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What is the Washington State Estate Tax?

In Washington State, there is an estate tax. The estate tax is a tax imposed on the transfer of property at the time of a person’s death.The estate tax exemption for 2020 (meaning the amount you can pass from your estate without incurring any Washington Estate Tax liability) is $2,193,000. Estates above the exemption amount will likely incur estate tax ranging from 10 to 20 percent of your estate beyond the exemption. The estate tax exemption increases by a small adjustment every year. To minimize estate taxes, you should consider setting up a credit trust. The federal government also has an estate tax, but the threshold is significantly higher. The federal estate tax exemption is $11.58 million per individual. If you have assets greater than $11.58 million, then your lawyer may have additional tax strategies to suggest for your family.