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Whether the agreement is complete and covers all divorce matters or only a few of the issues, it can be included in the divorce decree, thus becoming a legally binding part of the final judgment. The VESTING CPA states that all the property of the husband and wife is the common property, everything they acquire in the future is a common property, and if one of them dies, the entire common property is automatically transferred to the surviving spouse. Married couples whose wealth is less than the amount exempt from both federal tax on tax cuts ($11,580,000 in 2020 adjusted for inflation) and Washington state estate taxes ($2,193,000 in 2020) use a Vesting CPA. With some reservations, a co-ownership contract can be a useful estate planning tool for married couples if both spouses want all of the property to go to the surviving spouse after the death of one of the spouses. In Washington, a community property agreement can help the surviving spouse avoid succession. . . .

Posted on September 14th, 2021 | filed under Uncategorized | Trackback |

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