Taxes Attorney in Lynnwood, Washington

What size estates are subject to estate taxes in Washington?

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Washington’s estate tax applies to estates larger than $2,193,000. This is in contrast to the federal estate tax that only kicks in with estates larger than $11.4 million. So really, for most people, federal estate taxes are not gonna be an issue. But here in Washington, with the housing prices that we have, there are a lotta people who are concerned about Washington estate tax.

Again, that tax kicks in at $2,193,000. Fortunately, though, there’s some relatively straightforward planning that can be done to minimize or avoid Washington estate tax. For couples, that will usually involve using a trust for a surviving spouse. And for couples and for single people, there’s the option of gifting because Washington only has an estate tax. We don’t have a gift tax.

So really, when it comes to Washington’s estate tax that does kick in at that $2,193,000 – and that – I should also mention Washington has the highest tax rate. The top rate in Washington is 20 percent. It’s the highest in the country. Fortunately, there’s planning that can be done here in Washington to minimize or avoid the Washington estate tax.

Seattle, WA estates & probate lawyer Jacob M. Menashe explains how estate taxes work in Washington and what size estates are subject.

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