Home Planning 101 Basic Documents: Wills POAs

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"Home Planning 101—Basic Documents: Wills & POAs" April 24, 2010 For Seattle Chinese School PTA Seminar Bellevue, Washington By Steve Chianglin, Esq. Chianglin Law Firm, PLLC 12501 Bel-Red Rd., Suite 209 Bellevue, WA 98005 Information contained in this might not be interpreted as lawful prompt but rather only as data as it were. Nothing thus is expected to make any customer lawyer relationship.

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CHIANGLIN FAMILY

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EASY QUESTIONS FOR YOU what number of you are hitched? What number of you have youngsters? What number of you have youngsters under 18? What number of you have youngsters more than 18?

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HARDER QUESTIONS FOR YOU what number of you know who is going to handle your home in the event that you pass on? What number of you know who is going to deal with your kids on the off chance that you bite the dust? What number of you will believe your 18 year old or school youngster with the greater part of your benefits? What number of you know who is going to deal with YOU on the off chance that you are impaired?

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MAIN POINTS: Control Predictability Protection OTHER POINTS: (i) Estate Taxes Reason for Estate Planning

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Other Points: Estate Taxes Two Estate Taxes: Washington State 2 Million – 10% 9 Million – 19% Federal 2010—0% 2011—1 Million or liable to be more than 3.5 Million—37%

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MAIN POINTS Control Predictability Protection

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MAIN POINTS CONT… Control WITHOUT A WILL or ESTATE PLAN, NOT ONLY WILL YOU NOT BE ABLE TO PLAN (i) HOW TO DIVIDE YOUR ASSETS, (ii) WHO IS GOING TO RAISE YOUR KIDS, (iii) WHO IS GOING TO GUARD YOUR ASSETS, BUT YOU ALSO EXPOSE YOURSELF AND YOUR FAMILY TO CERTAIN RISKS AND ALLOW THE COURT SYSTEM OR STRANGERS THE ABILITY TO MAKE DECISIONS ON YOUR BEHALF.

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MAIN POINTS CONT… INTESTATE: If somebody one bites the dust without a Will, that individual kicks the bucket "intestate": The Court swings to State law under RCW 11.04 to circulate resources. - Intestacy can turns out to be entirely mind boggling if group property and separate property exist and if decedent has kin, guardians, grandparents, and so on - If Decedent has Separate Property, then now and again if the Decedent has kin, then the kin may acquire regardless of the possibility that there is a surviving mate. GENERAL RULES: If you are made due by a mate: Your one-portion of your and your life partner's group property will go to your mate. Your different property will pass: If you are made due by kids, one-half to your life partner and the other half to your kids If you are not made due by youngsters, 75% to your mate & the other quarter to your surviving guardians or, assuming none, to your folks kids ( ie, your siblings and sisters). In the event that you are not made due by either kids or guardians or their youngsters, all to your companion. On the off chance that you are not made due by a life partner: All to your surviving youngsters or, if none All to your surviving guardians or, if none All to your surviving siblings & sisters and so on

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MAIN POINTS CONT… Control Cont… Ex: Children. Issue of Majority Problem of Handling Your Money Problem of Accidents Ex: Spouse. Issue of re-marriage Issue of impact

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MAIN POINTS (ii) Predictability Your Estate Assets; Key Personnel of Your Estate: Personal Representative; Guardian/Custodian; Trustees; and Powers of Attorneys

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MAIN POINTS Protection With control and consistency, you'll have larger amount of insurance of your kids and your home.

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MAIN POINTS Solutions: Estate Planning with Wills and Trusts will permit you to address these worries.

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Solutions: Will or Trust i. Individual Representative ii. Trustee iii. Overseer/Guardian Powers of Attorney i. Financial ii. Wellbeing

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Conclusion Estate Plan is to secure your family and guarantee consistency. QUESTIONS?

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ADDITIONAL INFORMATION PLEASE CONTACT: Steve Chianglin, Esq. Chianglin Law Firm, PLLC 12501 Bel-Red Rd., Suite 209 Bellevue, WA 98005 Tel: 425-451-4945 Fax: 425-451-4318

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