Most Wills contain provisions for the appointment of a guardian in the event that both parents of a minor child are deceased. However, a Will is not effective until death and therefore is not effective to designate a guardian for a child whose sole parent is alive but mentally or physically incapacitated. Jenna Ichikawa explains what you can do to protect your children if you become incapacitated.
Many individuals do not realize that in addition to the annual $14,000 gift tax exclusion there are also unlimited gift tax exclusions for the payment of certain qualified tuition and medical expenses. Jenna Ichikawa explains how the exemptions work.
On July 24, 2015, Washington law will permit individuals to create what are commonly called "directed trusts." Katie Groblewski explains how these trusts work.
In the event that you become incapacitated, an agent designated under your power of attorney must step into your shoes to manage your property for your benefit. Jenna Ichikawa explains that accessible and organized financial records will assist your fiduciaries with doing their jobs seamlessly and efficiently.
State-sponsored 529 college savings plans are a popular way to save money for college because they offer tax-free growth. Jenna Ichikawa explains how the recent expansion of the Tax Increase Prevention Act provides for a new type of tax-advantaged 529 savings program for special needs beneficiaries.
What happens to the assets in a joint bank account when one of the account holders dies? Jenna Ichikawa reviews the types of joint tenancy accounts.
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