[WSBAPT] Trust Question

[John J. Sullivan]

Don't forget the brother. 

John Sullivan

Sent from my iPhone

> On Dec 28, 2015, at 9:47 AM, Mike Winslow <mike at winslegal.com> wrote:
> 
> Does the deed from mom to mom and daughter create tenancy in common or JTWROS?
> If tenancy in common, then the probate avoidance has not been accomplished.
> Regarding a Trust:
> This sounds like a  lot of work when a Transfer on Death Deed would accomplish the same result.
> Pay on Death beneficiary designations, and Transfer on Death Designations on brokerage accounts will allow bank accounts and investment accounts to pass outside probate.
> 
> I would undo the prior deeds to daughter in order to allow the step up in tax basis to apply when mom dies (assuming that tax benefit is still available in the future; there has been talk of terminating the step up in the past year). The TOD Deed would avoid  probate and allow for the step up. The current scheme creates problems for the stepped up tax basis.
> Consider a holistic plan which considers the nature of mom's assets, tax issues, probate avoidance, cost, protection of mom's assets from daughter's potential creditors, Medicaid transfer planning and possible unintended consequences.
> 
> Michael A. Winslow
> 1204 Cleveland Ave.
> Mount Vernon, WA 98273
> Ph. 360-336-3321
> Em. Mike at winslegal.com
> 
> This message is from an attorney, so it’s confidential. If you are not the intended recipient, it’s too late to stop reading this message, but you may not use it for any improper purpose. Huge Disclaimer available upon request.
> 
> -----Original Message-----
> From: wsbapt-bounces at lists.wsbarppt.com [mailto:wsbapt-bounces at lists.wsbarppt.com] On Behalf Of Sabina Ambartsumyan
> Sent: Monday, December 28, 2015 8:38 AM
> To: wsbapt at lists.wsbarppt.com
> Subject: [WSBAPT] Trust Question
> 
> Hello All!
> 
> I had a quick question hopefully someone can help me with. This is probably a pretty basic question and this is the first Trust I have ever worked on. So potential client came to me and wanted to set up a trust to benefit her children, a son and a daughter. However, after I decided to take the case I found out that PC had in the past quit claimed 3 of the pieces of property to both herself and her daughter. I talked to them and they still want to do a trust to avoid probate. I�m wondering if the best thing to do is a joint trust from the mother and daughter and put everything in their trusts name. However, the daughter will still be the beneficiary, so will that be a problem. Or is it better for the daughter to quitclaim her part of the property back to her mom and then just create a trust for the mom. I appreciate anyone taking the time to help me with this question.
> 
> Thanks,
> 
> Sabina Ambartsumyan
> 
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