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…
A living trust is different from a trust that is created by a will (called a “testamentary” trust). A living trust is an agreement made during the lifetime of the “settlor,” the person creating the trust. In creating the trust, the settlor is making an agreement…
On December 22, 2017, the Tax Cuts and Job Act was signed by President Trump, signaling a sweeping legislative reform of the federal tax code. In November, we discussed how the new tax bill would affect pass-through entities, so now we will turn our attention…
One of the most common misconceptions when it comes to estate planning is assuming that the planning ends once the estate plan is signed. While this may be true with a simple will (which still needs to be updated after major life changes), the same cannot…
Yesterday members of the Trump administration, Gary Cohn and Steven Mnuchin, outlined the broad strokes of President Trump’s tax proposal. Included in the proposal are plans to reduce the seven tax brackets currently in place to three, dramatically lower the tax rate for businesses, double the standard…
With 2016 drawing to a close, it’s about this time of year that people start to think about their New Year’s Resolutions. Common resolutions include things such as eating healthier, losing weight, saving money, or getting more organized. However, according to a University of Scranton…
Last Will and Testament Your Will can contain your last wishes, name your executor and their compensation, give directions on distribution of your property, appoint guardians for your children, and even establish a trust for your minor children, should you pass away before they reach adulthood. A…
An estate plan consists of a set of documents that control the decisions that will be made on your behalf, upon your loss of mental capacity, or death. An estate plan is not as simple as drafting a will. I generally tell clients that they…