Many Washingtonians are unaware that the Washington Long-Term Services and Supports Trust Act, passed on July 28, 2019, allows the option to opt-out of the mandatory 0.58% withholding on employee wages. You must opt-out by November 1, 2021.
However, opting out would require purchasing private long-term care insurance by November 1, 2021. If you would like to learn more about the new program, please view the following state resources:
Washington Department of Social and Health Services – https://www.dshs.wa.gov/altsa/stakeholders/long-term-services-and-supports-ltss
Washington Cares Fund – WA Cares Fund
Washington State Legislature – LONG-TERM SERVICES AND SUPPORTS TRUST PROGRAM – https://app.leg.wa.gov/RCW/default.aspx?cite=50B.04
If you have any questions or concerns regarding this Act, please contact any of our Estate Planning and Trust Administration attorneys, or call our office at 206-624-6271.