[WSBAPT] Planning Opportunity?

[Joshua McKarcher]

Wait for death and get step up in basis in all CP; plan now to have surviving spouse either disclaim immediately $x or x assets, or just make lifetime gifts (same outcome).

Draft now and have survivor sign one or other within 4 days of death.

If surviving spouse doesn’t survive 5 days you get two exemptions anyhow; if survives 6 days and dies, then the disclaimer or lifetime gift made 2 days earlier saves estate tax.

Then tell the kids they better save some of the money to take care of surviving parent or karma will get them! ;)

Best, Josh

Joshua D. McKarcher
McKarcher Law PLLC
537 6th Street
Clarkston, WA 99403
(509) 758-3345
(509) 758-3314 (fax)
josh at mckarcherlaw.com
www.mckarcherlaw.com<http://www.mckarcherlaw.com>
________________________________
From: wsbapt-bounces at lists.wsbarppt.com <wsbapt-bounces at lists.wsbarppt.com> on behalf of Heather de Vrieze <heatherd at westseattlelaw.com>
Sent: Wednesday, July 21, 2021 3:57:48 PM
To: 'WSBA Probate & Trust Listserv' <wsbapt at lists.wsbarppt.com>
Subject: [WSBAPT] Planning Opportunity?


Are there any simple ways to do tax planning estate planning (credit trust) in the following situation:

Couple long married

Only kids are joint and adults

All assets CP

One spouse lacks capacity and may die soon

No POA of course

Estate larger than WA exemption, smaller than Fed Exemption.



I expect were there a guardian appointed, it might be possible to get authority to create a trust, but there may not be time for that.

Any ideas?



Heather



Heather S. de Vrieze
Attorney-at-Law

[cid:image001.jpg at 01D77E48.F748FDE0]

3909 California Avenue SW

Seattle, WA 98116-3705

(206)938-5500

heatherd at westseattlelaw.com<mailto:heatherd at westseattlelaw.com>

www.westseattlelaw.com<http://www.westseattlelaw.com/>

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For the months of July and August 2021, our firm will be open Monday through Thursday 8:30am to 5pm. We will be closed Fridays.





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