[SPAM] Re: [SPAM] RE: [WSBAPT] Trustor-Trustee with co- Trustee not a Trustor

[Robert Millsap]

Best to ask a title company about the consequences.  I believe it is not
necessary for a quitclaim deed to add     the daughter.

It is still a grantor trust (see IRC 672 I believe to give you some
authority) even after the daughter has been added so an EIN should not be
required.  Coordinate with an accountant.  The accountant is part of the
team the daughter will need to be a Trustee for her mom.  My two cents.

Sent from my iPhone

On May 7, 2014, at 11:33 AM, "Michael Atkins"
<michael at westseattleattorney.com> wrote:




Kristina:
My two cents --  maybe just use current Trust provisions (Trustee powers)
that allow her as Trustee to appoint , retain, hire her daughter to do
.......  (maybe as an attorney in fact for a Power of Attorney),or amend.
Why would IRS number or return be needed if trust is not receiving any
income? 

Mike

<sigimg0>



-------- Original Message --------
Subject: [WSBAPT] Trustor-Trustee with co- Trustee not a Trustor
From: Kristina DeVore <kristina at devore-law.com>
Date: Wed, May 07, 2014 11:01 am
To: "wsbapt at lists.wsbarppt.com" <wsbapt at lists.wsbarppt.com
<mailto:wsbapt at lists.wsbarpptcom> >


I have a client with a RLT from 2005.  She is the sole Trustee of her
trust.  We are amending the trust to provide that she have a co-Trustee to
act with her who is not a Trustor (her daughter).  

Can anyone tell me if assets like her home need to be retitled to grant
ownership now to both Trustees of the Trust (client and her daughter)?
The home was transferred to the trust in 2005 to client as Trustee of the
trust.

Also, since the client is still an acting trustee, is the trust still
disregarded by the IRS so there is no need to get a tax id number?

Your thoughts would be greatly appreciated.

Kristina

Kristina S. DeVore
Attorney & Counselor at Law
KRISTINA DEVORE LAW FIRM, pllc
300 W. 15th Street, Suite 305
Vancouver, WA  98660
Phone: (360) 695-0535
Fax: (360) 737-4154
kristina at devore-law.com


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