Washington’s estate tax can significantly reduce the assets passed on to your loved ones, but thoughtful estate planning can help minimize or even eliminate that tax for many families.

Washington’s estate tax can significantly reduce the assets passed on to your loved ones, but thoughtful estate planning can help minimize or even eliminate that tax for many families. Depending on your goals and financial situation, strategies may include making lifetime gifts, using irrevocable Trusts, creating charitable Trusts, purchasing life insurance through an Irrevocable Life Insurance Trust (ILIT), taking advantage of qualified family-owned business planning, or structuring Trusts to maximize available estate tax exemptions for married couples. Every family is different, and the most effective plan depends on the size and composition of your estate, your beneficiaries, and your long-term objectives. Because Washington’s estate tax laws are complex and differ from the federal estate tax system, working with an experienced lawyer can help you develop a customized plan that preserves more of your wealth for your family while ensuring your wishes are carried out.

If you have questions about Washington’s estate tax and how to reduce or avoid it altogether, give us a call at 253.858.5434 to make an appointment today