2020 Estate Tax Exemption Amounts

The estate and gift tax exemption at the federal level for 2020 is $11.58 million per individual, up from $11.4 million in 2019. That means an individual can leave $11.58 million to heirs and pay no federal estate or gift tax, while a married couple will be able to shield $23.16 million. The annual gift exclusion amount remains the same at $15,000. Washington State estate tax exemption amount remains $2,193,000.00. This lower exemption amount seems to be catching clients off guard. Estates in excess of the federal exemption amount are subject to a 40% tax on all assets over the exemption. With a federal exemption rate this high, the majority of the tax planning clients will need at this poin

Washington Adopts New Overtime Pay Protections

Washington State announced on Wednesday that an estimated 259,000 workers in Washington State will be eligible for overtime pay by 2028. New rules are phased in starting July 1, 2020. According to the Department of Labor and Industries, for an employee to be exempt from overtime they must be paid a fixed salary, perform defined duties and salary must be above the minimum threshold. You can read more at the article below.: https://patch.com/washington/bellevue/s/gy0hm/washington-adopts-aggressive-overtime-pay-protections?utm_source=hs_email&utm_medium=email&utm_content=80764595&_hsenc=p2ANqtz--e5rCtKtTNp-MTDCehsVmkdwRCNrNFr_Mxjb820j4HgRbFRwCj2dvpopYqdSGdZBTosL27z9kPij2EUIJ3ZfRAD-wi7A&_hsmi=8

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