It was only last December when Washington's same-sex couples were legally allowed to get married in the state, but estate planning and tax issues have changed for these couples quite a lot in the months since then. First, there was the Supreme Court's decision that struck down a key part of the Defense of Marriage Act, which meant that the federal government could no longer deny federal benefits to same-sex couples who were legally married. Next, just last month, the Internal Revenue Service outlined new rules that made it clear that married same-sex couples will be able to file their taxes just as heterosexual married couples have long been able to do, as either "married filing jointly" or "married filing separately."
For many parents, witnessing their child go through college is truly an accomplishment. That is why many parents start saving early on with a college savings plan. Still, what happens when neither parent is able to see their child attend college due to an untimely death? Even thought the average life expectancy is now past the age of 75, many Kent parents wish to ensure their heirs are taken care of in the unlikely event of their death.
Effective comprehensive estate planning generally requires the advice and services of a licensed attorney with the experience to recognize the benefits or problems that may arise around individual circumstances. Fortunately, addressing the legal aspects of estate planning need not be overly stressful or expensive. The more difficult challenges in formulating an estate plan tend to be choices that need to be made on a purely personal basis. One of those difficult choices can be the selection of who to nominate as the executor of your estate.