ortizgosalialaw.com https://ortizgosalialaw.com Ortiz Gosalia Law Firm | Redmond, WA Fri, 05 Apr 2019 15:35:51 +0000 en-US hourly 1 https://wordpress.org/?v=4.9.6 Wills, Trusts & Dying Intestate: How They Differ https://ortizgosalialaw.com/2018/12/10/wills-trusts-dying-intestate-how-they-differ/ https://ortizgosalialaw.com/2018/12/10/wills-trusts-dying-intestate-how-they-differ/#respond Mon, 10 Dec 2018 21:57:40 +0000 https://ortizgosalialaw.com/?p=7516 Most people understand that having some sort of an estate plan is a good thing. However, many of us don’t take the steps to have an estate plan prepared because we don’t understand the nuances between wills and trusts – and dying without either. Here’s what will generally happen if you die, intestate (without a will or trust), with a will, and with a trust. For this example, we’re assuming you have children, but no […]

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Do you really need a trust? https://ortizgosalialaw.com/2018/12/10/do-you-really-need-a-trust/ https://ortizgosalialaw.com/2018/12/10/do-you-really-need-a-trust/#respond Mon, 10 Dec 2018 21:09:10 +0000 https://ortizgosalialaw.com/?p=7514 Although many people equate “estate planning” with having a will, there are many advantages to having a trust rather than a will as the centerpiece of your estate plan. While there are other estate planning tools (such as joint tenancy, transfer on death, beneficiary designations, to name a few), only a trust provides comprehensive management of your property in the event you can’t make financial decisions for yourself (commonly called legal incapacity) or after your […]

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Your 2018 Taxes – Get Started Now https://ortizgosalialaw.com/2018/10/21/your-2018-taxes-get-started-now/ https://ortizgosalialaw.com/2018/10/21/your-2018-taxes-get-started-now/#respond Sun, 21 Oct 2018 18:39:05 +0000 https://ortizgosalialaw.com/?p=7505 While the end of the year is not quite here yet (but rapidly approaching), now is an opportune time to take a moment and start your year-end tax planning for 2018. This is particularly necessary this tax year because of the changes to the tax law that became effective in 2018. As a result of the significant changes in the law, your taxes may look different this year, so you should allow for some extra […]

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Which life events that require an immediate estate plan update? https://ortizgosalialaw.com/2018/10/21/which-life-events-that-require-an-immediate-estate-plan-update/ https://ortizgosalialaw.com/2018/10/21/which-life-events-that-require-an-immediate-estate-plan-update/#respond Sun, 21 Oct 2018 18:10:15 +0000 https://ortizgosalialaw.com/?p=7502 Estate planning is the process of developing a strategy for the care and management of your estate if you become incapacitated or upon your death. One commonly known purpose of estate planning is to minimize taxes and costs, including taxes imposed on gifts, estates, generation skipping transfer and probate court costs. However, your plan must also name someone who will make medical and financial decisions for you if you cannot make decisions for yourself.  You […]

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Why Joint Tenancy Should Not Be the Go-To Plan for Newlyweds https://ortizgosalialaw.com/2018/10/21/why-joint-tenancy-should-not-be-the-go-to-plan-for-newlyweds/ https://ortizgosalialaw.com/2018/10/21/why-joint-tenancy-should-not-be-the-go-to-plan-for-newlyweds/#respond Sun, 21 Oct 2018 18:06:52 +0000 https://ortizgosalialaw.com/?p=7500 If you are recently married or have been married and are acquiring additional assets, know that you have options when it comes to how the property will be titled. And, although joint tenancy seems like an easy and convenient choice, it may not work as well as you would think. What is Joint Tenancy? After getting married, it is common for couples to take title to one another’s bank accounts, brokerage accounts, personal property, and […]

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Who should I pick to be successor trustee? https://ortizgosalialaw.com/2018/07/27/who-should-i-pick-to-be-successor-trustee/ https://ortizgosalialaw.com/2018/07/27/who-should-i-pick-to-be-successor-trustee/#respond Fri, 27 Jul 2018 19:54:48 +0000 https://ortizgosalialaw.com/?p=7482 When you create a living trust, you usually need to choose who to name as your successor trustee. It is crucial that this decision is not taken lightly and that the right person is selected for the job. Role of Successor Trustee If you become incapacitated, your successor trustee will step into your shoes and take full control of your trust assets on your behalf. This means he or she will have full authority to […]

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How to Leave Your Life Insurance and Retirement Plan to Your Minor Children https://ortizgosalialaw.com/2018/07/27/how-to-leave-your-life-insurance-and-retirement-plan-to-your-minor-children/ https://ortizgosalialaw.com/2018/07/27/how-to-leave-your-life-insurance-and-retirement-plan-to-your-minor-children/#respond Fri, 27 Jul 2018 19:51:27 +0000 https://ortizgosalialaw.com/?p=7480 Your children are your pride and joy. It is no surprise that at some point or another, every parent likely becomes concerned about who will care for a minor child or children if one or both parents die or are incapacitated. From a financial perspective, many parents turn to life insurance in an effort to take care of their family in the event of death. While it is true that life insurance is a particularly […]

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The IRS’s Offshore Voluntary Disclosure Program is Ending https://ortizgosalialaw.com/2018/05/22/the-irss-offshore-voluntary-disclosure-program-is-ending/ https://ortizgosalialaw.com/2018/05/22/the-irss-offshore-voluntary-disclosure-program-is-ending/#respond Tue, 22 May 2018 13:49:42 +0000 http://ortizgosalialaw.com/?p=7248 Effective September 28, 2018, the IRS is ending the Offshore Voluntary Disclosure Program (OVDP). In order to participate in the OVDP, a taxpayer must make a complete submission by September 28, 2018. OVDP is a voluntary disclosure program specifically designed for taxpayers with exposure to potential criminal liability and/or substantial civil penalties due to a willful failure to report foreign financial assets and pay all tax due in respect of those assets.  OVDP is designed […]

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3 Simple Ways to Avoid Probate Costs https://ortizgosalialaw.com/2018/05/16/3-simple-ways-to-avoid-probate-costs/ https://ortizgosalialaw.com/2018/05/16/3-simple-ways-to-avoid-probate-costs/#respond Wed, 16 May 2018 16:31:31 +0000 http://ortizgosalialaw.com/?p=7235 The bad news: probated estates are subject to a variety of costs from attorneys, executors, appraisers, accountants, courts, and state law. Depending on the probate’s complexity, fees can run into tens of thousands of dollars. The good news: probate costs can be reduced by avoiding probate. It’s really that simple. Here are three simple ways to avoid probate costs by avoiding probate: Name a Beneficiary. The probate process determines who gets what when there is […]

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Not Just Death and Taxes: 5 Essential Legal Documents You Need for Incapacity Planning https://ortizgosalialaw.com/2018/05/13/not-just-death-and-taxes-5-essential-legal-documents-you-need-for-incapacity-planning/ https://ortizgosalialaw.com/2018/05/13/not-just-death-and-taxes-5-essential-legal-documents-you-need-for-incapacity-planning/#respond Sun, 13 May 2018 16:14:50 +0000 http://ortizgosalialaw.com/?p=7231 Comprehensive estate planning is more than your legacy after death, avoiding probate, and saving on taxes. Good estate planning includes a plan in place to manage your affairs if you become incapacitated during your life and can no longer make decisions for yourself. What happens without an incapacity plan? Without a comprehensive incapacity plan in place, your family will have to go to court to get a judge to appoint a guardian or conservator to […]

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