If you need help understanding how estate taxes may affect your estate planning in Yakima, Washington, call Elevated Estate Planning, P.S. at (509) 328-2150 to schedule a consultation. Our Yakima estate tax lawyers are ready to answer your complicated estate planning questions and help you understand what you need to know.
You are certainly familiar with taxes on income, property, business dealings, and many other areas of your life, and there may even be tax liability upon your passing. Under federal tax regulations established by the IRS and tax laws in the state of Washington, individuals with higher net worth might incur estate tax on the assets they own at death.
The good news is that you do have options to reduce or eliminate the amount your estate owes, and you will need to engage in some advance planning to achieve your goals. Contact our office in Yakima, WA, when you’re ready to get started.
Why Choose Elevated Estate Planning, P.S. for Help with Estate Planning in Yakima, WA?
Your estate planning options offer significant benefits, but they are also extremely complicated. Errors can lead to costly results when your estate tax liability takes a chunk of the legacy you left for loved ones. At Elevated Estate Planning, P.S., our team has in-depth knowledge of estate planning laws, so we can advise you on strategies for minimizing estate taxes.
Clients choose us for help with estate tax planning because:
- We have over 25 years of combined experience in estate planning and tax law.
- We have a deep understanding of how Washington’s tax laws and exemptions apply to estate planning.
- Our team provides personalized service and strategies tailored to your specific needs in Yakima and other cities across Washington.
Please contact our firm to schedule a consultation with a Yakima estate tax attorney today. You may also benefit from reviewing some background about the relevant concepts.
Estate Tax Basics
An estate tax is generally a tax on the right to transfer property at the time of death. IRS rules are always complicated, and the same is true for estates. Plus, with Washington’s estate tax, there are multiple levels of taxation to consider. A few important points should help convince you to explore options for estate tax planning:
Federal Estate Taxes
As of 2025, the federal estate tax is usually triggered when an estate is valued at $13.99 million at death per individual. The threshold amount is adjusted annually for inflation.
Washington Estate Taxes
As of July 1, 2025, you may have estate tax liability in Washington if your estate’s net worth is $3 million or more at your death. Currently, Washington plans to recalculate its threshold for 2026 at the end of the calendar year 2025.
Strategies for Estate Tax Planning
There are ways to minimize or avoid estate taxes, and time is of the essence for getting started with planning.
One option is lifetime gifting, where you reduce your estate by giving gifts according to structured distributions. Elevated Estate Planning, P.S. can counsel you on strategy, since you are limited on the amounts you can give by IRS rule.
A Washington estate tax lawyer can also evaluate opportunities for married couples to protect their double exemption amount. You may benefit from incorporating charitable trusts, irrevocable trusts, limited liability companies, and family limited partnerships into your estate plan.
Remember to review your estate tax planning often since the laws change frequently. Our Washington estate tax attorneys can help you revisit your planning details regularly.
Who Needs an Estate Tax Lawyer in Washington?
Not every Washington resident will owe estate taxes, but planning ahead is essential for those with substantial assets or unique financial situations.
You may benefit from working with an estate tax lawyer if:
- You own assets exceeding Washington’s $3 million estate tax exemption (as of July 1, 2025).
- You hold significant real estate, business interests, or investment portfolios.
- You own property in multiple states or outside the United States.
- You are a married couple seeking to preserve both spouses’ estate tax exemptions.
- You plan to pass down a family farm, ranch, or other generational property.
- You want to incorporate trusts, charitable giving, or other advanced planning tools.
An estate tax lawyer can help you protect your legacy, minimize tax liability, and ensure your loved ones receive the maximum benefit from your estate.
Contact Our Yakima Estate Tax Attorneys for a Consultation
If you have concerns about incurring estate tax liability, please contact Elevated Estate Planning, P.S. to learn more about ways to avoid or minimize the costs. We can set up a consultation with a Yakima estate tax lawyer who will analyze your situation and determine how the laws apply.