[WSBAPT] Question on Property transfer to an LLC

[Mike Winslow]

Look at part 5 of  WAC 458-61A-211.
It is exempt from excise, even if LLC units are issued to the marital
community.
 
Michael A. Winslow
1204 Cleveland Ave.
Mount Vernon, WA 98273
Ph. 360-336-3321
Em. 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 at lists.wsbarppt.com] On Behalf Of Ralph Maimon
Sent: Tuesday, November 20, 2018 2:06 PM
To: WSBA Probate & Trust Listserv
Subject: Re: [WSBAPT] Question on Property transfer to an LLC
 
My 2 cents:  
 
I think the following deed form is okay:  One deed with Grantors, John
Jones, as his separate property and Jane Jones (nee Smith) as her separate
property to Grantee, Jones LLC
Then they should agree between themselves that they each own the LLC as
community property in a post nup?  Or some separate writing.  I don't think
that a separate deed to them as CP is necessary. The LLC is a separate
entity.  That is okay for the transfer but the only concern would be whether
the proportionate shares will be the same in the LLC, if they transfer from
their separate property.  They are tenants in common (?)  to begin with and
then they are becoming owners of an indivisible half share of the LLC.  I
would double check the exemptions to make sure it is okay.  
 
Ralph Maimon
 
Law Office of Ralph Maimon, P.S.
2811 E. Madison Street, Suite 202
Seattle, WA 98112
(206) 323-0911
Fax: (206)462-1505
www.maimonlaw.com <http://www.maimonlaw.com/>  
 
 
This email is confidential. If you have received it in error,
please notify me and delete it from your device 
without reading.  Thank you.  
 
From: wsbapt-bounces at lists.wsbarppt.com <wsbapt-bounces at lists.wsbarppt.com>
On Behalf Of Keil Larsen
Sent: Tuesday, November 20, 2018 1:44 PM
To: WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com>
Subject: [WSBAPT] Question on Property transfer to an LLC
 
Hello all,
 
A quick question to see whether I have the order of events correctly to
transfer property from two individuals into an LLC also owned by them. 
 
Two individuals purchased real property prior to marriage as their separate
property.  Later, they were married but never updated the title to the
property to reflect the community interest.   The wife also changed her
legal name to take her husband's last name.  Now they want to transfer the
property into an LLC.  
 
Do I need to have them execute two separate quit claim deeds (1) from their
separate property to the community and (2) from the community into the LLC?
Or can this be accomplished by way of one deed in which I reference the
prior marriage and subsequent name change? 
 
Thanks for your insight
 
Keil A. Larsen
Attorney at Law
 
<https://urldefense.proofpoint.com/v2/url?u=http-3A__www.rpwlawfirm.com_&d=D
wMFAg&c=euGZstcaTDllvimEN8b7jXrwqOf-v5A_CdpgnVfiiMM&r=48uCzqbn0A0fuu0Vx7HiXu
yvQSYkBeVAtLY41jGTlHo&m=1gRxdKBn66Uf6ldLD597-TftjFRBHbeVmi9vV7g6RHg&s=edWX8v
bNA8VOmprsqh3tMvkzHmcuaWdraoRAwJMbVMs&e=> Reed Pruett Walters Larsen PLLC
11120 NE 2nd Street, Suite 200
Bellevue, WA 98004
 <mailto:KLarsen at RPWLawFirm.com> KLarsen at RPWLawFirm.com
Direct 206-953-9633 
Fax 425-642-8260
NOTICE: The information contained in this email is confidential and may be
subject to the attorney-client privilege. If you are not the intended
recipient, you are hereby notified that any use, dissemination, distribution
or copying of this email is prohibited.  If you received this email in
error, please immediately notify the sender by telephone at the number
above.
 
-------------- next part --------------
An HTML attachment was scrubbed...
URL: <http://mailman.fsr.com/pipermail/wsbapt/attachments/20181120/c806037e/attachment.html>