- 
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>> From: <wsbapt-bounces at lists.wsbarppt.com> on behalf of John Yip <johntyip at gmail.com>
>> Reply-To: WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com>
>> Date: Saturday, July 29, 2017 at 12:55 PM
>> To: "WSBARP at lists.wsbarppt.com" <WSBARP at lists.wsbarppt.com>, "wsbapt at lists.wsbarppt.com" <wsbapt at lists.wsbarppt.com>
>> Subject: [WSBAPT] Estate Planning for Single Person (Might Involve Estate Tax)
>> 
>>  
>> 
>> Hello,
>> 
>> Here is the hypothetical situation: Single person wants estate planning, and his estate may be slightly over the Washington State estate tax threshold.  He wants to leave his estate to multiple beneficiaries.  However, he does not want an inter vivos trust.
>> 
>> In that case, would a Will with disclaimer trust provisions make sense?  Disclaimer trusts rely upon the Marital Deduction and the QTIP exceptions, which are unavailable to single persons, correct?  Also, wouldn't it be messy to set up a disclaimer trust when there are multiple beneficiaries, as some might not be willing to disclaim?
>> 
>> If a Will with disclaimer trust provisions would not make sense for the above hypothetical, what are some alternatives I could use for the single person's estate planning other than to set up an inter vivos trust?
>> 
>> Thanks,
>> 
>> John
>> 
>> 
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