Is there a limit to the amount of inheritance tax due on an intestate estate?

Yes, there is a limit to the amount of inheritance tax due on an intestate estate in Washington. The inheritance tax is a tax on any assets that pass from the deceased person to the designated beneficiaries through intestate succession, or the law of inheritance when the person dies without a will. The amount of the tax due depends on the size of the estate and the relationship between the deceased and the beneficiary. In Washington, the inheritance tax rate is a flat 5.03%. This rate is applied to each taxable estate, regardless of its size. However, there is also an exemption limit that caps the amount of tax due. For 2020, the exemption limit is $2,193,000. This means that any estate that is worth less than that amount is not subject to the inheritance tax. For example, if the estate is valued at $1,500,000, then the tax due would be equal to 5.03%. To calculate, you would multiply $1,500,000 by 0.0503, which equals $75,450. If the estate is worth more than the exemption limit, then the amount of tax due would be calculated as normal. As a result, it is important to research the current exemption limits so that you can determine the amount of inheritance tax due.

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Is there a limit to the amount of inheritance tax due on an intestate estate?

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