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March 2025 Newsletter
Jensen Estate Law
March 2025 Newsletter
Hi clients and friends,
As spring approaches, it’s the perfect time to revisit your estate plan and make sure everything is still aligned with your goals—especially with several key developments unfolding. This month, we’re highlighting essential planning steps for families with young children, including how to thoughtfully name guardians and ensure your wishes are honored. We’re also taking a closer look at Washington’s proposed estate tax legislation, which could affect planning strategies for a wide range of households.
In addition, we’re sharing an important federal update regarding new reporting requirements that may impact certain business entities and trusts. You’ll also find a featured video that breaks down Washington’s current estate tax rules and what could change in the near future. And if you or someone you know has been putting off estate planning, now’s a great time to start—our secure intake form makes it easy to take the first step.
Planning for Young Children?
Don’t Wait to Name Guardians in Your Will
Choosing a guardian for your minor children is one of the most meaningful decisions you can make as a parent. It ensures that if the unexpected happens, someone you trust will be there to care for your kids—and not someone chosen by the court.
In our latest article, we explore how to name guardians properly, when to name alternates or temporary guardians, and what considerations apply to joint or out-of-state guardians.
New Video:
Tax Season 2025 Key Updates from a Tax Attorney
Get the latest on Washington’s estate tax landscape in this informative video. Derek W. Jensen, JD, LLM, walks through current rules, proposed legislation, and smart planning strategies for 2025 and beyond.
What you’ll learn:
- Current exemption and tax rates
- Proposed changes from House Bills 2019 and 1375
- The importance of credit shelter trusts in WA
- How higher rates could affect large estates
🎥 Watch now on our YouTube channel and stay ahead of upcoming changes.
News & Updates You Should Know
📊 Client Planning Tip: Take advantage of the Gift Tax Annual Exclusion!
Did You Know? In 2025, you can give up to $19,000 per person without needing to file a federal gift tax return or using any of your lifetime exemption. For married couples, that means up to $38,000—a powerful strategy for gradually transferring wealth. These gifts can help support children, grandchildren, or others during your lifetime while also reducing the size of your taxable estate. In Washington, where the estate tax exemption is just $2.193 million, regular annual gifting can be an especially effective tool for long-term planning.
📌 FinCEN Reporting – March 2025 Update
Although the Corporate Transparency Act is in effect, FinCEN will not enforce penalties for U.S. citizens or domestic companies at this time.
- The March 21, 2025 deadline for reporting by pre-2024 companies still stands, but no penalties will apply for U.S. entities.
- Foreign companies and non-U.S. citizens may still be subject to enforcement.
- New rules may come soon, but most of our clients do not need to take action right now. We will keep you updated!
From Our Office: 🌷 Let’s Plan for Peace of Mind
Spring is a time for fresh starts—whether that means updating your documents, making sure your minor children are protected, or preparing for future tax changes. If you have questions or want to get started, our team is here to help.
Contact us anytime at (206) 547-1412 or info@jensenestatelaw.com
“Know someone who could benefit from estate planning? Send them our intake link—we’re happy to help.
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