
Blog Category Archives: Gift and Estate
Gift Taxes Paid Continue as Washington Taxable Estate Assets for Three Years
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
Estate Tax Update – Proposed Regulations to Limit Valuation Discounts
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
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
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