The IRS recently issued Revenue Procedure 2022-38, which announced the increases to the federal estate and gift tax exemption as well as the gift tax annual exclusion for the year 2023. The 2023 federal estate and gift tax exemption has…
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 MoreWashington voters approved the Washington Death with Dignity Act in November 2008, which went into effect on March 5, 2009, and allows Washington residents who are terminally ill to request medication to end their life. The most recently available Death…
Read MoreFollowing the death of the first spouse, a joint and survivor grantor trust remains an eligible S corporation shareholder for which no electing small business trust or qualified subchapter S trust election is required until after the death of the surviving spouse.
Read MoreIn recently issued Revenue Procedure 2021-45, the IRS announced calendar year 2022 increases to the federal estate and gift tax exemption, and to the gift tax annual exclusion. The 2022 federal estate and gift tax exemption has been increased to…
Read MoreEarlier this year, Governor Jay Inslee signed into law Senate Bill 5132. Among various other changes to Washington trust and estate law, the Bill adopts the Uniform Electronic Wills Act (the “Act”), which allows Washingtonians to create valid digital Wills…
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 Washington Legislature passed a new state capital gains tax on April 5, 2021. Governor Inslee signed the bill, Senate Bill 5096, into law on May 4, 2021. The new law imposes a 7% tax on gains exceeding $250,000 in…
Read MoreThe IRS increased the 2021 federal estate and gift tax exemption to $11,700,000, up from $11,580,000 in 2020. The IRS announced the increase, along with a variety of other adjustments, in Rev. Proc. 2020-45. This increase to the federal exemption…
Read MoreRetirement accounts are often the most significant asset in an estate, yet in most cases, these assets pass outside the terms of our clients' testamentary documents. As a result, planners must take particular care to coordinate beneficiary designations with overall…
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