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<p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Times New Roman",serif">This is an update on the proposed bills that impact the Washington estate tax exemption and estate tax rates.
<o:p></o:p></span></p>
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<ul style="margin-top:0in" type="disc">
<li class="MsoListParagraph" style="margin-left:0in;mso-list:l0 level1 lfo1"><b><u><span style="font-size:12.0pt;font-family:"Times New Roman",serif">NEW</span></u></b><u><span style="font-size:12.0pt;font-family:"Times New Roman",serif">
<b>HB 2019</b> - making the estate tax more progressive</span></u><span style="font-size:12.0pt;font-family:"Times New Roman",serif">: a hearing is scheduled for
<b><span style="background:yellow;mso-highlight:yellow">Tuesday 2/25 at 8:00 AM</span></b><span style="background:yellow;mso-highlight:yellow">.</span>
<b>This does not give us enough time to write another group letter to present at the hearing.</b>
<b><span style="background:yellow;mso-highlight:yellow">If you want to make your opinion known on this bill, please sign up to submit oral or written testimony here:</span></b>
<a href="https://app.leg.wa.gov/csi/House?selectedCommittee=31643&selectedMeeting=32893">
https://app.leg.wa.gov/csi/House?selectedCommittee=31643&selectedMeeting=32893</a><o:p></o:p></span></li><ul style="margin-top:0in" type="circle">
<li class="MsoListParagraph" style="margin-left:0in;mso-list:l0 level2 lfo1"><span style="font-size:12.0pt;font-family:"Times New Roman",serif">This bill does increase the estate tax exemption to $3M for deaths after 1/1/2025, and it does fix the CPI index
name issue. <o:p></o:p></span></li><li class="MsoListParagraph" style="margin-left:0in;mso-list:l0 level2 lfo1"><b><span style="font-size:12.0pt;font-family:"Times New Roman",serif">BUT it also significantly changes the estate tax rates as follows:<o:p></o:p></span></b></li></ul>
</ul>
<p class="MsoListParagraph"><span style="font-size:12.0pt;font-family:"Times New Roman",serif"><img border="0" width="680" height="284" style="width:7.0869in;height:2.9565in" id="Picture_x0020_1024982579" src="cid:image002.png@01DB85FA.3AA4F910"></span><span style="font-size:12.0pt;font-family:"Times New Roman",serif"><o:p></o:p></span></p>
<p class="MsoListParagraph"><span style="font-size:12.0pt;font-family:"Times New Roman",serif"><o:p> </o:p></span></p>
<ul style="margin-top:0in" type="disc">
<li class="MsoListParagraph" style="margin-left:0in;mso-list:l0 level1 lfo1"><u><span style="font-size:12.0pt;font-family:"Times New Roman",serif">HB 1375 - adjusting the estate tax exclusion amount for inflation</span></u><span style="font-size:12.0pt;font-family:"Times New Roman",serif">:
there was a hearing on 2/20/25 by the House Committee on Finance <a href="https://app.leg.wa.gov/BillSummary/?BillNumber=1375&Year=2025&Initiative=false">
https://app.leg.wa.gov/BillSummary/?BillNumber=1375&Year=2025&Initiative=false</a><o:p></o:p></span></li><ul style="margin-top:0in" type="circle">
<li class="MsoListParagraph" style="margin-left:0in;mso-list:l0 level2 lfo1"><span style="font-size:12.0pt;font-family:"Times New Roman",serif">Thank you to everyone who signed on to support this bill (it was discussed in the hearing). Unfortunately, it is
unlikely that this bill will move forward because a new bill (HB 2019) that proposes more extensive changes to RCW 83.100.020 was added to the docket on Friday. In short, HB 1375 adds to the budget deficit and is unlikely to move out of the committee. Whereas
HB 2019 will bring in more revenue for the state. <o:p></o:p></span></li></ul>
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<p class="MsoListParagraph"><span style="font-size:12.0pt;font-family:"Times New Roman",serif"><o:p> </o:p></span></p>
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<li class="MsoListParagraph" style="margin-left:0in;mso-list:l0 level1 lfo1"><u><span style="font-size:12.0pt;font-family:"Times New Roman",serif">SB 5405 - updating the inflation adjustment for the estate tax exclusion amount</span></u><span style="font-size:12.0pt;font-family:"Times New Roman",serif">:
there was a hearing on 2/4/25 by the Senate Committee on Ways & Means <a href="https://app.leg.wa.gov/billsummary?BillNumber=5405&Year=2025&Initiative=False">
https://app.leg.wa.gov/billsummary?BillNumber=5405&Year=2025&Initiative=False</a><o:p></o:p></span></li></ul>
<p class="MsoListParagraph"><span style="font-size:12.0pt;font-family:"Times New Roman",serif"><o:p> </o:p></span></p>
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<p class="MsoNormal"><span style="font-size:12.0pt">Liberty Upton</span><span style="mso-ligatures:none"><o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt">Attorney<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt"><img border="0" width="87" height="63" style="width:.9043in;height:.6521in" id="Picture_x0020_1" src="cid:image001.png@01DB85FA.3AA4F910"><o:p></o:p></span></p>
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<span style="font-size:12.0pt;font-family:"Times New Roman",serif">Tel (206) 382-4414 (ex. 232) / Fax (206) 382-4412 /<span style="color:#2F5496">
<u><a href="mailto:lupton@khbblaw.com"><span style="color:#0563C1">lupton@khbblaw.com</span></a></u></span><o:p></o:p></span></p>
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<span style="font-size:12.0pt;font-family:"Times New Roman",serif">705 Second Avenue / Suite 800 / Seattle, WA 98104 /<span style="color:#2F5496">
<u><a href="http://www.khbblaw.com/"><span style="color:#2F5496">www.khbblaw.com</span></a><o:p></o:p></u></span></span></p>
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