Washington Legislature Takes Steps to Resolve Estate Planning Uncertainty.

On March 2, 2010 the House passed SSB 6831, which provides that the funding of credit shelter, generation skipping transfer tax, and marital trusts that use a formula based on the federal exemption amount as the reference for funding will be governed by federal exemption in place on December 31, 2009, for decedents who die after December 31, 2009 and before January 1, 2011. This action is necessary because the federal estate tax has been temporarily repealed for 2010, but will go back into effect in 2011 in a modified form if Congress fails to act.

To read the full text of the bill, which still requires the Governor’s signature, please follow this link: http://apps.leg.wa.gov