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Federal and Washington Estate Tax Exemptions and the Annual Gift Exclusion Amounts For 2024

Federal Estate Tax Exemption. The federal estate tax exemption for 2024 is $13,610,000 for individuals (and with proper planning, $27,220,000 for married couples). This means that if you pass away in 2024 with an estate valued under $13,610,000, then your estate does not have to pay federal estate taxes. The tax assessed over the $13,610,000 amount remains at 40%.

Washington Estate Tax Exemption. The Washington State Estate Tax Exemption for 2024 remains at $2,193,000. This exemption amount has not increased since 2018 because the cost of living index by which the exemption is adjusted annually no longer exists. Therefore, it is expected that the Washington estate tax exemption will remain "stuck" at $2,193,000 until such time as the Legislature updates the statute to reflect a new consumer price index on which to base the estate tax exemption amount, or the Washington Department of Revenue changes its interpretation of the current statute.

Annual Gift Exclusion Amount. The annual gift exemption amount for 2024 increases to $18,000 per person, per year. A gift tax return (Form 709) is required for gifts over $18,000. Washington State does not have a gift tax.

If you have any questions about the Federal or Washington State estate tax exemptions or the annual gift exclusion amounts, please call Rehberg Law Group at 206.246.8772.

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