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"What's past is prologue." - William Shakespeare, The Tempest
Generally, a Last Will and Testament is a written document that contains
the legal declaration of a person’s last wishes concerning his estate.
In Washington,
Title 11, Chapter 12 of the Revised Code of Washington provides
that a valid Last Will and Testament must be written and signed by
the person making the will and by two "uninterested" witnesses.
The Will usually provides directions on how property should be
disposed, names heirs, and nominates people to perform certain
tasks, such as acting as the executor (also known as a personal
representative) or acting as a guardian for minor children, and
provides any other instructions and wishes of the testator.
More information about Puget Sound Law's services and fees related to
Estate Planning can be
found in the Services section of this site and
general information may be found from the following links and
pages:
Glossary of Estate Planning Terms
Also, the Washington State Bar Association
has
Consumer Information Pamphlets available to the public, several related to estate
planning are available through the following links:
Consumer
Information Series: Wills
Consumer Information Series: Trusts
Consumer
Information Series: Living Trusts
Consumer Information Series: Signing Documents
Also see the public service publication
"Planning Your Estate"
by the Estate
Planning Council of Seattle
Health Care
A Health Care Directive, also known as a "living will", is a
document which directs the withholding or withdrawal of
life-sustaining treatment when the patient is in a terminal
condition or permanent unconscious condition.
Washington State Natural Death Act
RCW 70.122
Heath Care Directive, Washington State Form
RCW 70.122.030
Information on Health Care Directives from
the Aging and Adult Services Admin. of
the WA Dept. of Health and Human Services
American Medical Association's informational booklet
on Health Care Directives
Also see the section on Medical Care Instructions
in the public
service publication
"Planning Your Estate"
by the
Estate Planning Council of Seattle
Organ Donation
Most Washington State residents indicate their preference about
organ donation through the
Washington State Department of Licensing
driver license organ donor program by
"checking the box" on their driver license. The word "DONOR" or a
picture of a small red heart appears on a driver license to indicate
whether an individual is an organ donor participant. However, it is
critically important to be aware of the full extent to this
anatomical gift
donation.
The Washington State Organ Donor program is meant to be very broad.
In May 2007, a King County Superior Court judge ruled that
participants who register through the Washington State Department of
Licensing driver license program are authorizing an unconditional
and comprehensive anatomical gift, not only for the purposes of life
savings transplants but also for medical research purposes. No
further consent from surviving family members is required.
Objections by family members are unenforceable. The anatomical gift
is irrevocable once the donor dies. Also, the county medical
examiner or coroner may and does accept payment on behalf of the
county from research centers for providing these organ and tissue
samples for medical research.
KIRO 7 Eyewitness News Investigations has reported on these
issues:
"Court Ruling Could Have Chilling Effect On Organ Donations"
See also the KIRO 7
Brain Harvesting Investigation Series
An organ donor may specify that an anatomical gift is only for
life-saving transplant purposes. However, the driver license
program does not currently allow a donor to limit their
registration for transplant purposes only.
If you consent to an anatomical gift for all purposes, including
transplant and medical research, then you do not need to make any
change to your registration with the
driver license program.
Many individuals find all these purposes to be worthy and beneficial
for society.
However, in the event that you wish to specify that your anatomical
gift is only for life-saving transplant purposes, then you must take
several steps to modify your registration. First, you must revoke
your registration under the
driver license program and have
a new driver license issued reflecting that you are not an organ
donor. This is a several step process initiated with the
Living Legacy Registry
managed by
LifeCenter Northwest.
The
Living Legacy Registry is the central organ donor database in
Washington State that covers all types of organ donor registrations,
including those registered through the driver license program. The
Living Legacy Registry allows you to
register and update your organ donation,
check the status of your registration, or
remove your anatomical gift if you change your mind. Even if
you update or change your registration on-line, any change to
your registration is not effective until your written and signed
form is received by the registry.
Next, you should consider other means for expressing your anatomical
gift, such as re-registering as an organ donor outside of the
driver license program, such as
registration directly with the
Living Legacy Registry. It
is appropriate to include your wishes concerning organ donation in a
Health Care Directive, other health care document or instrucations,
or to simply advise your family members of your wishes so they can
consent on your behalf at the time of your death.
