[WSBAPT] TEDRA Question

[Eric Nelsen]

Agreed, this is best method. The inheritance goes to the kids; the kids make gifts to the grandson. No TEDRA needed.

Alternatively, to avoid any gift tax issues, the 5 kids could form an LLC and make annual gifts of LLC interests to the grandson over a period of years until the entire thing is in his hands.

Sincerely,

Eric

Eric C. Nelsen
SAYRE LAW OFFICES, PLLC
1320 University St
Seattle WA  98101-2837
phone 206-625-0092
fax 206-625-9040



From: wsbapt-bounces at lists.wsbarppt.com [mailto:wsbapt-bounces at lists.wsbarppt.com] On Behalf Of Megan S. Farr
Sent: Tuesday, April 19, 2016 10:25 AM
To: WSBA Probate & Trust Listserv
Subject: Re: [WSBAPT] TEDRA Question

Ross,

I think the estate has to deed the property to the 5 children and they can each gift their interests in the property to the grandson.  This will provide the grandson with a clean title.

Megan S. Farr
Attorney | Farr Law Group, PLLC
1110 Stevenson Avenue, Suite 100 | P.O. Box 890 | Enumclaw, WA 98022-0890
360.825.6581 (o) | 360.284.2354 (d) | 360.825.0780 (f) | MSF at FarrLawGroup.com<mailto:MSF at FarrLawGroup.com> | www.FarrLawGroup.com<http://www.farrlawgroup.com/>

Our office has moved, and is now located at 1110 Stevenson Avenue, Suite 100, Enumclaw.  Our telephone number and P.O. Box remain the same.

This communication is intended only for the above-named recipient.  It might contain information that is subject to the attorney-client privilege and/or is otherwise confidential.  If you are not the intended recipient, please immediately notify the above-named sender.

From: wsbapt-bounces at lists.wsbarppt.com<mailto:wsbapt-bounces at lists.wsbarppt.com> [mailto:wsbapt-bounces at lists.wsbarppt.com] On Behalf Of Ross Gardner
Sent: Tuesday, April 19, 2016 10:02 AM
To: WSBA Probate & Trust Listserv
Subject: [WSBAPT] TEDRA Question

Good Morning All,

I am working on an intestate probate case where the only asset in the estate is a heavily leveraged home.  The decedent passed in 2011, and her grandson has been making upgrades to and paying for the upkeep on the home.  He has gotten it fixed up to the point that he has started to rent it out.  The decedent had 5 children, all still living and in their 50's and 60's, although most are out of state and independently wealthy.  The children have a desire to keep the property in the family, but none of them can manage the property. They want to transfer the property to the grandson outright, but cannot just waive their interest in the property because there are other grandchildren who would inherit the property along with the grandson.

I am wondering what the best course of action would be to handle this.  Can the estate simply quitclaim the property to the grandson?  Is a TEDRA action necessary?  Any and all thoughts are welcome.

Thank you so much!


Best Regards,

Ross Gardner
Attorney
Phone: 425-870-4430
E-Mail: Ross at rossgardnerlaw.com<mailto:Ross at rossgardnerlaw.com>
Online: www.rossgardnerlaw.com<http://cp.mcafee.com/d/avndz9J5xN6XPXBQPtPqdTPhO--COyMrhK-qenTQTQXCQrLCzBZZdB4srhKVtVdAsYqejqJ7gkXIoDWo8NGSJOVJToNfQMhzlJrBPqeLKe8zD-LPWbb31EVpWZOWrbP76zBMtuXyvkhjmKCHuWfaxVZicHs3jq9J4TvAn3hOYyyODtUTsS02zmB2eNgxYjZcsLxINgxGQOV2Hsbvg57OFeD6a4dyIJfBPoVAtsSqmM561Ag2M9dbFEw18Q70Igd403J_isGMdFICRhx1>
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