Our services are very unique in that we listen to your hopes, dreams, and desires,
learn about your family, your finances, and work with you to create a
holistic estate plan; all while giving you pricing options to accomplish your goals.
Our services include business planning, estate planning, and advanced tax planning. We firmly believe that there is never a "one size fits all" solution. Therefore, proper planning needs an environment to foster relationship. Your lifestyle may change, your needs change, and the law absolutely changes. PWP has established a tool to help you stay on top of life's proverbial rollercoaster - the PWP Legacy and Maintenance Program. Call us today and see how we can put your plan into action.
Examples of Types of Services:
- Estate Planning Services
Will Package: A complete set of basic and necessary documents that every individual needs, regardless of your net worth. A will package is most often appropriate for individuals who do not have a lot of assets, are seeking to make sure that proper power of attorneys are in place, and want to ensure that upon death they elect who receives any remaining estate.
Probate Avoidance Package: The Will Package along with a complete asset review of beneficiary designations to align with your will plan and a beneficiary deed. The package is intended to keep your heirs out of the probate process. A maintenance plan option is available for automatic updates and reviews.
Revocable Living Trust: The most common election for greater flexibility, protection, and probate-avoidance. Our trust planning is not a template, tax trust. Rather, it is strategically and individually designed for your family's unique needs and strengths. Trusts are not just for tax planning, but for those who desire to properly protect their spouse and family (see "protective trusts" below). A maintenance program is provided for long-term relationship with the firm and is the key component in establishing an estate plan that will work according to your desires. Without a maintenance program you are just getting a document that will become outdated which increases the chance that your plan will not work as you planned.
Preemptive Medicaid Planning: All packages combined that create the most flexible options for couples. This planning technique is appropriate for couples that have concerns surrounding their long-term financial stability and want to make sure that a surviving spouse is not financially destitute. Families that choose this option also traditionally have a strong desire to make sure that some type of an inheritance remains for their children, charities, or those they care about. This uncommon approach to medicaid planning keeps you in control of your assets while protecting those you love. A maintenance program is available for this planning option.
- Protective Trusts
The term "protective trust" refers to a trust that is created to protect a person's estate. A protective trust, sometimes called an "asset protection trust" and is often woven into an "irrevocable trust," allows money to pass to another person and be protected from unexpected events, divorces, creditors, and much more. How a protective trust works can vary based on its objectives and the rules the settlor (the individual that creates the trust) applies. There has been a strong inclination to recognize the freedom of the settlor to dispose of his property as he/she wishes. In many cases, a protective trust is designed to pay out an annuity or some kind of predetermined annual income while protecting the remaining assets from creditors. Creditors can be a myriad of people - debt collectors, bankruptcy, divorces, law suits, and many other realms. It may also be set up to pay out for a specific purpose such as a special needs child or as an educational mechanism.
A protective trust shields a beneficiary from creditors. In theory, this works because except for the bounty of the settlor (the one who gave money to the trust), the beneficiary would have never had any rights in the trust property. Therefore, since a creditor can only seek to claim what a person owns, if the settlor did not establish a trust for the beneficiaries benefit, the beneficiary would not have those funds for the creditor to claim.
However, a protective trust cannot be set up for your own benefit in Washington State, it must come from outside sources. Other states have self-settled trust options, such as Nevada and Alaska. As such, most protective trusts are shielded in an irrevocable trust or passed from a higher generation. In addition to self-settlement, a beneficiary cannot maintain control over the funds of the protective trust. What constitutes control is determined by what powers the trust gives the beneficiary and how the relationship between the beneficiary and a third-part trustee has been carried out.
At PWP, protective trusts are a backbone that allows your financial strength to pass to your beneficiaries in a manner that will accomplish your goals: your money used in a way that you envision. While that may not mean pulling strings from the grave, it does mean giving the gift of an inheritance in a manner that will best benefit your beneficiaries.
Contact us to learn more about protective trusts, their usages, and if one is right for you and your loved ones.
> Newsletter vol 2.1 April 2013.pdf
> Newsletter vol 2 Sept 2012.pdf
> Newsletter vol 1 June 2012.pdf