[WSBAPT] Misgivings about JTWROS

[John J. Sullivan]

Heather:

Your input on the response of title is right on. 

But I'm not aware of any authority indicating JTWROS property that is also CP under WA law doesn't get a full step up at the first death. Other states' CP and JT laws don't necessarily work the same way and can be problematic, but I don't believe it is in WA. 

Nevertheless, I have never had an opportunity to recommend the JTWROS form of ownership to a married couple. 

John J. Sullivan

Sent from my iPhone

> On Apr 5, 2017, at 12:22 PM, Heather deVrieze <heatherd at westseattlelaw.com> wrote:
> 
> I have been told by a title examiner at one of our local title companies that they would not honor a JTWROS deed to a married couple unless it clearly stated “as Joint Tenants with Rights of Survivorship, and NOT as Tenants in Common, and NOT as Community Property”.
>  
> We argued about this a bit, but I believe in the end, and advise most of my clients that absent compelling reason to do otherwise, holding property as husband and wife (i.e. community property) is the best way to own property together. I sure wouldn’t want them to lose a step-up in basis because it is held JTWROS and not as CP, so no 100% step.
>  
> Heather
>  
> Heather S. de Vrieze
> Attorney-at-Law
> <image003.jpg>
> 3909 California Avenue SW
> Seattle, WA 98116-3705                         
> (206)938-5500
> heatherd at westseattlelaw.com
> www.westseattlelaw.com
>  
> Click here to connect with de Vrieze | Carney on Facebook:   <image004.png>
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> From: wsbapt-bounces at lists.wsbarppt.com [mailto:wsbapt-bounces at lists.wsbarppt.com] On Behalf Of Dave Culbertson
> Sent: Wednesday, April 05, 2017 11:27 AM
> To: wsbarp at lists.wsbarppt.com; wsbapt at lists.wsbarppt.com
> Subject: [WSBAPT] Misgivings about JTWROS
>  
> Hello, Listmates.
>  
> A client asked me if doing a QCD of their home to their wife, with JTWROS language, would cause any issues. Not my main field, so I don’t know, and I likely will advise them to go find out from a lawyer who spends more time on those issues. Something is nagging me about the combo of JWTROS and a QCD, but I may simply be mis-remembering something. Any thoughts?
>  
>  
>  
>  
>  
>  
> Best Regards,
>  
> Dave Culbertson
>  
> The Law Office of Davisson Culbertson, PLLC
> 19909 Ballinger Way NE
> Shoreline, WA 98155
>  
> Phone: (206) 478-8134
> FAX: (866) 867-7796
> dculbertson at culbertsonlawoffice.com
>  
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