Many 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,…
Read MoreThere 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…
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