In this episode, Ryan Burklo and Alex Collins discuss the impending changes to the Washington State estate tax, including updates to the exemption limits and tax rates. They emphasize the importance of proper estate planning to navigate these changes effectively and ensure that individuals and families can protect their assets and minimize tax liabilities. The conversation highlights the need for coordination among financial advisors, estate planning attorneys, and CPAs to create a comprehensive estate plan that addresses both state and federal tax implications.

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Below are the episodes mentioned by Ryan & Alex:

Episode 274

https://beerandmoney.libsyn.com/episode-274-top-3-mistakes-of-estate-plans-with-rob-bukacek

Episode 281

https://beerandmoney.libsyn.com/episode-281-traversing-the-estate-planning-maze-with-rob-bukacek

Takeaways

Washington State is considering changes to its estate tax.
The current exemption is $2.2 million per person.
Proper estate planning is crucial to avoid losing exemptions.
The proposed exemption may increase to $3 million.
Tax rates are set to increase significantly.
Coordination between financial professionals is essential.
Real estate values in Washington can quickly lead to estate tax issues.
Life insurance can be subject to estate taxes depending on ownership.
Individuals should act now to prepare for these changes.
Understanding both state and federal estate tax implications is vital.

Chapters

00:00 Introduction to Washington State Estate Tax Changes
02:57 Understanding the Current Estate Tax Exemption
06:01 Proposed Changes to Estate Tax Exemption
08:57 Impact of Increased Tax Rates
11:58 Importance of Estate Planning
15:05 Conclusion and Call to Action