The Washington Estate Planning Blog

Law Offices of David Ravi Sitlani: Helping couples, families, and individuals understand the ins and outs of estate planning in Washington State.

  • Contact Information

    Law Offices of David Ravi Sitlani, PLLC

    Seattle Office:
    1001 Fourth Avenue
    Suite 3200
    Seattle, WA 98154

    Redmond Office:
    8201 164th Avenue NE
    Suite 200
    Redmond, WA 98052

    Phone: (206) 267-8777
    Fax: (206) 577-3843

    Email
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Posts Tagged ‘GDPOA’

Redmond Estate Planning Workshop Wednesday February 10th!

Posted by sitlanilaw on February 8, 2010

Estate Planning Workshop for Business Owners, Financial Professionals and Others.

Join attorney David Ravi Sitlani for an informative workshop covering estate planning in Washington State.

In many cases, an entrepreneur’s business is their primary asset. Because of this fact estate planning is critical in ensuring that a business owner and their family are adequately protected by having the right documents in place.

Even if you are not an entrepreneur or solopreneur, having a current estate plan is still critically important because it allows you to name guardians for your kids and take other steps to protect your family and give yourself peace-of-mind.

Though you may currently have a will, trust, or power-of-attorney, it is important for you to understand your estate planning documents to ensure that they still reflect your wishes and are current with Washington law.

This workshop will begin with an introduction to the basics of Estate Planning including the importance of a Power-Of-Attorney, the difference between a Will and a Trust, and the “default” estate plan….or not planning at all.

We will then discuss more complex issues including:
-The Federal & Washington State Death Tax.
-Planning Beyond the Basics for the Business Owner.

This workshop is intended to be free-flowing and interactive so please come with plenty of questions!

February 10, 2010, 5-7pm at Thinkspace in Redmond, 8201 164th Ave NE
Redmond, Washington 98052.

RSVP either via the Biznik link below or directly with David at drs@sitlanilaw.com.

Biznik:

http://biznik.com/events/estate-planning-workshop-for-business-owners-financial-professionals-and-others–0

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Estate Planning Workshop – Seattle February 3rd & Redmond February 10th.

Posted by sitlanilaw on January 19, 2010

Hello!

I wanted to let you know that I am presenting an Estate Planning workshop on two different dates in February. First on Wednesday February 3rd from 5-7pm at the Mosaic Coffeehouse in Seattle, and second, on Wednesday February 10th from 5-7pm at Thinkspace in Redmond.

The goal of this workshop is to provide information about Estate Planning in Washington State. Please see information below for details.

If you plan to come, feel free to RSVP on either the event link on Biznik.com or via e-mail to drs@sitlanilaw.com.

If this event would be of interest to friends, colleagues or clients, please feel free to pass this message along!

Thanks,
David

Estate Planning Workshop for Business Owners, Financial Professionals and Others.

Join attorney David Ravi Sitlani for an informative workshop covering estate planning in Washington State.

In many cases, an entrepreneur’s business is their primary asset. Because of this fact estate planning is critical in ensuring that a business owner and their family are adequately protected by having the right documents in place.

Even if you are not an entrepreneur or solopreneur, having a current estate plan is still critically important because it allows you to name guardians for your kids and take other steps to protect your family and give yourself peace-of-mind.

Though you may currently have a will, trust, or power-of-attorney, it is important for you to understand your estate planning documents to ensure that they still reflect your wishes and are current with Washington law.

This workshop will begin with an introduction to the basics of Estate Planning including the importance of a Power-Of-Attorney, the difference between a Will and a Trust, and the “default” estate plan….or not planning at all.

We will then discuss more complex issues including:
-The Federal & Washington State Death Tax.
-Planning Beyond the Basics for the Business Owner.

This workshop is intended to be free-flowing and interactive so please come with plenty of questions!

February 3, 2010, 5-7pm at the Mosaic Coffeehouse, 4401 2nd Ave NE
Seattle, Washington 98105

http://biznik.com/events/estate-planning-workshop-for-business-owners-financial-professionals-and-others-

February 10, 2010, 5-7pm at Thinkspace in Redmond, 8201 164th Ave NE
Redmond, Washington 98052.

http://biznik.com/events/estate-planning-workshop-for-business-owners-financial-professionals-and-others–0

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The ABC’s of Estate Planning: Power of Attorney

Posted by sitlanilaw on October 22, 2009

Recently, I have led workshops educating individuals regarding the basics of Estate Planning and why it is important for individuals to have an estate plan.  This series of entries is intended to offer you a summary of the materials presented at those workshops.  Today’s entry will discuss the basics of the Power of Attorney and what it does in the context of Estate Planning.  In the coming days I will discuss various other aspects of an Estate Plan including the Living Will or Medical Directive, Wills, Trusts, and Estate Planning & the Death Tax.

The Power of Attorney.

A Power of Attorney is a document in which you can name someone to make decisions on your behalf in the event that you are unable to make those decisions for yourself.  For Estate Planning purposes there are two different kinds of Powers of Attorney:

General and Durable Power of Attorney:  This is a Power of Attorney that is effective once it is signed by you.  That means that the person you name would be able to use this document immediately after you sign it.  General and Durable Powers of Attorney are often used when there is an immediate need to provide someone with the ability to act on your behalf.

Durable Power of Attorney:  This is a Power of Attorney that is effective when you become incapacitated.  Oftentimes this is referred to as a “springing” power of attorney because the Durable Power of Attorney only “springs” into effect when you are incapacitated.  The Durable Power of Attorney is generally used more frequently in Estate Planning than the General and Durable Power of Attorney because it requires you to be incapacitated to become effective and many individuals prefer to have control of their affairs while they have capacity.

Both the General and Durable Power of Attorney and the Durable Power of Attorney have a Financial and Medical component.  The Financial component allows you to name someone to make financial decisions on your behalf.  For example, if you were incapacitated then the individual named in your Power of Attorney could ensure that your bills were paid.  The Medical component of your Power of Attorney allows you to name someone to make health care decisions on your behalf should you be unable to make such decisions.  It is important to understand that the Medical and Financial components of the Power of Attorney can be part of one inclusive document but may be executed as two separate documents.  For example, you could choose one individual to serve on your behalf for Financial matters and someone else to serve on your behalf for Medical issues.

It is also worth noting that a Power of Attorney is often used outside of the context of Estate Planning.  For example, oftentimes a bank will have you execute a Power of Attorney for a particular bank account.  In addition Powers of Attorney can be used for specific transactions when you are out of town or otherwise unavailable.

In the context of Estate Planning, a Power of Attorney can protect you by ensuring that someone you name, and presumably trust, would be able to make decisions for you in the event of your incapacity.  Because of this characteristic some refer to the Power of Attorney as the first line of defense in Estate Planning making it a document that everyone should have.

The above information is not intended to provide the reader with any legal advice.  Please contact an attorney licensed to practice in your state with any legal questions. Using this blog does not create an attorney client relationship between you and The Law Offices of David Ravi Sitlani.

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