[WSBAPT] Will provisions - purchase of family home

[Philip N. Jones]

I agree with Krista.  If the house is worth $500,000, and a purchase price is set at $400,000, then the testator has made a bequest of $100,000.  The bequest could be very large if years and years go by before the testator dies.  As Krista points out, FMV might be better.
Phil Jones
Portland, OR

From: wsbapt-bounces at lists.wsbarppt.com [mailto:wsbapt-bounces at lists.wsbarppt.com] On Behalf Of Krista MacLaren
Sent: Friday, July 20, 2018 4:56 PM
To: wsba probate & trust <wsbapt at lists.wsbarppt.com>
Subject: Re: [WSBAPT] Will provisions - purchase of family home

If the price were under market value then maybe there would be tax implications?  Maybe the will should specify the person would have the right to purchase the house at FMV.


Krista J. MacLaren
Attorney at Law
Northgate Executive Center II
9725 3rd Ave NE, Suite 600
Seattle WA 98115
(206) 523-6116
kjm.inc at icloud.com<mailto:kjm.inc at icloud.com>

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On Jul 20, 2018, at 4:38 PM, J Richard McEntee, Jr. <jrmcentee at gmail.com<mailto:jrmcentee at gmail.com>> wrote:

Good evening —

I just received a question and am not certain of the answer. Client would like a provision in the will that allows a beneficiary to purchase the “family home” at a set price stated in the will. It seems as though this should not be an issue. However, I have not see it before. What concerns might there be related to such a provision?

Thank you
Rich

RICH McENTEE
McENTEE LAW OFFICE
3800 Bridgeport Way W, Ste A411
University Place, WA 98466
253.227.9894(m)
jrmcentee at gmail.com<mailto:jrmcentee at gmail.com>

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