|
ESTATE TAX
The following is a chart showing the amount that can pass free from estate and inheritance tax if you reside in Washington State. With proper planning a married couple will be able to utilize two exemptions. Without proper planning, the exemption of the first spouse to die is often lost.
For all individuals there are a variety of techniques for limiting or eliminating the imposition of estate tax. If your estate is large enough to be subject to estate tax, you should contact me to review your situation and the options available for reducing or eliminating your estate tax liability.
__________________
According to current law, the exemptions from estate tax are as follows:
|
Year of death |
Federal Exemption Amount |
Washington Exemption Amount |
|
2010 |
Repeal of estate tax (maybe) |
$2,000,000 |
|
2011 |
$1,000,000 |
$2,000,000 |
For the purpose of calculating the size of your estate that may be subject to estate tax, assets on hand are added with gifts made during your lifetime that exceed the annual exclusion amount. The annual exclusion amounts, which apply for each of your gift recipients, are as follows:
Elizabeth A. Perry, a member of the National Academy of Elder Law Attorneys, has been helping Clark County seniors with their estate planning needs since 1976. Her practice emphasizes estate planning, probate, guardianships, and Medicaid planning. She can be reached at (360) 816-2485. www.RevocableLivingTrustsLawyer.com
(The above should not be construed as specific legal advice and is intended for general information purposes only.) |
