[WSBAPT] Real Property in Probate

Tue Nov 17 17:51:14 PST 2015

What about a TEDRA Agreement that modifies the distribution plan? I think the gift tax return might still be required for the donor brother, but the excise tax issue might be eliminated by the TEDRA, with a direct deed out of the estate to the brother who is to take all the property. Thinking out loud on this one; have not considered all ramifications, and it is time to go home.
I have a similar issue in an estate and am working through that in next few days.

Michael A. Winslow
1204 Cleveland Ave.
Mount Vernon, WA 98273
Ph. 360-336-3321
Em. Mike at winslegal.com

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From: wsbapt-bounces at lists.wsbarppt.com [mailto:wsbapt-bounces at lists.wsbarppt.com] On Behalf Of Mieko Shikuma
Sent: Tuesday, November 17, 2015 5:22 PM
To: WSBA Probate & Trust Listserv
Subject: Re: [WSBAPT] Real Property in Probate

Thank you, Mike and Heather.
The amount of debt is about $60,000,so  there will be about $1500 excise tax.  They have enough life time gift tax exemption, so an unqualified disclaimer method might be better.  It is past 17 months, so only an unqualified disclaimer is the possibility. 
The other Son is represented by another attorney in State X, so I will discuss with him and hear what they will want to do.  

Best regards,

Ms. Mieko Shikuma
Shikuma Law Offices, PLLC

1833 N. 105th St suite 101
Seattle, WA 98133
206 853 1541
www.shikumalaw.com

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On Tue, Nov 17, 2015 at 4:54 PM, Mike Winslow <mike at winslegal.com> wrote:
Beware of the gift tax rules for the transfer from brother to brother if the value exceeds the annual exclusion amount.
Also, you will need an excise tax affidavit with gift supplemental for brother to brother transfer, hopefully showing no debt owed. Beware excise tax if there is debt attached to property.

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.

From: wsbapt-bounces at lists.wsbarppt.com [mailto:wsbapt-bounces at lists.wsbarppt.com] On Behalf Of Mieko Shikuma
Sent: Tuesday, November 17, 2015 4:06 PM
To: WSBA Probate & Trust Listserv
Subject: Re: [WSBAPT] Real Property in Probate

Thank you, Heather.
Just for clarification, the real property is the only asset in this WA probate.
I think I will do as you suggest.  I will get the QCD and REET executed in advance (in case Son 2 dies before completion of probate) and record it after completion of probate.  

Best regards,

Ms. Mieko Shikuma
Shikuma Law Offices, PLLC

1833 N. 105th St suite 101
Seattle, WA 98133
206 853 1541 <tel:206%20853%201541> 
www.shikumalaw.com

The addressee of this email is the only intended recipient. If you receive this email in error, please notify me immediately of the error and then erase it from your computer system.

This email provides only general legal information, and not specific legal advice.  Information contained in any email is not a substitute for a personal consultation with an attorney.  This message does not provide any legal advice, imply an attorney-client relationship, and does not contain the signature of the sender or any other party.  Do not rely on this message without specific authorization from the sender.

You are not a client of this law firm unless you have paid a retainer and signed an attorney/client agreement for representation.

Circular 230 Disclosure:  Pursuant to recently-enacted U.S. Treasury Department Regulations, we are now required to advise you that, unless otherwise expressly indicated, any federal tax advice contained in this communication, including attachments and enclosures, is not intended or written to be used, and may not be used, for the purpose of (i) avoiding tax-related penalties under the Internal Revenue Code or (ii) promoting, marketing, or recommending to another party any tax-related matters
addressed herein.

On Tue, Nov 17, 2015 at 3:47 PM, Heather deVrieze <heatherd at westseattlelaw.com> wrote:
If this is a situation of a true quit claim, i.e. son 2 is entitled to his ½ of the property, isn’t getting non-pro rata distribution of other estate assets and is simply “giving” his interest to his brother, I would distribute from estate (Personal Representative deed to both sons) then have son 2’s QCD recorded.

If there is something else going on, my answer might be different.

Heather

Heather S. de Vrieze
Attorney-at-Law
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Seattle, WA 98116-3705                          
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From: wsbapt-bounces at lists.wsbarppt.com [mailto:wsbapt-bounces at lists.wsbarppt.com] On Behalf Of Mieko Shikuma
Sent: Tuesday, November 17, 2015 2:57 PM
To: WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com>
Subject: [WSBAPT] Real Property in Probate

Dear Real Property guru,  

Probate procedure will distribute a real property to Son 1 and Son 2 equally.  
Son 1 is the PR. 
Before completion of the probate, Son 2 will execute a QCD to Son 1.  
Question: 
1.  Should the PR's deed just distribute the real property to just Son 1 since Son 2 has already executed a QCD for the benefit of Son 1? 
2.  Should the PR still distribute the real property to Son 1 and Son 2 equally on PR's deed and let the QCD operate and Son 2's after acquired interest go to Son 1?
3.  What is the title company's perspective?  
Thank you.
Best regards,

Ms. Mieko Shikuma
Shikuma Law Offices, PLLC

1833 N. 105th St suite 101
Seattle, WA 98133
206 853 1541 <tel:206%20853%201541> 
www.shikumalaw.com

The addressee of this email is the only intended recipient. If you receive this email in error, please notify me immediately of the error and then erase it from your computer system.

This email provides only general legal information, and not specific legal advice.  Information contained in any email is not a substitute for a personal consultation with an attorney.  This message does not provide any legal advice, imply an attorney-client relationship, and does not contain the signature of the sender or any other party.  Do not rely on this message without specific authorization from the sender.

You are not a client of this law firm unless you have paid a retainer and signed an attorney/client agreement for representation.

Circular 230 Disclosure:  Pursuant to recently-enacted U.S. Treasury Department Regulations, we are now required to advise you that, unless otherwise expressly indicated, any federal tax advice contained in this communication, including attachments and enclosures, is not intended or written to be used, and may not be used, for the purpose of (i) avoiding tax-related penalties under the Internal Revenue Code or (ii) promoting, marketing, or recommending to another party any tax-related matters
addressed herein.

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