Tax Topic

Estate Tax

For 2022, Federal estate tax law allows for a $12,060,000 (up from $11,700,000 in 2021) exemption (indexed for inflation each year) for each individual, a 40% max rate, and a step-up in asset basis as of the date of death. In many cases, a tax return is required to be filed for both the estate and the individual in the year of death.

Washington State estate tax law allows for a $2,193,000 exemption and a max tax rate of 20% on the taxable estate.

We are not Federal or State estate specialists but can refer you to one if need be.

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