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Malachai Constant
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PostMon Apr 08, 2019 6:33 pm 
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Tell me about it we are in the throes of of probate and trusts from the death of a grandparent. There were shoeboxes of papers dating back to WWII and tons of Nicknacks etc. all in different states of decay. In addition there was property scattered against several states and then inevitable conflicts between heirs. This in an estate which had a well thought out estate plan which unfortunately was not totally followed. Better than Bleak House though.

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"You do not laugh when you look at the mountains, or when you look at the sea." Lafcadio Hearn
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RandyHiker
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PostMon Apr 08, 2019 7:02 pm 
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Navy salad wrote:
RandyHiker wrote:
Washington state estate taxes only apply to estates in excess of $2.193 millio

That would be per person, so for a married couple, the exemption would be $4.386 million.

I'm not sure how this is particularly relevant-- it is rare for a married couple to die simultaneously and there are no estate taxes or inheritance taxes between spouses.

Also your assertion isn't supported by any facts I can find, but I did find this:

Quote:
Washington Estate Tax for Married Couples
The Washington estate tax is not portable for married couples. When both spouses die, only one exemption of $2.193 million applies.

https://smartasset.com/estate-planning/washington-estate-tax
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Bloated Chipmunk
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PostMon Apr 08, 2019 7:03 pm 
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@ least some of the stuff my parents kept have historical interest:


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A balanced diet is a margarita in each hand.
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RandyHiker
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PostMon Apr 08, 2019 7:17 pm 
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In terms of "stuff" that parents have accumulated-- good luck getting them to work on paring down. 

I tried to get my parents to "downsize" for years to no avail.  When finally my mom's Parkinson's necessitated a move to assisted living -- it was against her will and she was very resistant.

So myself and my siblings did all the work to clear out the house of 40 years accumulation.  Took 3 of us about two weeks.

The happy note is that after two weeks in the assisted living facility my mom said:  "If I'd known I could have ice cream every night with dinner, I wouldn't have put up such a fight"

It's the fear of the unknown and of losing control that are the big barriers.

After that experience and when our youngest went off to college,  we downsized from our "big enough for three teenager's" house to something half the size and after 5 years now that seems way too big for just the two of us.
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Navy salad
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PostTue Apr 09, 2019 11:13 am 
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RandyHiker wrote:
Navy salad wrote:
RandyHiker wrote:
Washington state estate taxes only apply to estates in excess of $2.193 millio

That would be per person, so for a married couple, the exemption would be $4.386 million.

I'm not sure how this is particularly relevant-- it is rare for a married couple to die simultaneously and there are no estate taxes or inheritance taxes between spouses.

Also your assertion isn't supported by any facts I can find

https://soundmarkwealth.com/dont-forget-about-washington-states-estate-tax/  "... Even if a Washington married couple’s joint estate value is under the combined individual limit of $4.386 million, they could still face estate tax exposure without proper planning."

Highly relevant for couples who die in an accident.
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moonspots
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PostTue Apr 09, 2019 11:14 am 
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Bloated Chipmunk wrote:
I don't have any specific recommendations for you since I'm out of state, but I will say this:
...  In other words, try to downsize as you approach your later years in order to reduce the amount of furniture, 30-yr old tax returns, broken toys, dusty garage equipment, etc. etc. that you leave behind for some unfortunate person to go through.  embarassedlaugh.gif

Having done this twice now, I'll say that this is a fine observation! And about boxes full of old papers, receipts, tax returns and so on, one of the best things to happen here was to have the basement flood several years ago. We finally got it all cleaned up and looking decent, and in the process, sent at least 30 bags full of shredded papers to the landfill.  eek.gif


Further, if you are nominated to execute an estate per the will, I'd also recommend keeping meticulous records of various inventories, of bills paid, of trips/phone calls to "wherever, for whatever purpose", of conversations regarding anything, and anything else pertaining to your job as executor. Especially if you end up doing repairs, cleanup, remodeling, etc of a home for sale. Everywhere you go, everything you purchase, everyone you contact re: professional work done/to be done, keep a record. And keep these notebooks for several years after all is settled (or so you may think).

Anyway, that's what I think...

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"Out, OUT you demons of Stupidity"! - St Dogbert, patron Saint of Technology
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Malachai Constant
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PostTue Apr 09, 2019 12:28 pm 
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ditto.gif  ditto.gif Moonspots

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"You do not laugh when you look at the mountains, or when you look at the sea." Lafcadio Hearn
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RandyHiker
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PostTue Apr 09, 2019 1:48 pm 
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Navy salad wrote:
https://soundmarkwealth.com/dont-forget-about-washington-states-estate-tax/  "... Even if a Washington married couple’s joint estate value is under the combined individual limit of $4.386 million, they could still face estate tax exposure without proper planning."

Highly relevant for couples who die in an accident.

I can't find anything supporting the double exclusion  limit in RCW 83
https://app.leg.wa.gov/RCW/default.aspx?cite=83.100.020

Perhaps that firm is suggesting some sort of separation of assets between spouses.
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Malachai Constant
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PostTue Apr 09, 2019 2:48 pm 
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In Washington if there is a simultaneous death there could be three estates, the husband, the wife, and the marital community. I know the community property agreement is usually more important than the wills as few have that much separate property. Luckily I know next to nothing about WA estate tax.

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"You do not laugh when you look at the mountains, or when you look at the sea." Lafcadio Hearn
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Navy salad
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PostTue Apr 09, 2019 3:52 pm 
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Here are a couple more links that reference the 4,386,000 combined limit. I'll leave it to you to sort through these since you seem to be quite interested:
https://www.retirementliving.com/taxes-new-york-wyoming (Retirement planning site)
https://www.hkpseattle.com/2018/01/11/how-to-plan-for-washington-states-death-tax-after-the-2017-tax-reform-act/ (CPA firm)
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Forum Index > Full Moon Saloon > recommendations for attorney for living will, end of life, trust set up near seattle
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