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

[Kailei Feeney]

I suspect a policy could still be to full assessed value?

Kailei
Kailei B. Feeney
Attorney-at-Law
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From: wsbapt-bounces at lists.wsbarppt.com <wsbapt-bounces at lists.wsbarppt.com> On Behalf Of Mike Winslow
Sent: Monday, July 09, 2018 3:35 PM
To: 'WSBA Probate & Trust Listserv' <wsbapt at lists.wsbarppt.com>
Subject: Re: [WSBAPT] Real Property - No probate - over 15 years later!

QCD from Parents to living son, with a Lack of Probate Affidavit and a REETA should allow completion of transfer to living son.
Mom and Dad will need to file a gift tax return under federal tax law, to the extent the gift exceeds the annual exclusion gift amounts for two donors to one done.
Ask a title company for their form of LOPA or contact me offline for my form.

If brother wants assurance of clear title, then he may need to pay some consideration for the transfer to qualify for a title policy. John McCrady might better address that issue, as I don't recall ever obtaining title coverage on a gift transfer and don't think it would be insurable, lacking any consideration for the  transfer.

Michael A. Winslow
1204 Cleveland Ave.
Mount Vernon, WA 98273
Ph. 360-336-3321
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From: wsbapt-bounces at lists.wsbarppt.com<mailto: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<mailto: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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