[WSBAPT] Tenants in common agreement
Carmen Rowe
carmen at gryphonlawgroup.com
Wed Nov 15 12:18:56 PST 2017
Hi Jennifer -
One hint I'd give on this is to be sure you have the terms of purchase laid
out, especially calculation of sale price, else it can be an unenforceable
"agreement to agree." Often you can base the sale price at either a set sum
(not recommended) or the value or some discounted % of a formal appraisal;
including provision that if one party gets an appraisal the other doesn't
like, they then get their own, and you take the average, or something like
that.
Also check out Saving the Family Cabin, which is useful for anything with
tenants in common - excellent reference well worth picking up:
https://www.amazon.com/Saving-Family-Cottage-Succession-Planning/dp/1413323499/ref=pd_lpo_sbs_14_t_0?_encoding=UTF8&psc=1&refRID=9QG90FKAKH6DEGM5EPAX
Carmen Rowe, Attorney
Phone: (360) 669-3576 (direct cell)
Email: Carmen at GryphonLawGroup.com
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On Wed, Nov 15, 2017 at 12:00 PM, <wsbapt-request at lists.wsbarppt.com> wrote:
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> Today's Topics:
>
> 1. Revocable trust anonymity on deed (Christopher Small)
> 2. Re: Revocable trust anonymity on deed (John McCrady)
> 3. Discovery in Probate Proceeding (Dalynne Singleton)
> 4. First Right of Refusal on Joint Tenants (Jennifer Modak)
> 5. Re: Revocable trust anonymity on deed (John J. Sullivan)
> 6. Re: First Right of Refusal on Joint Tenants (Maureen Wickert)
> 7. Re: Revocable trust anonymity on deed (Allen Draher)
>
>
> ----------------------------------------------------------------------
>
> Message: 1
> Date: Tue, 14 Nov 2017 13:18:01 -0800
> From: Christopher Small <chris at cmslawfirm.com>
> To: "wsbapt at lists.wsbarppt.com" <wsbapt at lists.wsbarppt.com>
> Subject: [WSBAPT] Revocable trust anonymity on deed
> Message-ID:
> <CALM_vU+oUyJxH8r5zh_H+LFwUyw0wT+qPjnwkRJscHkVwkj9Hg@
> mail.gmail.com>
> Content-Type: text/plain; charset="utf-8"
>
> Clients are looking for anonymity with their trust (at least as much as
> possible).
>
> It is possible to title the deed to property outright to the trust instead
> of to Joe Trustee, Trustee of the Anonymous Trust?
>
> If not (and even if yes), are there any other strategies you know of to
> accomplish this?
>
> Thanks in advance!
>
> Christopher Small
> CMS Law Firm LLC <http://cmslawfirm.com>
> 150 Lake St. S., Suite 218
> Kirkland, WA 98033
> 206.659.1512
>
>
> Legal stuff I have to put in... *To ensure compliance with Treasury
> Department and IRS regulations, we inform you that, unless expressly
> indicated otherwise, any federal tax advice contained in this communication
> (including any attachments) is not intended or written by CMS Law Firm LLC
> to be used, and cannot be used by the taxpayer, for the purpose of: (i)
> avoiding penalties that may be imposed on the taxpayer under the Internal
> Revenue Code; or (ii) promoting, marketing, or recommending to another
> party any transaction or matter addressed herein (or any attachments).*
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> ------------------------------
>
> Message: 2
> Date: Tue, 14 Nov 2017 14:13:56 -0800
> From: John McCrady <j.mccrady at pstitle.com>
> To: WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com>
> Subject: Re: [WSBAPT] Revocable trust anonymity on deed
> Message-ID:
> <A8106026B40C9544A17DC5E44A2003EE022A72861CBD at PSTMAILV.pstitle.com
> >
> Content-Type: text/plain; charset="utf-8"
>
> A trust is not an entity capable of holding title to real estate, so you
> must name the trustee as the grantee of the deed. (X as Trustee of the Y
> trust dated June 5, 2011)
> You could name, say, an LLC as the trustee for an added layer of anonymity.
>
>
> John McCrady
> Counsel
> Puget Sound Title Company
> 5350 Orchard Street West
> University Place WA 98467
> 253-476-5721
> j.mccrady at pstitle.com
>
> From: wsbapt-bounces at lists.wsbarppt.com [mailto:wsbapt-bounces at lists.
