[WSBAPT] converting Jtwros to Community property

[Teunis J. Wyers]

I agree with the deed approach. It is a quick, relatively inexpensive, and
certain way to accomplish the clients' goal.

On Thu, Jan 28, 2016 at 6:08 AM, Marcia Mellinger <macmell at hotmail.com>
wrote:

> 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>
> kristina at devore-law.com
>
>
>
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-- 
Teunis J. Wyers @ Wyers|Wyers, Attorneys
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