[WSBAPT] [WSBARP] Quit Claim Deed to Trust

Wed Oct 3 10:40:03 PDT 2018

Hi, all -

This is mostly on topic to this thread so I thought I'd jump in with a
related question.  I practice in CA and WA and in California, I've been
running into a lot of contingent general powers of appointment for the
bypass trust - which only kicks in if there's no estate tax issue, and
which gives the surviving spouse contingent GPOA ONLY in that instance and
only at their death. This then allows a second step up in basis on that
bypass trust.

Has anyone else seen this?  Using it?  Advice for or against?

*Kira M. Rubel*

*Law Offices of Kira M. Rubel*

*3615 Harborview Drive NW, Suite C*

*Gig Harbor, WA 98332-2129*

 Tel.  (800) 836-6531

Fax. (206) 238-1694

www.kmrlawfirm.com

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On Wed, Oct 3, 2018 at 12:36 AM John J. Sullivan <sullaw at comcast.net> wrote:

> 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 <claudia at cagowanlaw.com>*
>
>
>
> *www.seattletrustsandestates.com <http://www.seattletrustsandestates.com/>*
>
>
>
> *From:* wsbarp-bounces at lists.wsbarppt.com [
> mailto:wsbarp-bounces at lists.wsbarppt.com
> <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
> <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*
> <dculbertson at culbertsonlawoffice.com>
>
>
>
>
>
>
>
>
>
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