$10M less $4.4 leaves $5.6, not $6.6, but that typo notwithstanding, I agree with Todd that gifting is one of the few tricks one can use. We are in MA, and I explained it to my kids as “I’d rather give you $1 now than $0.84 after I die.”I really dislike the low exemption in WA. I have all the Credit trust language in the estate paperwork but my understanding is that will only in effect to make sure a married couple gets to use both of the $2.2mil individual exclusions. Is that correct? A $10mil estate would get a combined $4.4 mil exclusion but still would be taxed on the remaining $6.6mil which would be @ $1mil in taxes at 15% average rate. Any tricks to avoid the last item I mentioned? I haven't heard of any so any new information is appreciated.Thank you senex and bstenier. I will focus my research on "QTIP" and "credit shelter trusts".
I think I have read bsteiner's 2003 article, but I will need to read it again in regards to Oregon conditions.
Years ago, when we were well below the WA state estate exemption, my WA estate attorney mentioned a variety of options to minimize state estate tax in the future. Well, the future is here even under WA conditions.
Today, I will see if my WA estate attorney is licensed in OR.
Statistics: Posted by TomatoTomahto — Sat Jul 13, 2024 5:12 am — Replies 6 — Views 1005
