Jul 16, 2015
This past January, we told you here about recently enacted federal legislation, the Achieving a Better Life Experience Act of 2014 (the “ABLE Act”), which allows persons with disabilities to establish tax favored savings accounts which can be used to pay for expenses related to their disabilities.
Persons who became severely disabled prior to their 26th birthday may establish an ABLE account, to which anyone can make a contribution. The total annual amount … Read more
Oct 24, 2012
Understanding a family’s dynamics in estate planning is very important. Frequently, I have clients that come to me requesting a “simple will”. For example, a couple in their mid 60s comes to my office for estate planning. They have three kids all over the age of 30. They own a primary residence, a vacation property at the beach which has been in the family for two generations that they would like the kids to receive … Read more
Dec 30, 2011
Possessors of shark fins, you now have one day (if you read this on December 30, 2011, to sell, trade or distribute any shark fins that you have in your possession. After December 31, 2011 you will no longer be able to sell, trade or distribute shark fins in Oregon without a license. California has enacted a similar law. After December 31, 2011, you also cannot possess shark fins in Oregon – unless you acquired … Read more
Dec 12, 2011
The words “personal representative”, “executor” and “administrator” all refer to the same individual: the person or company responsible for administering your estate when you pass away. In Oregon, we refer to this individual as the “personal representative”. Naming a personal representative in a will can oftentimes be a difficult decision because the client does not know what the personal representative is responsible for doing. We are frequently asked by clients that we’re drafting wills for … Read more
Jun 24, 2011
The house bill analyzed in our previous blog entry, “Future Changes to the Oregon Inheritance Tax Laws” has been passed by both the Oregon House of Representatives and Senate with some tweaks. There is no indication that the governor will further change the bill or refuse to sign it.… Read more
May 17, 2011
At the conclusion of a divorce the last person that you want to talk with is an attorney to discuss your estate planning. However, such a discussion is necessary to avoid unintended consequences and expensive litigation in the event you pass away.… Read more
Mar 30, 2011
In Oregon, a couple is married until the death of one spouse or a judge signs, and the court enters, a formal judgment dissolving the couple’s marriage. Up until the occurrence of one of these events, the parties are considered married. Contested divorces generally revolve around who gets what property. Consequently, when an individual going through a divorce dies during the divorce the question becomes two parts, “what happens to the divorce and who gets … Read more
Feb 23, 2011
The use of trusts in estate planning is a common way for individuals during their lifetime to transfer assets to their children and grandchildren. Generally, a trust can be established for any lawful reason. An individual may establish a trust to avoid probate, to reduce potential estate tax liability, to provide for the special needs of a disabled child or grandchild, or to fund a child or grandchild’s education. Other individuals utilize trusts for nefarious … Read more
503.226.1162