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Estate Planning & Probate Group

Washington Enacts Changes to Capital Gains and Estate Tax Laws

On Monday, May 20, Governor Bob Ferguson signed Senate Bill 5813 into law, introducing key changes to Washington’s tax landscape that may impact high net worth individuals and their estate planning strategies. Capital Gains Tax Update Washington’s capital gains tax now includes an additional 2.9% on long-term capital gains exceeding $1 million, bringing the total tax rate on those gains to 9.9%. This new rate is retroactive to January 1, 2025, and is in addition to the existing 7% tax

Taking Care of Your Family with Estate Planning

With all that we are already doing every day, it is sometimes difficult to remember that we also need to take care of our family in the future, through estate planning. It is not something that any one of us wants to think about, as we cannot imagine not being there for our families. However, providing direction in the event of our incapacity or death leaves our families in the best possible situation under unfortunate circumstances. What Should You Consider

Planning Opportunities to Consider for the Remainder of 2020

  We are all recognizing the effects of the pandemic this year, in many different ways. However, reviewing your estate and gift planning now can present some great opportunities prior to the end of the year. We have substantial federal estate, gift, and generation skipping transfer tax exemptions available today, though this and income and capital gains tax rates may change in the near future based upon the results of this year’s election. We also have low interest rates available,

4 Ways to Organize Your Estate Plan from Home

Published on 5/21/2020   The spread of COVID-19 has been challenging for us all, and largely out of our control. Amid all the uncertainty, one thing we can control is how we are able to protect our family in the event of an unexpected illness or death. Getting your affairs in order to ensure your loved ones are protected during this current pandemic is particularly important and can offer peace of mind within these troubling times. Some may want to

5 Easiest Ways to Update Your Estate Plan to Incorporate Charitable Giving

Incorporating charitable giving into your estate plan is a meaningful way to leave a lasting impact while ensuring your legacy aligns with your values. Here are five simple yet effective ways to update your estate plan to include charitable contributions. Update beneficiary designations for retirement plans and life insurance. Update estate planning documents (Will, Revocable Living Trust) to provide for a charity through a specific bequest of a certain amount, a percentage of the residuary, or a contingent beneficiary. Commit to a

Taking Care of Your Family with Estate Planning

Published on May 1, 2016 Kari wrote a guest column in Northwest Mom magazine titled “Taking Care of Your Family with Estate Planning.”​ Kari explains what families should consider with their estate planning, and where to begin.

Time May Be Running Out on Valuation Discounts for Gifts to Family Members

Published on August 14, 2015 According to recent reports, the IRS is working on regulations that would, in effect, increase the value of interests in closely-held entities, such as partnerships and limited liability companies, that are transferred to family members for gift and estate tax purposes. Those entity interests currently are subject to discounts in value for minority ownership and lack of marketability. If the proposed regulations are enacted, those discounts will no longer be available for transfers to family

Isn’t estate and gift planning just for the ultra-wealthy? – Estate Planning Q&A

No! Just because the gift and estate tax exemptions are at $5.12 million per person right now, it doesn’t mean you need to have over $10 million to engage in useful planning. We know the exemptions and tax rates are set to change as of January 1, 2013, but we don’t know what they will be. One proposed change is to reduce the gift tax exemption to $1 million, though the estate tax exemption could be higher. Thus, even if

Ways to navigate tax on net investment income

  Kari wrote a guest column in the Puget Sound Business Journal titled “Ways to navigate tax on net investment income​.”​ Kari explains that with careful planning, individuals can find the opportunities available to reduce or eliminate the 3.8 percent tax on their net investment income.

Estate and Business Succession Planning in 2015: Are You Prepared?

Published on April 27, 2015 By Kari Brotherton For individuals who wish to manage their estate portfolio as they would manage their investment portfolio, having the peace-of-mind that comes with a finished, thorough estate and business succession plan is often far from reality. Why? Certainly many of us simply have yet to get around to it, or never move beyond a basic Will. Others start the estate planning process but do not see it to completion. Why not start now?