From time to time, we provide updates in the estate planning area. While the November 2022 federal elections resulted in a divided Congress that dampens the likelihood of major federal tax legislation, we thought this would...more
5/31/2023
/ Capital Gains ,
Charitable Remainder Trust ,
Estate Planning ,
Estate-Tax Exemption ,
Generation-Skipping Transfer ,
Gift Tax ,
Gift-Tax Exemption ,
Grantor Retained Annuity Trusts (GRATs) ,
Interest Rates ,
Tax Cuts and Jobs Act ,
Tax Exemptions ,
Transfer Taxes
Beginning January 1, 2022, Washington state will impose a 7 percent capital gains tax on annual long-term capital gains that exceed a $250,000 annual threshold. Individuals subject to the tax are Washington state residents,...more
As a result of Governor Jay Inslee signing S.B. 5096 on May 4, 2021, Washington state will begin imposing a 7 percent tax on certain long-term capital gains beginning January 1, 2022. For a detailed overview of the new law,...more
Washington's legislature passed a new capital gains tax in April (Engrossed Substitute S.B. 5096), which was signed by Governor Inslee on May 4, 2021. The new law will take effect January 1, 2022....more
The Estate Planning Team at Davis Wright Tremaine LLP issues advisories regularly to communicate important law changes and other matters of interest to our clients, their advisors, and our friends. The 2020 presidential...more
This March, we celebrate Women's Month, an annually declared month that highlights the contributions of women today and throughout history, making their marks across sectors and in all industries. It is clear that the power...more
California voters approved Proposition 19 in November 2020, which updates California's long-standing property tax reassessment rules. There are two major provisions of Prop 19....more
Current high estate tax exemption amounts, low interest rates, and decreased company valuations have many family business owners scrambling to make gifts of ownership interests or close other succession planning transactions...more
The Estate Planning Team at Davis Wright Tremaine LLP issues Advisories on a regular basis to communicate important law changes and other matters of interest to our clients, their advisors, and our friends. We are circulating...more
The current combination of some of the lowest interest rates in history, high federal gift tax exemptions, and lower asset values creates a unique planning opportunity for those family business owners who wish to engage in...more
Update April 20: This blog has been updated to reflect updated guidance about estate planning considerations. Over the past several weeks, federal and state agencies have taken extraordinary steps to address the impact of...more
Over the past several weeks, federal and state agencies have taken extraordinary steps to address the impact of COVID-19, including those with respect to tax and probate filings. This advisory provides updates on extensions...more
Thinking about retirement? It’s important to get started on family business succession issues early, even as many as 10 years or more before you are ready to retire. ...more
As 2019 comes to a close and an election year looms, family businesses should consider how politics may impact their reputation and operations. Private political discourse among family members is one thing, but public...more
Washington State does not have "common law marriage" but it does have a now well-developed (yet still evolving) body of law on "equity relationships" or "committed intimate relationships." ...more
Entering into "commercial co-ventures" and/or making contributions to a donor advised fund (DAF) allows a family business to carry out its charitable goals without the need for forming a stand-alone family business private...more
When Congress enacted tax reform in December 2017, federal gift and estate tax “basic exclusion amount” (often referred to as the “gift and estate tax exemption”) increased to $10 million per person (from $5 million), indexed...more
More and more family owned businesses, from the largest to the smallest, are engaging in philanthropy....more
You have spent a substantial portion of your life building or continuing a successful family business, and you have some children (or other family members) who are active in the business and others who are not. How do you...more
With proper planning, owning vacation property with other family members can be a pleasant and even bonding experience. The key is to determine, as early as possible, what the parties expect and desire from the property...more
As promised, below is a follow-up to my February 29th post. There, I discussed estate tax planning. Below, I want to introduce generation skipping tax planning, using some similar tools.
As of 2016, each person has a...more
As of 2016, each person has an aggregate $5.45 million exemption from the federal gift and estate taxes. This exemption can be used either during lifetime or at death (or both, if not all of it is used for lifetime gifts)....more
In late 2012, researchers Nicolas Kachaner, George Stalk and Alain Bloch at the Harvard Business School published a study to compare family-owned businesses of certain sizes and industries with their non-family-owned...more
With the U.S. Supreme Court’s landmark ruling in United States v. Windsor on June 26, 2013, same–sex couples legally married in a state that recognizes same-sex marriage, and who reside in such a state, are now governed by...more
7/12/2013
/ Civil Unions ,
DOMA ,
Domestic Partnership ,
Employee Benefits ,
Estate Tax ,
Marriage ,
Retirement Plan ,
Same-Sex Marriage ,
SCOTUS ,
Tax Benefits ,
US v Windsor
The American Taxpayer Relief Act of 2012 (the “Act”) was signed into law on Jan. 2, 2013, avoiding dramatic changes to tax exemptions and tax rates on transfers subject to federal estate, gift, and generation-skipping...more