4 Key Things to Know About WA Estate Tax Most people dread thinking about taxes, whether they are estate tax, property taxes or income taxes. However, careful planning now can help avoid or decrease tax obligations passed on to beneficiaries of an estate. This is especially true when you consider Washington estate taxes. The estate tax is a tax imposed on someone’s estate after More
Estate Planning in The Face of COVID-19 Estate Planning has been something we think of for older adults. But, unfortunately, it is a false thought. Estate planning is for anyone who focuses on building wealth. The goal is to control the taxation when your estate passes on to the next family member. In the face of COVID-19 – estate planning becomes essential More
The SECURE Act is Making Its Way Through the Senate, Could Affect Estate Planning In May of 2019, the House of Representatives passed the Setting Every Community Up for Retirement Enhancement Act or SECURE Act by a vote of 417 to 3 — an overwhelming bipartisan majority in an era where that is increasingly uncommon. As of August of 2019, the bill is still making its way through the More
Tax Reform Legislation Moves Forward in Congress, Including Major Estate Tax Changes By a vote of 51-49, the Republican majority in the United States Senate passed an overhaul of the federal tax code. The U.S. House of Representatives already passed its own version of “tax reform.” With the Senate advancing its own version of the legislation, the chances of sweeping tax reform becoming law have increased dramatically. More
Overview of the Washington Estate Tax You may have heard about the estate tax on big news networks and the possibility that this tax would be repealed by Congress. However, it is important to understand that there are two estate taxes – a federal estate tax and a state estate tax. This means a repeal of the federal estate tax would More
Will the Federal Estate Tax Be Repealed? One of the most heavily discussed aspects of tax reform proposals currently being debated in Congress is the repeal of the federal estate tax (also commonly referred to as the “death tax”). The Senate majority recently unveiled the Tax Cuts and Jobs Act. This piece of legislation would not eliminate the estate tax entirely. Instead, More
Washington Estate Taxes 101 What is an estate tax? An estate tax is “a tax on the right to transfer property at the time of death.” An estate tax does not apply to everyone’s estate; whether it applies to you depends on the total value of your estate. How rich do I have to be for the estate tax More