Are there other estate planning documents to consider?
There are other documents which can play an important part in some estate plans.
Particularly for persons owning rental property, the formation of a "Limited Liability Company” or LLC can be advantageous. Not only can this protect your other assets from liability claims, it makes it very easy to transfer fractional interests in the LLC property. We can help you decide if an LLC makes sense for you, and develop the necessary documents to implement the new organization.
For persons desiring to keep the proceeds of life insurance from counting for estate tax purposes, we can prepare an "Irrevocable Life Insurance Trust” or ILIT to hold the policy.
To implement many estate plans, title to real property (land and buildings) has to be changed. In Washington, this requires both a deed and a real estate excise tax affidavit. (Sometimes a real estate excise tax "supplemental statement” is also required.) We have extensive experience in preparing and recording these documents.
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