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Ask Lane Your Own Question
Category: Tax
Satisfied Customers: 11861
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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My question relates to the Estate Tax in Washington State.

Customer Question

My question relates to the Estate Tax in Washington State. Does the Washington law permit a deduction for a Disclaimer Trust over and above the $2,000,000 exemption? And if so, what is the maximum allowance.
Thank Youl
Submitted: 3 years ago.
Category: Tax
Expert:  Lane replied 3 years ago.

NPVAdvisor :

Yes, it does

NPVAdvisor :

Here's an excellent example (from a Washington State estate planning firm) showing the use of Disclaimer:

NPVAdvisor :

I still don't see you coming into the chat here, so I'll move us to the "Q&A" mode so we can continue our dialogue

NPVAdvisor :

But the answer to your questions is yes: A Disclaimer Trust utilizes at least one, but possibly more, trusts established upon the first spouse’s death to receive the estate’s assets. The most important aspect of a the Disclaimer Trust is the requirement of the surviving spouse to disclaim the appropriate assets into the Disclaimer Trust. By disclaiming a portion of the estate, the decedent’s estate tax exemption is taken advantage of thus reducing the estate taxes due upon the surviving spouse’s death. Both spouses’ wills should state that the surviving spouse shall receive the entire estate (either outright or into a trust), less any specific gifts each wants to make, but gives the surviving spouse the ability to disclaim any of the property into the Disclaimer Trust.

NPVAdvisor :

Let me know if you need more on this

NPVAdvisor :


Expert:  Lane replied 3 years ago.

Hi Richard,

.. just checking back in here, as I never saw you come into the chat.

Let me know if you have questions.

Expert:  Lane replied 3 years ago.
Hi Richard ,

I'm just following up with you to see how everything is going. Did my answer help?

Let me know,