[WSBAPT] Difficult probate matter

[Mike Winslow]

The award in lieu of homestead operates as a bar to later enforcement of the
debts which are subject to the award. So it is effective once probate is
closed. The debts which are barred can be stated in the court order, as I
recall. Did one of these about 18 months ago.
The WSBA Probate desk book has a good discussion of the Award in Lieu of
Homestead procedures. Check it out.
 
The life insurance could be used to pay down the mortgage to use the
exemption as you suggest, but it might be wise to confirm this with a
bankruptcy attorney.
 
Bankruptcy would be an alternative. Ask a bankruptcy attorney if the
Homestead exemption under state law (in the judgment enforcement statute)
could be used to protect the life insurance proceeds without applying them
to the mortgage debt.
The cost of the BK versus going with the probate and Award in lieu should be
considered, if there is no other reason to conduct the probate.
 
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 Andrew Hay
Sent: Thursday, January 07, 2016 2:30 PM
To: WSBA Probate & Trust Listserv
Subject: [WSBAPT] Difficult probate matter
 
I have a gentleman whose wife died recently. There is no will and no
community property agreement .
 
He is left with a home with very little equity and a couple of small life
insurance policies. The problem is that there is a substantial community
liability that's been reduced to a judgment that would eat up the small life
insurance policies. So I am reluctant to start a probate.
 
I'm trying to figure out if he can benefit from the family support
provisions. Are these applicable to only the period that the probate is
pending?  Or can I use RCW 11.54 to exempt up to hundred and 25 thousand
dollars of assets from creditors even after the probate is closed?
 
Is it a viable option to use the life insurance proceeds to pay down the
mortgage on the home on the premise that he can protect up to $125,000 of
equity as a homestead exemption?
 
Are there other viable options to preserve the life insurance proceeds (less
than hundred thousand dollars) so that these funds are protected from the
judgment creditors?
 
A
 
Andrew Hay
Hay & Swann PLLC
201 South 34th Street
Tacoma, WA  98418
Phone: (253) 272-2400
Fax:     (253) 267-8947
 <http://www.washingtonlaw.net/> www.washingtonlaw.net
 
 
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From: wsbapt-bounces at lists.wsbarppt.com
[mailto:wsbapt-bounces at lists.wsbarppt.com] On Behalf Of Martin Silver
Sent: Thursday, January 07, 2016 8:38 AM
To: WSBA Probate & Trust Listserv
Subject: Re: [WSBAPT] unsubscribe please
 
 
Live long and prosper.  
 Mortgage on the home
From: Eugene D. Seligmann <mailto:gene at sbfirm.com>  
Sent: Thursday, January 07, 2016 7:53 AM
To: WSBAPT at lists.wsbarppt.com 
Subject: [WSBAPT] unsubscribe please
 
I am retiring from the Bar
 
Eugene D. Seligmann
Seligmann & Flaherty, PLLC
216 First AVE S, #450
Seattle, WA  98104
Office (206) 682-2616
Direct line (206) 201-3779
gene at sbfirm.com <mailto:joni at sbfirm.com> 
http://sbfirm.com <http://sbfirm.com/> 
 
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