Category Archives: Estate Tax Planning
What is a Credit Shelter Trust? Do I need One?
Simply put, a Credit Shelter Trust , also called a bypass trust or exemption trust, is a valuable tool used in estate planning in Washington State. Its primary function is to help mitigate the federal & state estate taxes that can often significantly burden a deceased person’s estate. In this article, we will dive… Read More »
How to Avoid Washington State Estate Tax in 2023
If you leave behind more than $2.193 million when you die, your estate might owe Washington State estate tax. If you’re a resident of Washington and your estate is valued at more than $2,193,000 (for deaths occurring in 2023), then be aware that you may need to pay the separate state-level Washington Estate Tax…. Read More »
Washington State Estate Tax Exemption for 2023
Remind me, does Washington have an inheritance or estate tax? Washington does not have an inheritance tax, but there is a Washington State Estate Tax . Estate tax rates in Washington state are progressive, ranging from 10% to 20%. The estate tax in Washington applies to estates with a value of $2.193 million and… Read More »
Reduce Your Washington State Estate Taxes for 2020
An estate tax is a tax on your assets when you pass away. The IRS has determined that for 2020, federal estate tax generally only applies to accrued assets beyond $11.58 million in value. Most existing estate tax rates range from around 18% to 40%. The cut-off for Washington State Estate Tax 2020 is… Read More »
Ready to Retire? Consider These 3 Retirement Tips
To protect yourself from some of life’s unexpected surprises, we’ve detailed several retirement tips you can use ahead of your decision to stop working. Starting at 10 years prior to your last day of work, five years before, and then one year prior to your retirement date. Some of the biggest threats to your… Read More »
Washington State Estate Tax Guide for 2021 – Moulton Law
So, do we have a Washington State Estate Tax or Inheritance Taxes? Washington definitely does have an Estate Tax, however it does not collect an Inheritance Tax. Amidst the general election in Nov 1981, voters overturned our inheritance tax and passed the estate tax. This switch from the inheritance tax to an estate tax… Read More »