Overview of ESSB 5813 On May 20, 2025, Governor Ferguson signed Engrosed Substitute Senate Bill 5813 (“ESSB 5813”) into law. ESBB 5813 increases the applicable Washington state estate tax exemption for the estates of decedents dying on or after July…
Read MoreThe Washington state capital gains tax is increasing, according to a new law passed this week in Olympia. The existing Washington capital gains tax, which took effect January 1, 2022, imposes a 7% tax on gains exceeding $270,000 in tax…
Read MoreWashington currently imposes estate tax on the estate of any individual who dies with an estate valued in excess of $2,193,000 if that individual was either a Washington resident or owned Washington property at the time of their death. The…
Read MoreThe federal estate and gift tax exemption is scheduled to decrease from the current amount of $13.99 million per person to approximately $7 million per person. Without action by Congress, this change will take effect on January 1, 2026. Background…
Read MoreMany people believe that once they have completed an estate plan, they can check this important item off their to-do list for good. However, while strong estate plans are set up to be as flexible as possible, it is worth…
Read MoreBeginning January 1, 2025, certain estates can avoid filing a Washington state estate tax return if the deceased person had a surviving spouse and a “qualifying family residence.” Return Filing Threshold; HB 1867 In general, when a Washington resident (or…
Read MoreThe IRS recently issued Revenue Procedure 2024-40 announcing increases to the federal estate and gift tax exemption and the gift tax annual exclusion for the 2025 tax year, among numerous adjustments to other tax provisions. The 2025 tax law changes…
Read MoreBig changes to federal estate taxes could be ahead if Kamala Harris wins the presidential election in November, and the Democratic party holds the Senate and takes the House. Harris’s campaign recently endorsed the estate tax reforms in S. 4824,…
Read MoreAlthough 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 MoreOn March 19, 2024, Governor Inslee signed Substitute Senate Bill 5787 into law, which adopts the Uniform Electronic Estate Planning Documents Act (the “Act”). As a result, common estate planning documents such as trust agreements, powers of attorney, healthcare directives,…
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