Federal and Washington Estate Taxes for 2019
Posted Feb 19, 2019
By Washington State Estate Planning and Probate Lawyer Per E. Oscarsson
The “applicable exclusion amount” is the amount of a deceased person’s estate that passes free of estate tax. This differs from the unlimited marital deduction that applies when one spouse dies and transfers all of his or her interest in property to the surviving spouse. There is an applicable exclusion amount for federal estate tax purposes and an applicable exclusion amount for the state of Washington’s estate tax purposes. Under both federal and Washington law, the applicable exclusion amount is subject to adjustment. For federal estate taxes, the applicable exclusion amount is $11,400,000 for 2019, a slight increase over the amount for 2018. The applicable exclusion amount for Washington estate taxes in 2019 is $2,193,000, the same amount as in 2018. The lack of change in the Washington amount is most likely due to a change in the geographic area used for determination of the applicable consumer price index that was not reflected in Washington law. If the state of Washington amends the law to identify the current geographic area used for determination of the applicable consumer price index, Washington’s applicable exclusion amount for 2019 may change.
If you need assistance with your estate planning, contact Per E. Oscarsson or one of the other attorneys in Beresford Booth’s Estate Planning and Probate Group.
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