Best Estate Planning Attorneys in Portland

FAQs

• What is the non-emergency contact number for the local police station in Portland, Oregon?

  The non-emergency contact number for the Portland Police is 503-823-3333.

• Where can I get a copy of police reports for incidents related to my case in Portland, Oregon?

  You may get a copy of police reports for incidents related to your case at the Records Division of the Portland Police Bureau, located at 1111 SW 2nd Ave, Room 1126, Portland, Oregon 97204. You may also email your request to PRRHelp@police.portlandoregon.gov

• How can Portland residents reduce their estate tax?

  One of the strategies Portland residents can employ to minimize or avoid at the same time state-level estate taxes is by giving large taxable gifts, which reduces the value of their gross estate. As of 2022, Oregon’s estate tax exclusion for gifts at death is $1,000,000. Meanwhile, the federal annual gift tax exclusion has increased from $15,000 to $16,000 per person.

• What are the benefits of leaving inheritances in a Portland trust?

  One benefit of a properly-structured trust in Portland is the protection of the trustee’s assets in the event of a divorce, as they would not be recognized as marital property. In addition, the provisions of a trust can be drafted in a way that protects from creditors and lawsuits. Finally, a trust may also minimize the trustee’s estate taxes.

• Do ex-spouses in Portland maintain power of attorney after their divorce?

  Portland citizens who have been identified as their spouse's agent in a power of attorney are prohibited from functioning in that position upon the filing for divorce, separation, or annulment petition by SB 182, which became law in 2021. Furthermore, their capacity under a power of attorney expires following the entry of the final judgment.

• What is the distribution period for Portland retirement plans?

  Due to the Setting Every Community Up For Retirement Enhancement Act, which took effect in January 2020, designated beneficiaries of Portland retirement plans must withdraw all plan benefits 10 years after the participant’s death. Those that may be exempted from the 10-year-period mandate are minor children, disabled or chronically ill beneficiaries, and surviving spouses.

• What is the difference between a conservator and a guardian in Portland?

  In Portland, a conservator is appointed by the court to handle the protected person’s assets and finances, while a guardian is in charge of their physical health and wellbeing. A protected person may be a minor or an adult deemed incompetent or unable to manage their life. Both conservatorships and guardianships may be permanent or temporary.

• What does an estate planning attorney do?

  An estate consists of the total assets that form an individual’s net worth, no matter how large or small. Estate planning attorneys use their in-depth knowledge of state and federal laws to help people best manage what will happen with their estates after they die or become incapacitated. Estate planning attorneys can prepare wills, form trusts, reduce estate tax burdens, and decrease or eliminate the need for probate court.

• What are valuable estate planning services an attorney can provide?

  With the many intricacies of assets, taxes, and state and federal laws that can affect a person’s estate, an estate planning lawyer can be a valuable professional asset, no matter how large or small a person’s estate may be. An estate planning attorney can:

  • Create a comprehensive plan to protect a client's legacy, that includes a will, power of attorney, trusts, life insurance, and advanced medical directives
  • Optimize an estate plan as tax laws, life events, assets, and goals change over time
  • Protect a client’s loved ones by preventing assets from entering probate
  • Help clients designate a person to make important health decisions for them if they become incapacitated

  
  

• Can estate planning attorneys help create trusts/wills?

  Estate planning attorneys can create trusts and wills. Through a will, an attorney can help a client designate their estate’s beneficiaries and assign an executor to represent the will in probate court. These attorneys can also create trusts, allowing a client to assign a trustee to oversee the estate, potentially avoiding probate court and holding assets to be distributed over time.

• Is estate planning the same as drafting a will?

  While both estate plans and wills officially document how their owners wish to allocate certain assets after their death, there are key differences. In estate planning, a will is often just one of several documents that form a comprehensive plan. In a will, people must designate a person responsible for executing their will after their death. The will can include guardians for their children when they die and beneficiaries to receive an inheritance of money, property, and other assets.

• What are the steps involved in estate planning?

  To create a thorough and effective estate plan, individuals should follow these steps:

  • Prepare a will that designates an estate executor; indicate who will receive what assets, and assign a trust and guardians for any children. Consider using an attorney if the will is in any way complex.
  • To avoid probate, have an attorney create a revocable living trust.
  • Assign beneficiaries to other assets, such as life insurance policies, retirement plans, and securities.
  • Use an attorney to prepare a living will, name a health care proxy, and create a HIPAA release form.
  • Update the plan every five years.

  
  

• How long does the estate planning process last?

  The length of the process can vary greatly depending on the size and complexity of the estate, the specific law office, and whether there’s an emergency or urgent need. If you’re using an attorney, you can generally expect it to take one to five weeks. You may be able to speed up the process by immediately providing your attorney with any bank statements or other documents they need.

• What is a trust?

  A trust is an agreement between a grantor, a trustee, and a beneficiary. In this agreement, the grantor allocates funds or real property assets to the trustee to be held either until the grantor passes away or until a specific, agreed-upon date. At that point, it's the responsibility of the trustee to distribute funds or property to the beneficiary or beneficiaries. While there are similarities between a will and a trust, a will is a more comprehensive document that typically requires probate court, while a trust allows assets to pass to the beneficiary without probate.

• How does a trust fund work?

  When opening a trust fund, a grantor allocates a trustee to oversee and manage assets in the account. This trustee can sometimes be a relative, an estate lawyer, or a bank that acts as the legal owner of the trust. While holding assets, the trustee is required to file taxes on trust assets.

• How does a living trust work?

  A living trust enables a grantor to manage their assets through a trustee while still alive. They can continually add funds and/or property to their trust fund by transferring them to the trustee, who accepts ownership of everything held in the fund. The grantor can name a beneficiary for their trust, and their assets will be automatically transferred to that person or establishment upon their death.

• Do I need a lawyer for a will?

  No, a lawyer is not required to draft or complete a will. However, there are some scenarios in which hiring an estate lawyer to assist with a will is a good idea, including when children or high-value assets are involved. Additionally, an estate lawyer can help to reduce probate fees and taxes paid by loved ones after a person dies. It's also best to work with a professional to ensure that the will addresses everything necessary, such as funeral plans, guardianship, and asset distribution.

• Can you have both a will and a living trust?

  Yes, and individuals who have a living trust should also have a will. While a living trust enables a person to leave funds and assets to a loved one when they're gone, a will is required to cover any assets that aren't included in the trust, such as guardianship of dependents, funeral plans, and forgiveness of outstanding debts, if applicable.

• How much does it cost to set up a trust?

  The cost of setting up a trust varies quite a bit depending on a variety of factors, including terms that are in place, special provisions for minor beneficiaries, and trustees' basic fees. In most cases, the minimum cost of setting up a trust is about $1,500, but depending on the factors mentioned above, this cost can increase by thousands of dollars.