Due to current federal and Washington state gift and estate tax laws, along with uncertainty with respect to future changes in these tax rules, this year represents a potential once-in-a-lifetime opportunity for many Washington families to reduce their taxable estate and pass on more of their assets to their beneficiaries. If you are a Washington …
Category Archive: Estate Planning
Dec
08
Recent local news articles on Estate Planning and Death Taxes
I would like to share a few local Washington state news articles related to estate planning and death taxes. I have talked about the current estate tax system for both Washington State Estate Taxes as well as the IRS imposed federal Estate Taxes in previous posts, but in summary, the current exemptions are $5 million …
Nov
15
End of Year Estate Plan Check-Up
Estate Plan Check-Up It is always a good idea to review your existing estate plan on a regular basis to ensure that it still accomplishes your goals and reflects your current situation. Even if you don’t have a will yet, you still probably have an “estate plan” of sorts – retirement accounts, life insurance, living …
Oct
11
Washington State Intestacy Laws
What happens when you die without a will in Washington State? In basic terms, instead of your last will specifying how your estate is to be handled, Washington State law determines what happens to your property. Additionally, a court will decide who will act as the guardian of your minor children in the absence of …
Sep
22
Aren’t wills only for old people? (or, Why does a young person need a will?)
As an estate planning attorney you would expect me to say that “everyone needs a will!” and, in fact, I do believe that pretty much everyone should have an estate plan in place. I am going to provide my reasoning for making such a statement and I would like to stress a few additional things …
Sep
20
Washington State Estate Taxes
I am often asked about the taxes that could be levied on an estate by the IRS. While the federal estate tax can be significant for those with very large estates, changes to the law at the end of 2010 exempted nearly all estates from such taxes as well as allowing spouses to give their …
Aug
17
Online wills prepared by a Washington State attorney.
Get an online will prepared by a Washington State attorney without the inconvenience of going to an attorneys office or trying to find time to schedule an appointment. My Virtual Law Office offers my clients the ability to work with me online at their convenience to prepare a customized estate plan to meet their specific …
Aug
10
What to look out for when reviewing your existing estate plan.
Congratulations! You have an existing estate plan in place to protect yourself and your loved ones should anything happen to you. Shockingly, you are in the minority (yes, the majority of Americans do NOT have a will, powers of attorney or health care directives in place) but you can’t control what other people are doing …
Jun
29
Washington Trusts: Credit Shelter Trust
A Credit Shelter Trust is an Estate Planning tool used by married couples specifically for the purpose of reducing estate taxes (or “death taxes”) due upon the death of the second spouse. The Credit Shelter Trust operates much the same way as a Disclaimer Trust by using the federal and state exemption amounts of the …
May
25
Washington State Estate Tax
Washington State levies a tax on the estate of of residents based upon their total “taxable estate”. The current estate tax, or death tax, rates range from 10% to 19% and are given in the table below. The tax is also applied to non-residents based upon the total property located in Washington State.