[WSBAPT] converting Jtwros to Community property

[Marcia Mellinger]

I would do a deed from themselves as JTWROS to themselves as a marital community, you night owls.

To: wsbapt at lists.wsbarppt.com
From: schafer at pobox.com
Date: Thu, 28 Jan 2016 02:32:03 -0800
Subject: Re: [WSBAPT] converting Jtwros to Community property


  
    
  
  
    RCW 64.28.040  Character of joint tenancy interests held
      by both spouses or both domestic partners.
    
       
    
    (1) Joint tenancy
      interests held in the names of both spouses or both domestic
      partners, whether or not in conjunction with others, are presumed
      to be their community property, the same as other property held in
      the name of both spouses or both domestic partners. Any such
      interest passes to the survivor of the spouse or survivor of the
      domestic partner as provided for property held in joint tenancy,
      but in all other respects the interest is treated as community
      property.

      http://app.leg.wa.gov/RCW/default.aspx?cite=64.28.040

      

      As I recall, this was enacted in the mid-1980s due to concerns
      that the IRS would deny a full step-up in basis (applicable to CP)
      on homes and other capital assets at the first death if a couple
      had titled the asset as JTROS.  However, I don't know if this
      statute would apply to JTWROS property that a couple purchased
      before their marriage, though it may apply because subsequent to
      the marriage the property is "held in the names of both spouses."

      

      Doug Schafer, in Tacoma.

    
    

    

    On 1/28/2016 1:42 AM, Katharine P.
      Bauer wrote:

    
    
      Deed is easiest
      On Jan 27, 2016 10:09 PM, "Kristina
        DeVore" <kristina at devore-law.com>
        wrote:

        
          
            
              
                I have clients who purchased a home together before
                  marriage and took title as joint tenants with right of
                  survivorship and now want the property to be held as
                  community property. They do not want a community
                  property agreement for all their assets but they do
                  want this asset to be community property.  Can they
                  have a community property agreement or some type of
                  property status agreement with respect to one asset? 
                  Or do they need a deed from themselves, to themselves
                  to create community property?  Any advice would be
                  greatly appreciated.
                

                
                Thanks,
                Kristina
                
                  
                    

                        
                    

                        
                    Kristina S. DeVore | Attorney

                          & Counselor at Law
                    KRISTINA
                            DEVORE LAW FIRM, pllc | 300
                          W. 15th Street, Suite 305 | Vancouver,
                          WA  98660
                    Phone: (360)
                            695-0535 | Fax: (360)
                            737-4154 | kristina at devore-law.com
                    
                      

                    
                    
                      

                    
                    

                    
                    

                    
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