How do I avoid estate tax in Washington state?
How do I avoid estate tax in Washington state?
Washington Estate Tax Tip 1: Create a Credit Trust. A credit trust, also called a bypass trust, is a simple and easy way to reduce or eliminate estate taxes. Washington Estate Tax Tip 2: Charitable Giving. Charitable giving is a great way to lower your estate tax liability. Washington Estate Tax Tip 3: Gifting.
Do you have to go through probate in Washington state?
Probate: Washington law does NOT require a probate proceeding to be filed following death, regardless of whether the Decedent died with or without a Will (ie, testate or intestate, respectively). In Washington, if a probate is filed, it is because someone wants it to be filed, NOT because the law requires it.
How do I start probate in Washington state?
This process requires you to take the following steps:Open probate. Notify all interested parties of your appointment as personal representative. Notify the Department of Social and Health Services (DSHS). Gather assets and information. Prepare an inventory and appraisement. Determine debts. Notify creditors.
How much is estate tax in Washington state?
WA state estate tax explained It’s a tax on your accumulated wealth assessed by WA state when you die. The tax rate starts at a 10% for the first taxable $1 million and climbs to 20% at $9 million. Your first $2.193 million (in 2020) passes tax free – called an “exemption”.
