Insight, Analysis, and Perspective for Businesses and Individuals

Donor-Advised Funds (DAFs) offer a flexible way to support causes that you care about while complementing your overarching estate planning goals. Incorporating a DAF is a strategic way to engage in charitable giving, maximize tax benefits, and leave a lasting legacy. An Expanded Overview of Donor-Advised Funds A DAF is a versatile philanthropic tool that […]

As we elapse the quadricentennial of the 21st century and enter 2026, what is being called the “Great Wealth Transfer” is well underway. The Baby Boomer generation is noted for post-war perseverance, significant contributions to culture and politics like the counterculture movement, and of course: a workforce boom and economic prosperity. As the Baby Boomers […]

The legal landscape for family investment vehicles in Washington shifted dramatically after the Antio LLC v. Department of Revenue decision of the Washington Supreme Court.  In Antio the taxpayers were a group of investment funds organized as limited liability companies.  These funds acquired investors through private offerings and invested in debt instruments.  The LLCs themselves […]

Since 2018, estate planning legislation in Washington has remained stagnant. Increases in our legislated estate tax exemption rate had been tied to a Consumer Price Index that no longer existed, and the legislature largely ignored the issue. Recently, the Washington State Legislature finally turned an eye to addressing the issue and enacted a bill which […]

Overview of The Spousal Residence Exclusion Washington state recently enacted some changes that may impact married couples and registered domestic partners. Under the new Spousal Personal Residence Exclusion, when a spouse/partner passes away on or after January 1, 2025, the decedent’s share of the family home in some situations will not count when determining whether […]

The start of a new year is a great time to review your current estate plan or consider creating one.  2024 brings a number of opportunities for creating an estate plan, pursuing gifting strategies, and considering philanthropic goals.  Here are a few estate planning opportunities for your consideration this year: Increased Estate, Gift, and Generation-Skipping […]

I have yet to meet a client who wants to pay estate taxes. Tax avoidance is among the primary reasons people meet with estate planning attorneys and develop estate plans. In 2022, the federal gift, estate, and generation skipping transfer tax exemptions are $12,060,000 per person (which is indexed for inflation and will rise through […]

UPDATE: On January 27, Governor Jay Inslee signed two bills passed by the Legislature making key changes to WA Cares Fund. These reforms address coverage gaps and delay program implementation by 18 months. Significant changes include: Employees near retirement (born before 1968) will now be able to qualify for partial benefits on a pro-rated basis. […]

In November, 2020, we published the original post “‘Tis the Season: A Gifting Opportunity.” This is an update. If you are in the holiday spirit this season, you may wish to make gifts using the 2021 annual federal gift tax exclusion amount.  To qualify for this exclusion for the year 2021, the gifts must be […]

Four months into the 117th United States Congress, the anticipated federal legislative proposals to restructure the federal estate tax are finally seeing the light of day.  Senator Bernie Sanders and others recently introduced the For the 99.5% Act (the “Act”).  True to its name, the Act takes direct aim at income and wealth inequality through […]

When you were younger, after getting married and having children, you met with a lawyer and created an estate plan.  Now the kids are grown, finished with college, and are is settled in their adult lives.  Of your three children, two are married.  One has your first grandchild on the way.  Your retirement is still […]

Many of us may already be aware that the Tax Cuts and Jobs Act (TCJA) has significantly cut corporate tax rates, slightly cut individual tax rates, provided a jump in the standard deduction and implemented a host of other tax law changes for both individuals and businesses. However, there has been little attention given to […]