President 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…
Read MoreThe IRS extended the deadline to file individual income tax returns (Form 1040) for all taxpayers from April 15, 2020 to July 15, 2020 in response to the current coronavirus pandemic.
Read MoreThe SECURE Act may impact existing estate plans, particularly for people who have named a trust as beneficiary of a retirement account.
Read MoreWe understand that the coronavirus outbreak is a source of high anxiety. The estate planning attorneys at MPBA have transitioned to remote operations during the stay-in-place order to ensure we meet our clients’ needs. We remain available to assist during this challenging…
Read MoreCo-author: James Nevers, CFP ® - Soundmark Wealth Management Your estate plan and financial plan should be given careful thought before the 2020 elections. The Senate currently is made up of 53 Republicans, 45 Democrats, and 2 independents. There…
Read MoreThe cremation process has a significant carbon footprint, as does traditional burial. However, Washington residents will soon be able to dispose of human remains using more environmentally friendly methods.
Read MoreYou’re old enough. You’re wealthy enough. People depend on you. There’s no excuse for procrastinating! By Kaity Perez, JD, LLM and James Nevers, CFP A recent Caring.com survey found that nearly four in five millennials (78%) and 64 percent of…
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