[WSBAPT] Real Property - No probate - over 15 years later!

[Eric Nelsen]

I think there are tax issues that will drive the bus on this decision. At this point, I would look at it as if I'm trying to structure the transfer: how can I get the ownership transferred to brother with minimum tax consequences?

1. Brother could do a quiet title for adverse possession at this point--10 years of exclusive occupancy and use. But his tax basis in the property would be zero.
2. Parents inherited it by law, and they got the fair market value basis at date of death; so perhaps probate would be better, and then parents could gift the property to their surviving son. Gift tax consequences for the parents, but maybe that's less than the capital gains consequences for a reduced basis. Brother would get the 2003 tax basis via the gift.
3. Has brother been deducting property taxes, etc., on his personal tax returns? If so, he probably should evaluate what his options are--were those deductions valid, are amended returns necessary, what effect might #1 or #2 have on validity of those deductions...

Sincerely,

Eric

Eric C. Nelsen
SAYRE LAW OFFICES, PLLC
1417 31st Ave South
Seattle WA  98144-3909
phone 206-625-0092
fax 206-625-9040

From: wsbapt-bounces at lists.wsbarppt.com [mailto:wsbapt-bounces at lists.wsbarppt.com] On Behalf Of G. (Gus) Benjamin Lindsey III
Sent: Monday, July 09, 2018 12:13 PM
To: wsbapt at lists.wsbarppt.com
Subject: [WSBAPT] Real Property - No probate - over 15 years later!

Hello,

PC is the parent of an adult child that died back in 2003. The child owned a condominium at the time of death. PC apparently talked to a now retired attorney about starting probate but never actually filed anything because PC was overwhelmed with grief.

Decedent child had no will and had advised the parent that a brother should inherit the condo. Decedent did not have a spouse or any children. PC apparently paid off all creditor claims from insurance proceeds. The surviving brother has been in possession of the condo and paid all fees/costs related to the condo.

PC wants to know if legal title for the condo can be transferred to the surviving brother outside of opening probate for the sole purpose of transferring ownership of the condo.

Anyone aware of any options for dealing with something like this 15 years later? (I checked the assessor's office and the decedent is still listed as the legal owner)

Thanks!


Sincerely,

G. (Gus) Benjamin Lindsey III
Attorney-at-Law
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