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<div>Jim,</div>
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<div dir="ltr">I’m not following why they need to shelter so much if they have around $4.6 million. With even simple disclaimer planning they can protect around $4.4 million — though they must do so at the death of each spouse given that there is no portability
as in the federal system. </div>
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<div dir="ltr">But neither TODD or beneficiary designations will keep those assets out of their taxable estates. </div>
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<div dir="ltr">Beyond that, best advice is to tread carefully and bring in the help of an estate planning expert if needed.</div>
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<div dir="ltr">Hope that helps as a starting point. Best, Josh </div>
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<div style="direction: ltr;">Joshua D. McKarcher</div>
<div style="direction: ltr;">McKarcher Law PLLC</div>
<div style="direction: ltr;">537 6th Street</div>
<div style="direction: ltr;">Clarkston, WA 99403</div>
<div style="direction: ltr;">(509) 758-3345</div>
<div style="direction: ltr;">(509) 758-3314 (fax)</div>
<div style="direction: ltr;">josh@mckarcherlaw.com</div>
<div style="direction: ltr; text-align: left;" dir="auto"><a href="http://www.mckarcherlaw.com">www.mckarcherlaw.com</a><span style="caret-color: rgb(33, 33, 33); font-family: -apple-system, HelveticaNeue; background-color: rgb(255, 255, 255); display: inline !important;"></span></div>
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<div id="divRplyFwdMsg" dir="ltr"><font face="Calibri, sans-serif"><b>From:</b> wsbarp-bounces@lists.wsbarppt.com <wsbarp-bounces@lists.wsbarppt.com> on behalf of Jim Doran <jim@doranlegal.com><br>
<b>Sent:</b> Monday, May 10, 2021 12:50 PM<br>
<b>To:</b> WSBA Real Property Listserv<br>
<b>Subject:</b> [WSBARP] Estate Tax Avoidance
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<div dir="ltr"><font size="4">Death and Taxes:</font>
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<div><font size="4">Married clients are getting old. They want to know what they can do to shelter their assets from inheritance tax here in Washington. They have a home worth $600,000.00 and financial assets of roughly $4,000,000.00. When we do the calculations
the inheritance tax would be $301,050.00 upon the death of the second spouse if they do not dispose of any of the assets. </font><span style="font-size:large">We need to shelter $2,407,000.00. </span></div>
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<div><span style="font-size:large">I have two questions off the bat. All this talk of Transfer on Death Deeds makes me wonder if they do a TODD will that keep the real property out of the "estate" for purposes of the estate tax? The second question is if
they make specific beneficiaries for $2,407,000.00 worth of their financial investments, will that keep that amount out of the estate tax calculation?</span></div>
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<div><span style="font-size:large">And I do know that as a married couple they can gift $30,000 per year per person, but they don't want to do that for personal reasons.</span></div>
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<div><span style="font-size:large">I am sure there are other ways to do this. Any ideas that are not too complicated would be appreciated.</span></div>
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<div><span style="font-size:large">I appreciate it.</span></div>
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<div><span style="font-size:large">Jim Doran</span></div>
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<div>James R. Doran<br>
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Attorney at Law<br>
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100 E. Pine Street - Suite 205<br>
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Bellingham, WA 98225<br>
(360)393-9506<br>
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<a href="mailto:jim@doranlegal.com" target="_blank">jim@doranlegal.com</a><br>
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<a href="http://www.doranlegal.com" target="_blank">www.doranlegal.com</a><br>
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