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
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
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
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
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