Although you may believe your estate plan should be simple, there are a number of issues that can arise if your estate planning documents are not drafted correctly. Many of those issues are difficult and costly to resolve following your…
Read MoreMany people use 529 accounts as part of their estate and financial plan to support their children’s education. However, it is not always certain whether children will use those funds or not (for example, the funds may not be used…
Read MoreCo-author: Ryan Montgomery, Partner - Montgomery Purdue PLLC On February 8, 2023, House Bill 1795 was introduced to the 69th session of the Washington State legislature, which proposes substantial changes to the Washington State estate tax rate structure. If…
Read MoreThe Washington State estate tax exemption is currently $2.193 million. The exemption amount is meant to be adjusted for inflation, but it has not changed since 2018. That is because the inflation adjustment is tied to a Washington law that…
Read MoreThe federal estate tax exemption is currently $12.06 million per taxpayer. However, in 2026, the exemption amount is set to decrease to $5 million, indexed for inflation (estimated to be between $6-$7 million). The current high threshold means many estates…
Read MorePresident Joe Biden recently announced the American Families Plan (“the Plan”), which is summarized in the Fact Sheet provided by the President. The Plan is a proposal that has not passed Congress. If adopted, it would make several changes to…
Read MoreThe IRS extended the deadline to file individual income tax returns (Form 1040) for all taxpayers from April 15, 2020 to July 15, 2020 in response to the current coronavirus pandemic.
Read MoreCo-author: James Nevers, CFP ® - Soundmark Wealth Management Your estate plan and financial plan should be given careful thought before the 2020 elections. The Senate currently is made up of 53 Republicans, 45 Democrats, and 2 independents. There…
Read MoreThe cremation process has a significant carbon footprint, as does traditional burial. However, Washington residents will soon be able to dispose of human remains using more environmentally friendly methods.
Read MoreYou’re old enough. You’re wealthy enough. People depend on you. There’s no excuse for procrastinating! By Kaity Perez, JD, LLM and James Nevers, CFP A recent Caring.com survey found that nearly four in five millennials (78%) and 64 percent of…
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