[WSBAPT] Alternate Valuation Date - Separate Elections?

[Jared E. Adams]

Hi Group,

A quick question about a scenario I am sure some of you have run into before.  I am administering an estate that is above the Washington exemption but below the federal exemption. I am required to file a state estate tax return, and taxes will be due. In addition, the executor (surviving spouse) would like me to file the federal return to make the portability election.

The estate dropped significantly in value between date of death and the 6-month alternate valuation date.  Because no federal tax is due, I know I have to use date of death values for the federal return.  But, can I use the alternate valuation date for Washington (even though I can't for the federal), because for Washington it will reduce overall taxes payable?  In other words, can I make separate alternate valuation date elections for federal and state similar to the right to make separate QTIP elections?

Thanks in advance for any feedback!

Best,

Jared


Jared E. Adams, JD, LL.M.

Condie & Adams, PLLC
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