[WSBAPT] Partial Sale & Partial Inheritance of Real Property

[Brink, Kerry]

I think your analysis is perfect.  Part inheritance/ part sale.

Best regards,

Kerry E. Brink
Kerry E. Brink • Attorney

Estate Planning, Probate, Elder Law
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From: wsbapt-bounces at lists.wsbarppt.com [mailto:wsbapt-bounces at lists.wsbarppt.com] On Behalf Of David Faber
Sent: Monday, July 18, 2016 10:38 AM
To: WSBA Probate & Trust Listserv
Subject: [WSBAPT] Partial Sale & Partial Inheritance of Real Property

Working with a PR on an estate where everything is left to the children of the deceased in equal shares. The estate owns real property that one of the beneficiaries ("B") wants to take from the estate. The PR and B have settled on a price (after having comp studies done by three real estate brokers) and are prepared to move forward with the transaction. The problem is that the house is valued at more than B's equal share of the estate assets and, accordingly, we need to structure the transaction as part purchase and part inheritance.

My question: how do I structure this properly? Note in the Purchase and Sale Agreement that the agreed upon value of the property is [x] but that B is purchasing the property in part and inheriting in part, and that B's existing equity is such-and-such amount leaving an outstanding purchase balance of $[x]?  If so, do I just claim a partial exemption on the Real Estate Excise Tax Affidavit?

I hope I'm not overthinking this. Thank you for your help.

Best,
David J. Faber
Faber Feinson PLLC
210 Polk Street, Suite 1
Port Townsend, WA 98368
(360) 379-4110

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