As with any estate planning decision, you may always modify any
prior organ donor registration at any time, but it is critical that
you take the action to do so before your death and that you share
your wishes with your family and friends, especially those who may
be making this decision for you
Estate Taxes & Repeal
“Inheritance
taxes are so high that the happiest mourner at a rich man's funeral is usually
Uncle Sam.” - Olin Miller
The Federal Estate Tax is imposed on the net value of the Estate,
according to the date of death, and is a tax paid by the Estate, not
the heirs. The
Economic Growth and Tax Relief Reconciliation Act of 2001
provided tax relief at the Federal level, raising the threshold value of
Estates considered taxable, also known as the unified credit and
decreasing the highest rate level. Estates under the threshold
value are considered "nontaxable." Estates over the threshold
value must file an estate tax return and may be subject to paying
estate taxes.
Generally, the value of an estate is found by totaling
the fair market value on the date of death of all the assets owned
by the Decedent, less any debts of the Decedent, plus the face value
of life insurance owned by the Decedent. However, calculating
the value of an Estate may be a complicated question and a competent
estate tax advisor should review the estate to determine if any
estate taxes are owed.
It is important to note that the Federal Estate Tax
repeal was only temporary and is set to expire at the end of 2010,
when we will return to the old threshold levels and old tax rates.
While some temporary tax relief was provided at the Federal level, the State of Washington
has taken a different path. The Washington State Legislature
passed a new Washington State Estate Tax effective for Estates as of
05/17/2005, which is in addition to any tax imposed by the Federal
government.
The current threshold levels and the tax rates for the
Federal Estate Tax and the Washington Estate Tax are as follows:
Year of
Death |
Federal
Threshold |
Federal
Effective
Rates |
Washington
Threshold |
Washington
Effective
Rates |
|
2005 |
$1,500,000 |
45% - 47% |
$1,500,000 |
10% - 19% |
|
2006 |
$2,000,000 |
45% - 46% |
$2,000,000 |
10% - 19% |
|
2007 |
$2,000,000 |
45% |
$2,000,000 |
10% - 19% |
|
2008 |
$2,000,000 |
45% |
$2,000,000 |
10% - 19% |
|
2009 |
$3,500,000 |
45% |
$2,000,000 |
10% - 19% |
|
2010 |
n/a |
0% |
$2,000,000 |
10% - 19% |
|
2011 |
$1,000,000 |
37% - 55% |
$2,000,000 |
10% - 19% |
Puget Sound Law assists clients before death by advising, drafting, and
implementing estate plans to take advantage of opportunities to
reduce and sometimes eliminate potential estate taxes.
Also, after a death, Puget Sound Law assists clients, who are serving as
administrator and executor of an estate and as trustee of a trust,
by ensuring that the proper valuation of estate assets is made,
any necessary returns have been filed, and that the obligations
of the estate and any trust are properly handled.
Probate is the legal court proceeding for finalizing the affairs and
settling the estate of a person who has died.
Most probate proceedings often include admitting the Will to
probate, determining the heirs of the estate, settling debts of the
decedent and expenses of the administration, and distributing and
transferring the property of the estate.
More information about Puget Sound Law's services and fees related to
Probate and Estate Settlement can be
found in the Services section of this site and
general information may be found from the following links and pages:
Glossary of Estate Planning Terms
And in the information provided by
the
Washington State Bar Association:
Consumer Information Series: Probate
Also, see the public service publications
"Dealing with the Death of a Loved One" and
"Guardian, Trustee, and Executor Duties"
by the
Estate Planning Council of Seattle
More information about Puget Sound Law's services and fees related to
Small & Family Businesses can be
found in the Services section of this site and
general information may be found from the following links and pages:
Washington Secretary of State
Corporations Page
Corporations Registration Data Search
Corporation Renewals
Limited Liability Company Renewals
Choosing a Business Structure
Washington Dept of Licensing Home Page
Starting and Licensing Your Business
in Washington State FAQs by WA DOL
Search the State Business Records Database
Please note: No guarantee is made as to the accuracy of the content on the
pages listed. This information is not intended to be a substitute for
specific individual tax, legal, or investment planning advice.
Consultation with a competent professional for consideration of individual needs
is strongly advised.
CIRCULAR 230 DISCLOSURE: Please be advised that, based on current IRS
rules and standards, any tax advice contained herein, including text,
references, links, attachments, or other content, is not written, published, or
intended to be used, nor can it be used, for the avoidance of any penalty that
may be imposed under the Internal Revenue Code or any other applicable tax law,
or promoting, marketing or recommending to another party any transaction,
arrangement, or other matter.
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To get Adobe Acrobat Reader at no cost, click the following button:
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This page was last updated on
10/29/2006.
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