> wsbarppt.com] On Behalf Of Christopher Small
> Sent: Tuesday, November 14, 2017 1:18 PM
> To: wsbapt at lists.wsbarppt.com
> Subject: [WSBAPT] Revocable trust anonymity on deed
>
> Clients are looking for anonymity with their trust (at least as much as
> possible).
> It is possible to title the deed to property outright to the trust instead
> of to Joe Trustee, Trustee of the Anonymous Trust?
> If not (and even if yes), are there any other strategies you know of to
> accomplish this?
> Thanks in advance!
>
> Christopher Small
> CMS Law Firm LLC<http://cmslawfirm.com>
> 150 Lake St. S., Suite 218
> Kirkland, WA 98033
> 206.659.1512
>
>
> Legal stuff I have to put in... To ensure compliance with Treasury
> Department and IRS regulations, we inform you that, unless expressly
> indicated otherwise, any federal tax advice contained in this communication
> (including any attachments) is not intended or written by CMS Law Firm LLC
> to be used, and cannot be used by the taxpayer, for the purpose of: (i)
> avoiding penalties that may be imposed on the taxpayer under the Internal
> Revenue Code; or (ii) promoting, marketing, or recommending to another
> party any transaction or matter addressed herein (or any attachments).
> -------------- next part --------------
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> ------------------------------
>
> Message: 3
> Date: Tue, 14 Nov 2017 22:49:35 +0000
> From: Dalynne Singleton <dalynne at glgmail.com>
> To: WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com>
> Subject: [WSBAPT] Discovery in Probate Proceeding
> Message-ID:
> <CY1PR12MB06031A27EFA8EFD0BBECC417A5280 at CY1PR12MB0603.
> namprd12.prod.outlook.com>
>
> Content-Type: text/plain; charset="utf-8"
>
> I have issued SDT in TEDRA and Estate matters with no problems and without
> court permission.
>
> Dalynne Singleton
>
> Gourley Law Group
> Snohomish Escrow
> The Exchange Connection
> 1002 10th Street / PO Box 1091
> Snohomish, WA 98291
>
> 360.568.5065
> 360.329.4079
> 360.568.8092 fax
> dalynne at glgmail.com<mailto:dalynne at glgmail.com>
>
> LICENSED IN WASHINGTON AND OREGON
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>
> From: wsbapt-bounces at lists.wsbarppt.com [mailto:wsbapt-bounces at lists.
> wsbarppt.com] On Behalf Of Mike Winslow
> Sent: Tuesday, November 14, 2017 10:01 AM
> To: 'WSBA Probate & Trust Listserv' <wsbapt at lists.wsbarppt.com>
> Subject: Re: [WSBAPT] Discovery in Probate Proceeding
>
> RCW 11.48.070
> Concealed or embezzled property?Proceedings for discovery.
> The court shall have authority to bring before it any person or persons
> suspected of having in his or her possession or having concealed,
> embezzled, conveyed, or disposed of any of the property of the estate of
> decedents or incompetents subject to administration under this title, or
> who has in his or her possession or within his or her knowledge any
> conveyances, bonds, contracts, or other writings which contain evidence of
> or may tend to establish the right, title, interest, or claim of the
> deceased in and to any property. If such person be not in the county in
> which the letters were granted, he or she may be cited and examined either
> before the court of the county where found or before the court issuing the
> order of citation, and if he or she be found innocent of the charges he or
> she shall be entitled to recover costs of the estate, which costs shall be
> fees and mileage of witnesses, statutory attorney's fees, and such per diem
> and mileage for the person so charged as allo!
> wed to witnesses in civil proceedings. Such party may be brought before
> the court by means of citation such as the court may choose to issue, and
> if he or she refuses to answer such interrogatories as may be put to him or
> her touching such matters, the court may commit him or her to the county
> jail, there to remain until he or she shall be willing to make such answers.
>
>
> Michael A. Winslow
> 1204 Cleveland Ave.
> Mount Vernon, WA 98273
> Ph. 360-336-3321
> Em. Mike at winslegal.com<mailto:Mike at winslegal.com>
>
> This message is from an attorney, so it?s confidential. If you are not the
> intended recipient, it?s too late to stop reading this message, but you may
> not use it for any improper purpose. Huge Disclaimer available upon request.
