trust and estate planning

[soy_latte]

Hi GCC!

We are a full time travel family and wondering where you currently have your residency along with current/future plans for estate planning. 

Thanks and hope to hear from you soon!

[gocurrycracker]

We don't have a formal estate plan - all accounts have a TOD to transfer control to the other spouse. No need for trusts or fancy instruments, if we both die in a horrific accident then the assets default to the kids

[soy_latte]

Thanks for your reply!

How do you plan to avoid the WA estate tax which kicks in at 2.1M? 

My understanding as WA residents ourselves is this tax would apply before any assets would be transferred over to your kids.

[gocurrycracker]

How do you plan to avoid the WA estate tax which kicks in at 2.1M? 

The simple answer is for at least one of us to avoid death until we establish residency elsewhere

[soy_latte]

Where are you hoping to establish residency and do you happen to know the detailed steps required to make that happen?

We’re looking to go down a similar path and really appreciate your knowledge sharing in this area.

[gocurrycracker]

just move somewhere and do life things - get a driver's license, rent/buy a place to live, register to vote, etc...

We will probably end up in California
https://www.gocurrycracker.com/going-back-to-cali/