[WSBAPT] Part of the Gross Taxable Estate?
Claudia A Gowan
claudia at cagowanlaw.com
Mon Oct 3 17:27:08 PDT 2022
Brent, you are correct that simply distributing the IRA outside of probate would not remove it from the gross estate for purposes of the Washington State estate tax. The value of the IRA, as of the date of death of the decedent (assuming you are not using the alternate valuation date), needs to be included in the calculation of the gross estate when determining whether you have a filing obligation and/or an estate tax obligation.
Best, Claudia
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From: wsbapt-bounces at lists.wsbarppt.com <wsbapt-bounces at lists.wsbarppt.com> on behalf of Brent Williams-Ruth <brent at williams-ruthlaw.com>
Sent: Monday, October 3, 2022 5:19:29 PM
To: wsbapt at lists.wsbarppt.com <wsbapt at lists.wsbarppt.com>
Subject: [WSBAPT] Part of the Gross Taxable Estate?
Greetings List -
Have a probate where Decedent set up beneficiary for his brokerage and his traditional IRA. The brokerage house disclosed the brokerage distribution but did not disclose the IRA. In a conversation with Executor believe each residual beneficiary received the same amount. If this is true - the estate would surpass the Washington estate tax threshold - if a traditional IRA transferred through beneficiary is counted as part of the GTE.
Simply by distributing outside of probate does not remove it from the gross taxable estate, correct?
Brent Williams-Ruth
Attorney-At-Law
Law Offices of Brent Williams-Ruth, a division of BWR Consulting, PLLC
Office/Scheduling Phone: (253) 285-7751
Direct: (253) 285-7453
500 S. 336th St., Suite 214; Federal Way, WA 98003
e-mail<mailto:Brent at Williams-RuthLaw.com> / website<http://www.williams-ruthlaw.com/> / facebook<http://www.facebook.com/bwrconsults> /
As of July 1, 2019 - I began operating as the Law Offices of Brent Williams-Ruth a division of BWR Consulting, PLLC. Please note the new points of contact Brent at Williams-RuthLaw.com<mailto:Brent at Williams-RuthLaw.com> and www.Williams-RuthLaw.com<http://www.williams-ruthlaw.com/>
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