An estate tax is a tax imposed on an individual’s assets at the time of their death. The amount is determined by what’s in the deceased person’s estate.
A person’s estate is made up of all of the assets owned by that individual. These often include a home or other property, life insurance, retirement accounts, stocks, bank accounts, personal belongings, etc.
A number of specific laws govern estate tax situations, such as the passing of assets to a surviving spouse, a qualified tax savings trust, or to a charity.
The IRS defines a gift as the transfer of any value from a donor to another individual during the donor’s lifetime. According to federal law, individuals can gift up to $18,000 per year (in 2024) to an individual without having to report the gift or pay gift tax. Individuals can gift up to $19,000 in 2025 - and this amount may continue to change in the future. There are several other reporting and tax exceptions as well.
Neither Oregon nor Washington have a state-level gift tax.
Deciding when and how to pay gift taxes is part art, part science. Depending on the variables at play, it may make more sense to pay gift taxes with the donor’s next tax return or defer payment until death.
Generation-skipping refers to the transfer of funds to a person at least 37.5 years younger than the decedent. The recipient of such assets is usually a grandchild of the person transferring the assets, but that isn’t always the case.
There can be tax advantages to generation-skipping. It’s historically been used as a wealth-preserving strategy.
By partnering with us, you’re getting experienced attorneys renowned for achieving favorable results. We have a proven record of helping clients maximize asset distribution to their heirs.
You can count on your legal matters being handled with precision and professionalism. We prioritize completeness and accuracy, ensuring your estate plan reflects your needs and is expertly crafted.
Estate and gift tax planning can be an intense, emotional, or overwhelming experience. We provide compassionate guidance throughout the process, ensuring confidence and peace of mind in your decisions.
Estate planning is the practice of arranging your affairs and assets for the future. It ensures your wishes are carried out when you die or if you become incapacitation. Estate plans can protect the people you care about most and minimize taxes.
The sooner, the better. Having an estate plan in place can provide peace of mind for you and your loved ones.
Legal matters can be complex and difficult to navigate. An experienced estate planning lawyer can advise you, as well as draft personalized documents that are legally sound.
Wills, trusts, powers of attorney, and advance healthcare directives are the most common estate plan documents.
By using certain strategies — like gifting, charitable planning, and trust structures — you can help cut estate taxes. This facilitates the efficient distribution of your assets to your beneficiaries.
