Tax Planning Triage – Preparing for the end of 2017

Meeting with individuals shaking hands and making notes on tax planning

Tax planning should be continuous. However, many people procrastinate, waiting until near the end of the year to determine what might be done to reduce or defer taxes. Tax planning is dependent upon individual circumstances, and the considerations discussed below are not universally applicable. That said, these topics are worth discussing with your CPA so…

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Valuing the Family Farm for Property Tax Purposes Part II

Photo of Farm Land emphasizing the importance of Washington farm tax planning

When the time comes to consider transitioning the family farm, there are some valuation rules which are worth considering. Washington property tax provides a tax savings for lands classified as a farm. The Washington and Federal estate tax regimes provide value reductions for farm property as well. The Federal estate tax may soon become a thing of the past due to President Trump’s recent tax reform proposal, but as of yet the tax is still in effect.

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Devising Retirement Accounts when Estate Planning

Photo of lawyer working on estate planning paperwork

Generally, your will does not control disposition of your retirement account. A retirement account is a non-probate asset, like a bank account, or life insurance. This means that the disposition of your retirement account is generally not controlled by your will, but instead by the beneficiary designation filed with the plan administrator.

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