On Thursday, the Washington Supreme Court decided that Washington’s estate tax would not apply to married couples who used a certain estate planning trust prior to 2005. The Department of Revenue spokesman estimated that this decision would cost the state $47.6 million during the current biennium for refunds of taxes that were paid and others that would not be collected. After the first adjustments are made, he still estimates that the decision will cost the state $5 million a year.
See Wash. Court Ruling on Estate Tax Will Cost $50M, The News Tribune, Oct. 18, 2012.
Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.
