[WSBAPT] best way to deed property to heir who is buying out siblings

[MK Henderson]

The Real Estate Excise Tax would be owed on the Promissory note because the
exchange is not just an inheritance. If the siblings agree they could enter
a TEDRA agreement setting out the "inheritance" portion and the amount of
the sale.

On Tue, Mar 17, 2015 at 8:41 AM, Chandra Lewnau <chandra at lewnaulaw.com>
wrote:

> I have a probate where one heir wishes to purchase the decedent's home. Is
> there any reason this can't be done in one step - i.e. a deed from the PR
> (as pr and as individual) to the heir - rather than PR to all heirs and
> then all heirs to the purchasing heir? It's a small estate with two sibling
> heirs who get along well. The purchasing heir will take a smaller share of
> other assets and give a promissory note for the remaining balance with a
> relatively short payoff. It seems simple, I'm wondering if there are any
> tax or other consequences I may be missing.
>
>   *Chandra M. Lewnau*   Wills & Trusts | Probate | Small Business
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-- 
Mary K. Henderson
Henderson Law Office PLLC
1123 Maple Ave SW, Suite 225
Renton, WA 98057
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