Barbur Law Law Blog
Thoughts on estate planning and other subjects from our Milwaukie and Tillamook law offices
Estate Administration: The Other Side
We commonly talk about Estate Planning, which includes well-known documents such as Wills and Trusts. However, preparing an Estate Plan is only half of the process. Once the preparer dies there is a need for the other half: Estate Administration. This is a foreign term to most people, which is not necessarily a bad thing. Essentially, Estate Administration is the process of transferring the assets (“estate”) of a deceased person to the persons entitled to receive them.
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Special Needs Trust – One Option to Help Care for a Loved One with a Disability
If you have been providing for a loved one with a disability, you’ve no doubt spent countless hours thinking about what will happen when you’re no longer able to give that care. Oftentimes, loved ones with a disability rely on various forms of public assistance, such as Social Security Disability Income, SSI, Medicare, low-income housing, and other programs, to meet their basic needs. Eligibility for some public programs, such as Medicare and Social Security Disability Income, is based on the person meeting certain “status” criteria, such as age or disability. Other public programs, such as SSI and Medicaid, offer “needs-based” benefits that also require specific limits on assets and income.
Splitting Trusts: How Married People Can Utilize Trusts to Save on Estate Tax
A revocable living trust is an estate planning tool that is valuable for many reasons. This blog explains how a revocable living trust created by a married couple can provide estate tax savings when utilized for this purpose.
Oregon Estate Tax: Natural Resources Credit
If you have not done so already, be sure to read our Oregon Estate Tax: Overview blog to get a quick look at the basics of Oregon estate tax law. Over the next few months, our estate planning attorneys will be covering ways to manage and mitigate Oregon estate tax. This month’s topic is the natural resources credit which can be applied against estate tax for farms, fishers, and foresters.The natural resources credit under Oregon statute (ORS 118.140) allows small family farms, fishers, and foresters to shield assets used in their businesses from estate taxation if certain requirements are met. This is helpful – even necessary – for families to be able to pass on these types of businesses to following generations. Without it, families could find themselves needing to sell the farm, fishing boat, or timberland in order to generate enough funds to pay the tax due. I like to think that this is the government showing that it has some heart, however, it may just be that these types of businesses have good lobbyists. In truth, it is probably a bit of both.
Oregon Estate Tax: An Overview
As we settle into the new year trying to keep our resolutions can become difficult. Here at Barbur Law, however, we are sticking with it. Our resolution: more blogs written by our attorneys! Why is this our resolution? As a firm specializing in estate planning, we think it is important for our professionals to share our knowledge to help pass the basics on to you. We will start this year with several blogs on the Oregon estate tax and the best ways to manage this tax. As you can see in the overview below, estate tax affects Oregonians to a higher extent than most.
Charitable Giving for the Holidays
It’s beginning to look a lot like...the winter holidays are upon us. ‘Tis the season of red Starbucks cups, twinkling lights, and Salvation Army bells ringing. There’s nostalgia in the air of that magical childhood love for Christmas. Holiday cards fill our mailboxes highlighting visits to Santa, new family additions, and kids smiling so brightly – surely the result of exhausted parents negotiating for those smiles behind the cameras. It is undoubtedly a special time of year when we feel more connected to family, friends, and community.
Let’s Talk Turkey
Thanksgiving is such a special time of gathering with loved ones. If I close my eyes and think back to my childhood, I hear the laughter of my cousins ringing through my Grammy’s house; I see generations of women coming together in the kitchen to make a beautiful meal out of tradition; I smell the oven opening to baste the turkey and the sweet cinnamon of apple pie. If your Thanksgiving is anything like mine, it is a time for family to assemble from all over — perhaps the only time you’re all together — to cram in around formal tables, kids’ tables, and card tables, and to be present and grateful. In today’s world, with family spread across the globe and various time zones, what a gift it is to all be in one place. And what a meaningful time to talk about more than just turkey.
The Spooky Side of DIY Estate Planning
We live in a culture of immediacy. Want to lounge in your sweats and have dinner delivered? UberEats has you covered. Forget to mail Grandma’s birthday gift? Look no further than Amazon Prime same day delivery. Time for a bathroom renovation? Easy-peasy; nothing an HGTV marathon and a few YouTube tutorials can’t tackle. In today’s world of having so much information at our fingertips, it becomes increasingly important that we thoughtfully consider where we can afford to cut corners. DIY projects can be seriously satisfying but can also expose ugly shortcomings. Do-it-yourself estate planning, for example, can offer a false sense of security.