Tax Topic

Estate Tax

Federal estate tax law allows for a $5,450,000 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 $2,079,000 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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