Relax…Your Lawyer should be Your Friend.

The second most stressful thing about the legal system after appearing in court is hiring the right attorney.  You are looking for someone who listens and is empathetic about your particular case and what you are going through.  You need guidance through the rigors of the legal system.

When you are in their office you want to be sitting across the desk from someone who has empathy for your particular situation.  At this point, you don’t need some hard-hitting, loud talking lawyer.  You are looking for a compassionate friend who understands the ins and outs of the legal system.

That person exists in the Seattle area.  He is Bellevue, Washington lawyer Lyle Clark.  Attorney Clark has spent the last 40 years of his life aiding Washingtonians in pursuing cases involving social security, family law, and constructing wills and probate for his constituents.  Why not give Lyle a call and see if he is right for you at (425) 452-3092.

Is Social Security Going Broke?

Hey “baby boomers” and “gen X’ers”, that ought to get your attention.  Be honest, it is something we have all thought about.  Those of us “lucky” enough to be born before 1953 are already receiving or are about to receive those life-saving monthly checks from Uncle Sam.  Is the future potentially worrisome?

The short answer is NO!  As it stands here in early 2017 the Social Security trust funds are “in the black”, and the retirement trust fund will remain so for at least the next 20 years.  (The disability fund is solvent for only about five years.) But what about after that?  All of the trust funds are poised to go into the red unless some important measures are in place to restore their solvency.  They won’t go broke, but they will become unable to pay full benefits for about 20 to 25 years.  This is due to the fact that some unforeseeable demographic changes have occurred since Social Security was first created. Women are now more prevalent in the workforce, people are living longer, and the Great Recession of nearly a decade ago reduced the payroll tax contributions to Social Security.

We’ll talk more about this at a later time because it impacts us all…young and old alike.  If you need thoughtful advice about social security, wills, trusts, probate, and other family financial matters here is a great place to turn.  Visit www.lmclarkattorney.com.  Please give Attorney Lyle Clark a call and arrange for a free consultation in his Bellevue WA office at (425) 452-3092.

Do Trusts Shield Estates From Creditors?

Most trusts used in estate planning are known as “revocable” living trusts.  These are flexible planning tools that have advantages in some situations.  Unlike other states where probate procedures are cumbersome and expensive, though, probate avoidance is usually not a good reason to create a trust in Washington State.  One major advantage of a revocable living trust is that the person(s) creating the trust can remove assets from the trust whenever they like.  Since that is the case, however, creditors can force the creators of the trust to remove assets from the trust to satisfy debts.  This is not the case when the trust is irrevocable.  The problem with that is that when you make a trust irrevocable, you no longer own the assets and cannot remove them from the trust, even though you may be entitled to receive income from the trust as a beneficiary.

While a trust may not be needed to avoid probate in Washington State, there are some situations where a revocable living trust may be a good planning tool. For example, if you own property in more than one state, placing your assets in trust could avoid two probates.  Additionally, if you are approaching the point where you will be needing assistance in managing your assets, a trust would allow you to give directions for how your assets will be managed and define the powers and duties of the trustee.

Whatever your situation may be, it is important to understand your options when creating an estate plan.  Choosing the right estate planning attorney is very important.  For over 35 years that man in the Seattle area is Bellevue, Washington trust and will lawyer Lyle Clark.  Start the New Year right by making sound decisions about your future.  Call attorney Clark today at (425) 452-3092.

What is a Living Trust?

A trust is one way to hold and manage one’s estate. There are two ways to create a trust:  Either in a will (a testamentary trust) or by means of a written trust agreement (a living trust) that takes effect when you transfer property into the trust.  A living trust is a legal document that can act as a substitute for a will.  The function of this document is to put your assets into the trust so that they may be administered according to your wishes during your lifetime.  When you pass away these assets transfer to your beneficiaries without the necessity of probate.

 

Here are some questions to ask yourself before deciding if a living trust is right for you…

1.  What does a living trust do for ME?

2.  Is it helpful if I become incapacitated?
3.  Who should I appoint as the trustee?
4.  How will my assets transfer to the living trust?
5.  What are the negatives concerning this type of trust?

If you are considering drafting a living trust, contact the law office of Lyle M. Clark Jr.  Sit down for a free consultation with Attorney Clark and he will help you decide the right course of action.

For 35+ years he has been the choice of many as a Bellevue, WA area estate planning attorney.  Pick up the phone and dial Lyle at (425) 452-3092 for any and all questions about wills and trusts in Washington.

Preparing My Last Will and Testament.

Some people may encourage you to draw up the will yourself - suggesting that you can save on attorney expenses by doing it yourself.  However, drafting a will is a complex legal matter that is best done with the assistance of a competent lawyer.  Each state has its own requirements for the contents of wills and the formalities for executing a will.  There are many variables to consider depending on the desires of each individual and the nature of that person’s estate. Some variables include provisions for children, whether to use testamentary trusts for children or other purposes, the appointment of a trustee or guardian, how to divide estates involving blended families with children from previous marriages, charitable bequests, and whether there are estate tax considerations.

The most important step in this process is to find an attorney with the experience and training to help you understand your options and carry out your wishes.  You need to find someone with empathy, integrity, and high ethical standards.  Talking openly with your attorney about your final wishes should be like sharing your thoughts with your best friend.

Before you make that decision, pick up the phone and talk to a lawyer about having an initial meeting.  Find out what that meeting entails and if there will be a cost to gather more information.

We encourage you to call Seattle area attorney Lyle Clark.  Attorney Clark has had over 35 years of experience navigating through the waters of drawing up final wills and testaments.  With Lyle Clark you will get his total commitment in understanding your unique needs through in-person meetings and ongoing interaction.  Call Seattle area attorney Lyle Clark today at (425) 452-3092 and arrange a meeting at his office located at 40 Lake Bellevue, Suite 100, in Bellevue.