There is a common misconception when it comes to estate planning: only people with significant wealth need an estate plan. In fact, an estate plan is simply a set of documents that tells the world what we want to happen…
Read MoreThe IRS just issued Revenue Procedure 2023-34 announcing the 2024 increases to the federal estate and gift tax exemption and the gift tax annual exclusion. The 2024 federal estate and gift tax exemption has been increased to $13,610,000, up from…
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 MoreIn an ideal world, we would all die amongst our loved ones with well-formed estate plans in place and all of our finances squarely in order. Unfortunately, the reality is that the end often approaches faster than we hope or…
Read MoreWith 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…
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