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

Tue Mar 17 17:22:29 PDT 2015

Thanks again. I really appreciate the offer to talk. There are only 2 heirs
(the PR is one) and they will agree to the price and the division of other
assets in writing, so I think I am inclined to skip a formal purchase and
sale agreement, unless you think I would be shooting myself in the foot.

  *Chandra M. Lewnau*   Wills & Trusts | Probate | Small Business
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On Tue, Mar 17, 2015 at 9:14 AM, Heather deVrieze <
heatherd at westseattlelaw.com> wrote:

>  This is generally quite simply accomplished by having the siblings all
> sign on to an agreement on the price (TEDRA or similar, but less formal).
> Then the Personal Representative can enter into a purchase and sale
> agreement with the buying sibling as a part distribution/part sale
> transaction, often we structure the inherited share as the ‘down payment’.
> Excise tax will be due on the sale portion, but not the inherited portion,
> but the “sale price” in the contract will be the full price, including the
> inherited share.
>
>
>
> Once the sale goes through, the proceeds can be distributed by the
> Personal Representative, or in your case, if the agreement of the siblings
> is a promissory note, it can be distributed to the other siblings.
>
>
>
> It is important to address what happens if sibling doesn’t or can’t pay
> the note off when it is due. One question I have is why use a short term
> note?
>
>
>
> I would be happy to chat about your particular circumstances if you would
> like to give me a call.
>
>
>
> Heather
>
>
>
> Heather S. de Vrieze
> *Attorney-at-Law*
>
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> *From:* wsbapt-bounces at lists.wsbarppt.com [mailto:
> wsbapt-bounces at lists.wsbarppt.com] *On Behalf Of *Chandra Lewnau
> *Sent:* Tuesday, March 17, 2015 8:42 AM
> *To:* WSBA Probate & Trust Discussion List
> *Subject:* [WSBAPT] best way to deed property to heir who is buying out
> siblings
>
>
>
> 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
>
> [image: Image removed by sender. photo]
>
> Phone: 206-317-4282
>
> Email: chandra at lewnaulaw.com
>
> Website: lewnaulaw.com
>
> Address: 1001 4th Ave., 44th Floor, Seattle, WA 98154
>
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