[WSBAPT] objective is to avoid a probate

[Sara D. Longley]

The only way the property gets a step-up in value is if your client dies
still owning it.  So, TOD deed is probably the way to go, and then the
partner can sell to the friend/buyer.  POD designations on accounts should
handle any other assets.

 

Good luck, and my sympathies to your client and his partner.

-Sara

 



Sara D. Longley, J.D., LL.M.

Attorney at Law

 

1734 NW Market Street

Seattle, WA 98107

(206) 434-5644

Sara at longley-law.pro <mailto:Sara at longley-law.pro> 

www.longley-law.pro <http://www.longley-law.pro/> 

 

 

From: wsbapt-bounces at lists.wsbarppt.com
[mailto:wsbapt-bounces at lists.wsbarppt.com] On Behalf Of Kristina Driessen
Sent: Saturday, May 28, 2016 11:57 AM
To: WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com>
Subject: Re: [WSBAPT] objective is to avoid a probate

 

The buyer is a friend who would wait. He is only buying it to help the
seller feel comfortable about leaving a stream of income to his significant
other. Same issue?

 

Kristina

 

 

 

Sent from my T-Mobile 4G LTE Device



-------- Original message --------
From: Justin Morgan <justin at tuohyminor.com <mailto:justin at tuohyminor.com> > 
Date: 5/28/2016 11:19 AM (GMT-08:00) 
To: WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com
<mailto:wsbapt at lists.wsbarppt.com> > 
Subject: Re: [WSBAPT] objective is to avoid a probate 

Interesting.

 

You could do a trust with your client as the first beneficiary, and the life
partner as the remainder beneficiary. Then your client retains control
during life.

 

If you do a TODD it may mess up your real estate contract since the buyer is
going towing everyone bound to the deal

Sent from my iPhone


On May 28, 2016, at 11:01 AM, Kristina Driessen
<Kristina at rdattys.comcastbiz.net <mailto:Kristina at rdattys.comcastbiz.net> >
wrote:

 

I have a situation that I am trying to wrap my head around. It could be
because it is a Saturday on a three day weekend that I am struggling and the
answer is easy. But here goes..

 

I have a gentlemen who is terminally ill. I have drafted his estate plan
which includes the only asset to be probated which is real property. All
assets are to be sold with the proceeds going to his life partner. He has no
children or other heirs. 

Client now has a buyer who wishes to put a large sum down with monthly
payments [$40,000.00 down]. Realizing that the client will not be around to
collect the sums, he wishes to have the payments go to his life partner.
[who is the beneficiary in the will].  He would like to avoid a probate and
thus headache for his beneficiary. The sum remaining on the contract even
with the down payment is approximately $160,000.00. This has not closed as
of yet. 

 

The end goal is to avoid a probate. At this point, could I assign the
contract to his life partner before his death? I could quit claim it to his
beneficiary, but am hesitant to do so because of her then having his basis
in the property. I have also considered doing a transfer on death deed to
his beneficiary and then she can enter into the contract with the buyer. 

 

Any other suggestions or ideas?

 

 

Kristina A. Driessen

Ryan & Driessen

Attorneys at Law

16 A Street SE

Auburn, WA. 98002

(253) 939-0811

(253) 939-0471 fax

kristina at rdattys.comcastbiz.net <mailto:kristina at rdattys.comcastbiz.net> 

 

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