[WSBAPT] Exchange Agreement and Excise Tax
Karin Treadwell
Karin at sayrelawoffices.com
Thu Dec 10 15:46:45 PST 2015
Listmates:
In the case where an estate and surviving spouse agree to distribute 100% of real property to the spouse and equivalent value from a joint investment account to the credit trust, is excise tax triggered on the real estate transfer?
The assumption here is that decedent's probate assets pass to a credit trust via a mandatory funding formula. However, to preserve the basis step-up on the surviving spouse's death, the goal is to use the exchange agreement to get the real estate to the surviving spouse.
Isn't there consideration here -- taking the transaction out of the standard inheritance exemption?
Thanks for any input.
Karin
Karin S. Treadwell
Sayre Law Offices
1320 University St
Seattle WA 98101
(206) 625-0092
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