[WSBAPT] objective is to avoid a probate

Sun May 29 04:47:03 PDT 2016

If you use the RLT route, which I would favor, then be sure that the contract is also in the name of the trust so that the new trustee, presumably the life partner, would have control of not just the house but the contract as well. Then, you can think through who is the next beneficiary of the contract and the house proceeds if they keep it in the trust, plus you get the step-up

Sent from my iPhone ~ Paul H. Grant

> On May 28, 2016, at 4:05 PM, Sara D. Longley <sara at longley-law.pro> wrote:
> 
> 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
> 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> 
> Date: 5/28/2016 11:19 AM (GMT-08:00) 
> To: WSBA Probate & Trust Listserv <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> 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
>  
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