Oregon Senate Bill 1511, which would effectively raise the current $1,000,000 threshold for the Oregon estate tax to $2,500,000 and raise marginal rates across the board (with a very substantial increase on rates between $2,500,000 and $3,000,000), has passed the Oregon Senate and is currently in the Oregon House Committee on Revenue with a few days remaining in the session. Depending on the value of your estate, its passage could have a significant impact on your heirs and how much estate tax your estate ultimately owes.
Regardless of the merits of the current or proposed thresholds and rates, the bill’s formula for calculating estate tax due is needlessly complicated. In an effort to provide transparency for Oregonians on the bill’s effects, James recently gave testimony to the House Committee on Revenue explaining this unnecessary complexity and requesting simplification of the calculation. You can read his full testimony including a summary of the proposed tax structure here.
And if you would like to discuss estate tax implications for your family and how to mitigate them, please contact us to set up an appointment to explore your options.