>
> From: wsbapt-bounces at lists.wsbarppt.com<mailto:wsbapt-bounces@
> lists.wsbarppt.com> [mailto:wsbapt-bounces at lists.wsbarppt.com] On Behalf
> Of Thomas Hackett
> Sent: Tuesday, November 14, 2017 9:01 AM
> To: WSBA Probate & Trust Listserv
> Subject: [WSBAPT] Discovery in Probate Proceeding
>
> Listmates-
>
> Client is administering an estate, and we are dealing with parties who are
> at best not forthcoming. We need to determine what assets the decedent's
> held at his death, and potentially review business transactions from the
> past few years. At this point, it seems appropriate to use formal discovery
> in the probate or some other judicial process to increase the consequences
> for the other parties - and get my client the information he needs to
> administer the estate. The other parties were decedent's advisors,
> including real estate agents and mortgage brokers, and were intimately
> familiar with decedent's financials from both "advising" the decedent and
> investing in projects with him.
>
> I would greatly appreciate insights into the process for doing formal
> discovery processes or TEDRA procedures to get information on a decedent's
> assets and prior business dealings.
>
> Thank you in advance for your knowledge and insights.
>
> [https://docs.google.com/uc?export=download&id=0B-
> SxUq1b3OJKWTdxRWo3ZThmaGs&revid=0B-SxUq1b3OJKNVVIcDZreEwxdGNIb1Q5
> VDRDU0RrUTVoL2E4PQ]
>
> Thomas A. Hackett
> Attorney | NW Legacy Law Center, P.S.
> 360-975-7770 | http://nwlegacylaw.com<http://nwlegacylaw.com/>
> [https://s3.amazonaws.com/images.wisestamp.com/icons/facebook.png]<
> http://www.facebook.com/NWlegacylaw> [https://s3.amazonaws.com/
> images.wisestamp.com/icons/linkedin.png] <http://www.linkedin.com/in/
> thomasahackett>
>
>
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> ------------------------------
>
> Message: 4
> Date: Tue, 14 Nov 2017 23:52:53 +0000
> From: Jennifer Modak <jennifer at modaklaw.com>
> To: WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com>
> Subject: [WSBAPT] First Right of Refusal on Joint Tenants
> Message-ID:
> <CY1PR14MB0186A54A54F2BE19AD18E55DB4280 at CY1PR14MB0186.
> namprd14.prod.outlook.com>
>
> Content-Type: text/plain; charset="us-ascii"
>
> Hello
> The clients (brother and sister) are joint tenants in a primary residence,
> only the brother resides in the home. They want to record a document that
> sets out a first right of refusal to purchase the percentage ownership
> interest if one joint tenant ever wants to sell.
>
> An LLC is not an option since it is used as a primary residence, and they
> do not prefer a joint venture. Any options for a simple agreement?
>
> Thanks
>
> Jennifer M. Modak
> Attorney at Law
> Law Office of Jennifer Modak, PLLC
> 19125 North Creek Parkway, Suite 120
> Bothell, WA 98011
> 206-747-0477
>
> The contents of this message are intended solely for the persons to whom
> this message is addressed and may be protected from disclosure or
> dissemination by the attorney-client privilege or other guarantee of
> confidentiality. If you have received this message in error please notify
> the sender at jennifer at modaklaw.com<mailto:jennifer at modaklaw.com> and
> destroy all copies.
> If this message contains advice relating to Federal taxes, it is not
> intended or written to be used, and, it cannot be used for the purpose of
> avoiding penalties that may be imposed under Federal tax law. We understand
> that a taxpayer may rely on professional advice to avoid Federal tax
> penalties only if that advice is reflected in a comprehensive tax opinion
> that conforms to the requirements under Federal law. If you have any
> questions, please call us if you would like to discuss our preparation of
> an opinion that is consistent with these new rules. More information
> concerning this statement can be found at the Internal Revenue Service
> Website www.irs.gov<http://www.irs.gov/>. Please look for "Circular 230".
>
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> ------------------------------
>
> Message: 5
> Date: Tue, 14 Nov 2017 19:26:48 -0800
> From: "John J. Sullivan" <sullaw at comcast.net>
> To: WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com>
> Subject: Re: [WSBAPT] Revocable trust anonymity on deed
> Message-ID: <86C4220B-36AE-414D-A2D8-3D57BCC4E9C1 at comcast.net>
> Content-Type: text/plain; charset="cp1251"
>
> I have one client extremely concerned about privacy. I?ve agreed to serve
> as the trustee of an RLT holding his condo.
