Proposed updates to Washington’s estate tax could impact estate planning for many residents. House Bill 2019 aims to increase the exemption to $3 million, adjust it for inflation, and introduce a tiered tax structure with rates ranging from 16% to 38%. House Bill 1375 takes a simpler approach, keeping the current $2.193 million exemption but adjusting it for inflation without changing tax rates.

Strategies to consider include:

📌 Lifetime gifting – Reducing taxable estate value through strategic asset transfers.
📌 Trust planning – Using irrevocable trusts to protect assets and control distribution.
📌 Portability planning – Addressing the lack of spousal exemption transfer under Washington law.

If these bills pass, they could reshape estate tax obligations for Washington families. Planning ahead can help minimize tax burdens and protect generational wealth. 

Get a refresher on key tax considerations before our next webinar! In this session, Derek W. Jensen, JD, LLM, covers Washington’s estate tax, capital gains tax, and how they interact with federal transfer and income taxes.

📌 Washington Estate Tax – Who it applies to and why proactive planning matters.
📌 Capital Gains & Step-Up Basis – Key differences between state and federal tax rules.
📌 Retirement Account Taxation – How the SECURE Act impacts beneficiaries.
📌 Federal Gift & Estate Taxes – What to know for long-term planning.

🎥 Watch now for a tax refresher before our March 18th webinar, where we’ll dive into 2025 updates!