With property taxes on the rise in Washington state, many property owners are looking for creative ways to plan and utilize their land to reduce their tax burden. Washington’s Open Space Taxation Act, Chapter 84.34 RCW (the “Act”), enacted in…
Read MoreWe’ve all heard people say, “You need to have a Will,” or, “You should set up an estate plan,” but what does that actually mean? A typical estate plan goes beyond just making a Will and usually includes several other…
Read MoreIn 2020, Washington became the first state to pass a law allowing for more environmentally friendly methods to dispose of human remains. Since then, a method known as “human composting” has gained in popularity here and in other states. Alternative…
Read MoreCourt Holds Washington Capital Gains Tax is a Constitutional Excise Tax On March 24, 2023, the Washington Supreme Court (in a 7-2 opinion) held that the controversial capital gains tax enacted by the Washington State Legislature in 2021 (SB 5096;…
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 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.
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