>
> John J. Sullivan
>
> Sent from my iPhone
>
> > On Nov 14, 2017, at 2:13 PM, John McCrady <j.mccrady at pstitle.com> wrote:
> >
> > A trust is not an entity capable of holding title to real estate, so you
> must name the trustee as the grantee of the deed. (X as Trustee of the Y
> trust dated June 5, 2011)
> > You could name, say, an LLC as the trustee for an added layer of
> anonymity.
> >
> >
> > John McCrady
> > Counsel
> > Puget Sound Title Company
> > 5350 Orchard Street West
> > University Place WA 98467
> > 253-476-5721
> > j.mccrady at pstitle.com
> >
> > From: wsbapt-bounces at lists.wsbarppt.com [mailto:wsbapt-bounces at lists.
> wsbarppt.com] On Behalf Of Christopher Small
> > Sent: Tuesday, November 14, 2017 1:18 PM
> > To: wsbapt at lists.wsbarppt.com
> > Subject: [WSBAPT] Revocable trust anonymity on deed
> >
> > Clients are looking for anonymity with their trust (at least as much as
> possible).
> >
> > It is possible to title the deed to property outright to the trust
> instead of to Joe Trustee, Trustee of the Anonymous Trust?
> >
> > If not (and even if yes), are there any other strategies you know of to
> accomplish this?
> >
> > Thanks in advance!
> >
> > Christopher Small
> > CMS Law Firm LLC
> > 150 Lake St. S., Suite 218
> > Kirkland, WA 98033
> > 206.659.1512
> >
> >
> > Legal stuff I have to put in... To ensure compliance with Treasury
> Department and IRS regulations, we inform you that, unless expressly
> indicated otherwise, any federal tax advice contained in this communication
> (including any attachments) is not intended or written by CMS Law Firm LLC
> to be used, and cannot be used by the taxpayer, for the purpose of: (i)
> avoiding penalties that may be imposed on the taxpayer under the Internal
> Revenue Code; or (ii) promoting, marketing, or recommending to another
> party any transaction or matter addressed herein (or any attachments).
> > _______________________________________________
> > WSBAPT mailing list
> > WSBAPT at lists.wsbarppt.com
> > http://mailman.fsr.com/mailman/listinfo/wsbapt
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> ------------------------------
>
> Message: 6
> Date: Wed, 15 Nov 2017 10:00:54 -0800
> From: "Maureen Wickert" <wickertlaw at comcast.net>
> To: "'WSBA Probate & Trust Listserv'" <wsbapt at lists.wsbarppt.com>
> Subject: Re: [WSBAPT] First Right of Refusal on Joint Tenants
> Message-ID: <019e01d35e3b$b2774a40$1765dec0$@comcast.net>
> Content-Type: text/plain; charset="us-ascii"
>
> Have you looked at a tenants in common agreement?
>
>
>
> Very truly yours,
>
> Maureen A. Wickert, Attorney at Law
>
>
>
> 14900 Interurban Avenue South, Suite 255
>
> Tukwila, WA 98168
>
> Phone: 206-859-5502
>
> Fax: 206-260-9005
>
> <http://www.wickertlawoffice.com/> www.wickertlawoffice.com
>
> <mailto:wickertlaw at comcast.net> wickertlaw at comcast.net
>
> This electronic message contains information which may be confidential
> and/or legally privileged. The information is intended for the use of the
> individual or entity named above. If you are not the intended recipient, be
> aware that any disclosure, copying, distribution or use of the contents of
> this transmission is prohibited. If you have received this electronic
> transmission in error, please notify me by telephone or by email
> immediately.
>
>
>
> From: wsbapt-bounces at lists.wsbarppt.com
> [mailto:wsbapt-bounces at lists.wsbarppt.com] On Behalf Of Jennifer Modak
> Sent: November 14, 2017 15:53
> To: WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com>
> Subject: [WSBAPT] First Right of Refusal on Joint Tenants
>
>
>
> Hello
>
> The clients (brother and sister) are joint tenants in a primary residence,
> only the brother resides in the home. They want to record a document that
> sets out a first right of refusal to purchase the percentage ownership
> interest if one joint tenant ever wants to sell.
>
>
>
> An LLC is not an option since it is used as a primary residence, and they
> do
> not prefer a joint venture. Any options for a simple agreement?
>
>
>
> Thanks
>
>
>
> Jennifer M. Modak
>
> Attorney at Law
>
> Law Office of Jennifer Modak, PLLC
>
> 19125 North Creek Parkway, Suite 120
>
> Bothell, WA 98011
>
> 206-747-0477
>
>
>
> The contents of this message are intended solely for the persons to whom
> this message is addressed and may be protected from disclosure or
> dissemination by the attorney-client privilege or other guarantee of
> confidentiality. If you have received this message in error please notify
> the sender at <mailto:jennifer at modaklaw.com> jennifer at modaklaw.com and
> destroy all copies.
