[WSBAPT] Problem with (maybe) a simple answer?

[John Creahan]

Hi Sarah,
Unless I'm missing something, I don't think you need a TEDRA agreement at this point, and can postpone any decision regarding the CST.
I agree that opening the probate makes sense, and, assuming it's nonintervention, the PR can sell the house and use the proceeds to fund the CST (or not if the beneficiaries agree).
I will also point out that estate tax reduction is only one of many reasons include CSTs in their plans.
Hope this helps,
John


John Creahan
Cairn Law, PLLC
206-578-5877
Sent from my phone
________________________________
From: Sarah Jael Dion<mailto:sarah at dionlaw.com>
Sent: ‎5/‎16/‎2017 11:26 AM
To: WSBA Probate & Trust Listserv<mailto:wsbapt at lists.wsbarppt.com>
Subject: [WSBAPT] Problem with (maybe) a simple answer?

Hi all-

I have a new client in the following circumstance and I wanted to get thoughts on this before I get too far down the line:

1. H died at the end of 2016- and no one opened probate

2. W is now selling the family home and called me because the Title Insurance Co. will not insure without probate

3. I hoped to prepare a lack of probate affidavit for her to satisfy the Title Co but…

4. H’s will (from 2000) leaves all his $ to her in a credit trust- which was never set up (a) because the will was never probated; and (b) because it is unnecessary- there isn’t enough money to warrant utilizing a tax vehicle- no estate tax is due

5. House is supposed to close 5/26 and everyone is freaking out. :)

I think what I need to do here is quickly open probate, and then immediately file a TEDRA agreement stating that the credit trust is unnecessary and that all parties agree that the property should pass outside of trust to W. Is that correct? Anyone have words of caution or other ideas?

Thanks in advance!

Sarah Jael Dion

Dion Law PLLC
206-550-4005
sarah at dionlaw.com
dionlaw.com

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