At $13.99 million for 2025, the federal estate tax exclusion is the largest it has ever been, but it will be reduced by half in 2026, which you can read more about in this advisory....more
3/3/2025
/ Apportionment ,
Estate Planning ,
Estate Tax ,
Non-Residents ,
Property Owners ,
Property Tax ,
Real Estate Investments ,
Real Estate Transactions ,
State Taxes ,
Tax Liability ,
Tax Planning
The 2017 Tax Cuts and Jobs Act (TCJA) is set to end at the close of this year, resulting in a federal estate exclusion that is less than half of the current $13.99 million exclusion. Other changes to the tax structure are...more
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
The IRS recently released proposed clawback regulations on the treatment of gifts that are complete at the time of transfer but are potentially included in the donor's gross estate at death. Such gifts will likely get the...more
The 2017 Tax Cuts and Jobs Act (TCJA) brought a unique estate planning opportunity by creating a temporary "bonus" exclusion, which doubled the gift and estate tax exclusion for individuals. Prior to the TCJA, an individual...more
While a prenuptial agreement might not be on the wedding checklist, family business owners—and their children who might own or participate in the business—are often advised to prepare one as part of the marital process....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
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
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 Tax Cuts and Jobs Act (TCJA) increased the federal estate tax exemption, which is currently $11.58 million per person. This increased exemption amount is due to sunset in 2026 and revert to the base amount of $5 million....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
Washington state grants estate tax relief if a decedent owns a qualified family-owned business interest (QFOBI) at the time of death and such property passes to a "qualified heir." ...more
Family-owned business owners in Washington State should be aware that leaving family-owned business interests outright to a surviving non-U.S.-citizen spouse can result in Washington estate taxes due at the first spouse's...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