The IRS recently announced annual inflation adjustments for the 2022 tax year on several tax provisions. Some of the affected provisions include: the estate tax unified credit, annual gift exclusion, standard deduction amounts, and personal income tax rates. Below is a summary of the inflation…
Last month Governor Brown signed SB 182, which addresses certain spousal rights as they pertain to estate planning. Of note, the bill addresses the impact of divorce on a spouse’s agency under a power of attorney and extends liability protection for property held as tenants…
Last week, the Oregon legislature passed HB 4212A, which in part legalizes Remote Online Notarization (RON) through July 2021. The bill contains several other emergency protocols in response to the COVID-19 pandemic. Before the passage of HB 4212A, a notary was required to be physically…
For a limited time, Southwest Portland Law Group is offering expedited estate plans for healthcare workers to show our appreciation for their heroic efforts during the COVID-19 pandemic. Expedited Estate Planning If you are a healthcare worker, we will prioritize drafting your estate plan and…
Earlier today, Governor Brown issued executive order 20-12 entitled “Stay Home, Save Lives,” in an effort to slow the rapid spread of COVID-19. The order took effect immediately after signing, and remains in effect until terminated by the governor. The order directs individuals to remain…
On December 20, 2019, the Setting Every Community Up For Retirement Enhancement (SECURE) Act was signed into law. The law became effective on January 1, 2020 and created sweeping changes to the landscape of retirement and estate planning. Pre-SECURE Act Rules for Beneficiaries Before…
A trust is an estate planning tool that is primarily used for individuals who wish to avoid probate and streamline the administration of their estate. Trust administration is informal, meaning that ordinarily there will be no court involvement. If properly funded, a Trust can save…
People are often confused about what assets make up their estate, and how the Oregon estate tax applies to those assets. Below, we delve into these issues to help you better understand whether or not your estate will pay a tax after you die. What…
As with many legal questions, the answer is: “it depends.” In order for a will to be validly executed, Oregon law requires that a will be (1) in writing, (2) signed by the testator (or person making the will), and (3) signed by two witnesses…
Around this time of year, many people search for ways to give back to their communities, donate to local charities, or make gifts to their families and loved ones. Unfortunately, this altruistic intent can often leave people confused and overwhelmed with the tax consequences of…
