New Estate Tax Rule in WA – A Big Win for Surviving Spouses! From the Desk of Amanda Burrows, CFP®, CSRIC®
I’ve got some exciting news for you (or anyone in your circle thinking ahead about estate planning)! Starting January 1, 2025, Washington State is rolling out a new rule that could make life a whole lot easier for surviving spouses.
Here’s the deal: if your spouse passes away on or after January 1, 2025 and you inherit the family home, you may be able to exclude the value of that home from the estate tax calculations. This could mean no need to file an estate tax return if the estate is under the threshold (currently $2,193,000).
A few things to know:
- Both spouses must have lived in the house for at least six months before the passing.
- It only applies if the surviving spouse gets the house.
This is a big win for families who want to keep the home without dealing with extra red tape. It’s a perfect time to take a look at your estate planning and make sure you’re set for 2025.
If you have any questions about how this new rule might impact you or your loved ones, feel free to reach out. Estate planning is all about preparation, and now is a great time to review your plan to ensure it aligns with these upcoming changes.
Let’s make sure you’re set for 2025 and beyond!
Best,
Amanda Burrows