[WSBAPT] Partial Sale & Partial Inheritance of Real Property

[David Faber]

Fantastic. Thank you everyone.

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

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On Mon, Jul 18, 2016 at 11:42 AM, Marcia Mellinger <macmell at hotmail.com>
wrote:

> That is what I have done in a situation as you describe. I have done a
> supplemental statement on the excise tax affidavit that explains how the
> inheritance and purchase amounts were calculated.  Best, Marcia
>
> ------------------------------
> From: david at faberfeinson.com
> Date: Mon, 18 Jul 2016 10:37:44 -0700
> To: wsbapt at lists.wsbarppt.com
> 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
>
> *** NOTICE: ATTORNEY CLIENT COMMUNICATION - PRIVILEGED & CONFIDENTIAL.
> This communication may contain privileged or other confidential
> information. If you are not the intended recipient, or believe that
> you have received this communication in error, please do not print,
> copy, retransmit, disseminate, or otherwise use the information. Also,
> please indicate to the sender that you have received this communication in
> error, and destroy the copy you received.***
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