[WSBAPT] "consideration" for transfer to beneficiary of RLT?

Tue Nov 10 16:25:00 PST 2015

I do something similar and state that the transfer is "for and in
consideration of compliance with the terms of" the Last Will and Testament
or Trust Agreement.

I think that WAC exemption applicable depends on the circumstances of the
distribution being made.  WAC 458-61A-210(1) exempts distributions to the
beneficiary of an irrevocable trust, and should include a RLT that has
become irrevocable after the death of the grantors.  WAC 458-61A-211(h)
would apply to transfers from a currently revocable trust back out to a
grantor or to a beneficiary.  WAC 458-61A-202 applies to transfers by
inheritance or devise.  The 202 exemption for "inheritance" can work a
little like a catch-all if you are in doubt, but the auditor or assessor can
be picky about the correct exemption being listed.

Heather rightly note the supporting documentation, there are different
requirements for each WAC listed.

Tara M. Roberts

Puget Sound Law pllc

roberts at pugetsoundlaw.com

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From: wsbapt-bounces at lists.wsbarppt.com
[mailto:wsbapt-bounces at lists.wsbarppt.com] On Behalf Of Heather deVrieze
Sent: Tuesday, November 10, 2015 3:38 PM
To: WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com>
Subject: Re: [WSBAPT] "consideration" for transfer to beneficiary of RLT?

I generally recite "for no consideration, but in distribution of the XYZ
Trust, to the beneficiary pursuant to the provisions of the Trust."

The next step is that to take the 202 Inheritance WAC on the REETA and
provide the required documentation, including a copy of the Trust, a copy of
the death certificate, and I will also typically include a statement of
trustee.

Heather

Heather S. de Vrieze
Attorney-at-Law

3909 California Avenue SW

Seattle, WA 98116-3705                          

(206)938-5500 

 <mailto:heatherd at westseattlelaw.com> heatherd at westseattlelaw.com 

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From: wsbapt-bounces at lists.wsbarppt.com
<mailto:wsbapt-bounces at lists.wsbarppt.com>
[mailto:wsbapt-bounces at lists.wsbarppt.com] On Behalf Of Melinda Grout
Sent: Tuesday, November 10, 2015 2:53 PM
To: WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com
<mailto:wsbapt at lists.wsbarppt.com> >
Subject: [WSBAPT] "consideration" for transfer to beneficiary of RLT?

Dearest Listmates,

It seems I'm in need of lots of answers lately.

In preparing QCD and REETA to convey real estate to beneficiary of RLT, what
is the "consideration" ?  The excise tax exemption for this is, I believe,
in 458-61A-211 (2)(h) - to paraphrase:  conveyance from trustee of a RLT to
beneficiary if no valuable consideration passes, or if otherwise exempt as
gift or inheritance.

So my question is how to handle "consideration" on the deed and on the REETA
affidavit if no consideration is allowed, to get the exemption?   (Or, maybe
just use the 202 Inheritance WAC instead?)

Thanks!

Melinda Grout
Law Office of Melinda K Grout, PS
17325 W. Main Street / P.O. Box 1360
Monroe, WA  98272
360-794-4322  / Fax: 425-744-6745

Emphasizing Estate Planning, Probate, and Elder Law
mkgroutlaw.com <http://mkgroutlaw.com> 

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