[WSBAPT] [WSBARP] Quit Claim Deed to Trust

[John J. Sullivan]

Yes, unless it’s a QTIP trust, or an IDGT - intentionally defective grantor trust. 

John J. Sullivan

Sent from my iPad

> On Oct 1, 2018, at 10:04 AM, Claudia A Gowan <claudia at cagowanlaw.com> wrote:
> 
> Just a quick follow-up to Rebecca’s email: property held under a revocable trust will get the step-up on the death of the grantor, but, generally, property held under irrevocable trusts will not receive a step-up. For example, grantor does with a revocable trust that transfer property to a follow-up trust for benefit of her beneficiaries: upon death of the grantor, the property will receive a step-up, but after the property transfers to the irrevocable trust, there will be no further step-ups including when a surviving spouse grantor dies.
>  
> Rebecca – so nice of you to keep helping us out even from retirement!!
>  
> Best, Claudia
>  
> Claudia A. Gowan
>  
> Claudia A. Gowan, PLLC
> 2101 Fourth Avenue, Suite 1900
> Seattle, WA 98121
> (206) 443-2733 (T)
> (206) 448-1843 (F)
> claudia at cagowanlaw.com
>  
> www.seattletrustsandestates.com
>  
> 
> From: wsbarp-bounces at lists.wsbarppt.com [mailto:wsbarp-bounces at lists.wsbarppt.com] On Behalf Of RebeccaWiess
> Sent: Monday, October 01, 2018 9:22 AM
> To: 'WSBA Real Property Listserv' <wsbarp at lists.wsbarppt.com>; solo-and-small-practice-section at list.wsba.org; creditor-debtor-section at list.wsba.org; wsbapt at lists.wsbarppt.com
> Subject: Re: [WSBARP] Quit Claim Deed to Trust
>  
> 
> I know I’m late to this topic, but it’s an excuse to remind all that property in a trust does not get a stepped up basis when an owner dies. Family trusts as an estate planning tool can cause big time tax bills when the heirs sell low basis property out of the trust following a death.
> 
>  
> 
> Rebecca K. Wiess
> 
> 421 24th Avenue East
> 
> Seattle, WA  98112
> 
> Phone 206 329-6638
> 
> rwiess at foxinternet.net  
> 
>  
> 
> From: wsbarp-bounces at lists.wsbarppt.com [mailto:wsbarp-bounces at lists.wsbarppt.com] On Behalf Of Dave Culbertson
> Sent: Friday, September 07, 2018 4:51 PM
> To: solo-and-small-practice-section at list.wsba.org; creditor-debtor-section at list.wsba.org; wsbapt at lists.wsbarppt.com; wsbarp at lists.wsbarppt.com
> Subject: [WSBARP] Quit Claim Deed to Trust
>  
> 
> Hello, Listmates.
>  
> I have a client who needs to transfer a parcel of land to her revocable trust (set up for probate purposes). I’m assuming this is like any other QCD, but thought I would check if there is any hidden wrinkle when doing a QCD from an individual to a trust. Thanks for any pointers.
>  
>  
> Best Regards,
>  
> Dave Culbertson
>  
> The Law Office of Davisson Culbertson, PLLC
> 19909 Ballinger Way NE
> Shoreline, WA 98102
>  
> Office Line: (425) 252-0300
> Cell:  (206) 478-8134
> FAX: (866) 867-7796
>  
> dculbertson at culbertsonlawoffice.com
>  
>  
>  
>  
> 
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