Please contact me at the Bresson Law Offices, PLLC of Spokane, Washington to schedule a consultation.
News
Medicaid Concerns: Effective May 1, 2006, major changes were made to Washington's Medicaid rules, making them more restrictive, especially regarding the transfer of assets and gifting. Additional changes at the state level, related to the Deficit Reduction Act, passed by Congress in 2005, are expected later in 2008.
Supplemental Security Income (SSI): The SSI rules have become more relaxed. Receiving clothing is not longer considered as income and a car of any value, used for the recipient's transportation, is now considered exempt.
Estate Tax: Currently, the federal estate tax situation is unsettled. The federal estate tax exclusion is scheduled to increase from $2,000,000 to $3,500,000 in 2009. Then, in 2010, the federal estate tax is repealed. If no new legislation is passed, in 2011, the federal estate tax returns and the exclusion amount drops back down to $1,000,000. It is expected that Congress will pass legislations providing more certainty about the estate tax, but that may not occur until 2009. The state estate tax threshold is currently $2,000,000. Unless the state legislature changes the law, the state exclusion will not change when the federal numbers change.
Resources
Estate Planning
Wills - Informational pamphlet from the Washington State Bar Association.
Living Wills - Q & A from the Washington Law Help Website (Living Wills are also known as Health Care Directives).