>
> If this message contains advice relating to Federal taxes, it is not
> intended or written to be used, and, it cannot be used for the purpose of
> avoiding penalties that may be imposed under Federal tax law. We understand
> that a taxpayer may rely on professional advice to avoid Federal tax
> penalties only if that advice is reflected in a comprehensive tax opinion
> that conforms to the requirements under Federal law. If you have any
> questions, please call us if you would like to discuss our preparation of
> an
> opinion that is consistent with these new rules. More information
> concerning
> this statement can be found at the Internal Revenue Service Website
> <http://www.irs.gov/> www.irs.gov. Please look for "Circular 230".
>
>
>
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> ------------------------------
>
> Message: 7
> Date: Wed, 15 Nov 2017 19:30:37 +0000
> From: Allen Draher <allen at draherlaw.com>
> To: WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com>
> Subject: Re: [WSBAPT] Revocable trust anonymity on deed
> Message-ID: <DAAB2E1C50469C4B90C88ADB0C6367A82B6A300E at AUSP01DAG0201>
> Content-Type: text/plain; charset="windows-1252"
>
> what I do is name an unrelated co-operating party as the initial trustee
> and include language in the trust agreement providing that the named
> trustee is automatically replaced after a date certain and the trustee
> reverts to the interested party. Saves from amending trust and possibility
> of forgetting to do so and having to locate trustee for future conveyances.
>
> ________________________________
> From: wsbapt-bounces at lists.wsbarppt.com [wsbapt-bounces at lists.wsbarppt.com]
> on behalf of John J. Sullivan [sullaw at comcast.net]
> Sent: Tuesday, November 14, 2017 7:26 PM
> To: WSBA Probate & Trust Listserv
> Subject: Re: [WSBAPT] Revocable trust anonymity on deed
>
> I have one client extremely concerned about privacy. I?ve agreed to serve
> as the trustee of an RLT holding his condo.
>
> John J. Sullivan
>
> Sent from my iPhone
>
> On Nov 14, 2017, at 2:13 PM, John McCrady <j.mccrady at pstitle.com<mailto:
> j.mccrady at pstitle.com>> wrote:
>
> A trust is not an entity capable of holding title to real estate, so you
> must name the trustee as the grantee of the deed. (X as Trustee of the Y
> trust dated June 5, 2011)
> You could name, say, an LLC as the trustee for an added layer of anonymity.
>
>
> John McCrady
> Counsel
> Puget Sound Title Company
> 5350 Orchard Street West
> University Place WA 98467
> 253-476-5721
> j.mccrady at pstitle.com<mailto:j.mccrady at pstitle.com>
>
> From: wsbapt-bounces at lists.wsbarppt.com<mailto:wsbapt-bounces@
> lists.wsbarppt.com> [mailto:wsbapt-bounces at lists.wsbarppt.com] On Behalf
> Of Christopher Small
> Sent: Tuesday, November 14, 2017 1:18 PM
> To: wsbapt at lists.wsbarppt.com<mailto:wsbapt at lists.wsbarppt.com>
> Subject: [WSBAPT] Revocable trust anonymity on deed
>
> Clients are looking for anonymity with their trust (at least as much as
> possible).
> It is possible to title the deed to property outright to the trust instead
> of to Joe Trustee, Trustee of the Anonymous Trust?
> If not (and even if yes), are there any other strategies you know of to
> accomplish this?
> Thanks in advance!
>
> Christopher Small
> CMS Law Firm LLC<http://cmslawfirm.com>
> 150 Lake St. S., Suite 218
> Kirkland, WA 98033
> 206.659.1512
>
>
> Legal stuff I have to put in... To ensure compliance with Treasury
> Department and IRS regulations, we inform you that, unless expressly
> indicated otherwise, any federal tax advice contained in this communication
> (including any attachments) is not intended or written by CMS Law Firm LLC
> to be used, and cannot be used by the taxpayer, for the purpose of: (i)
> avoiding penalties that may be imposed on the taxpayer under the Internal
> Revenue Code; or (ii) promoting, marketing, or recommending to another
> party any transaction or matter addressed herein (or any attachments).
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> End of WSBAPT Digest, Vol 38, Issue 15
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