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Blog Category Archives: Gift and Estate

Gift Taxes Paid Continue as Washington Taxable Estate Assets for Three Years

Posted on by Kristi Richards

Making gifts shortly prior to death does not eliminate the federal gift taxes paid from a Washington resident’s estate.  Washington’s Supreme Court recently released a decision requiring federal gift taxes paid within three years of death must be included in … Continue reading

2017 Estate Tax Updates

Posted on by Kristi Richards

Currently, both Washington state and the federal government have an estate tax due at an individual’s death, depending on the value of the assets the decedent owned. Both Washington and the federal government specify an amount of assets and money … Continue reading

Estate Tax Update – Proposed Regulations to Limit Valuation Discounts

Posted on by George Munro

  On August 2, 2016, the Department of the Treasury circulated proposed regulations under Section 2704 of the Internal Revenue Code which significantly reduce a taxpayer’s ability to claim lack or marketability and lack of control “discounts” when valuing property … Continue reading

Increase in Federal Estate Tax Exemption for 2016

Posted on by Amicus Law Group

As of January 1, the federal lifetime estate and gift tax exemption has increased for inflation to $5.45 million per person. This is just slightly up from $5.43 million in 2015. Married couples can get the benefit of two individual … Continue reading

Washington State Estate Tax in 2015

Posted on by Amicus Law Group

The 2015 Washington state estate tax exemption for deaths occurring in 2015 is $2.054 million. This is up from $2.012 million in 2014.  Amounts passing to heirs above the $2.054 million mark will be taxed at a rate of 10-20% … Continue reading