[WSBAPT] [WSBARP] Quit Claim Deed to Trust

Wed Oct 3 10:57:27 PDT 2018

Hello Kira,

I practice in Washington and have used this approach for GST planning.  Additionally, I make differing QTIP elections for Washington versus Federal so I can get the step up at the Federal level but only have the smallest portion for WA Estate Tax purposes pulled in (I have even made a 0% WA QTIP and 100% Federal QTIP).

Good luck,

Diane J. Kiepe

Diane J. Kiepe, Attorney at Law
Douglas • Eden
717 W. Sprague Ave., Suite 1500
Spokane, WA  99201
Phone:  (509) 455-5300
Fax:        (509) 455-5348
djkiepe at depdslaw.com

From: wsbapt-bounces at lists.wsbarppt.com [mailto:wsbapt-bounces at lists.wsbarppt.com] On Behalf Of Kira Rubel
Sent: Wednesday, October 03, 2018 10:40 AM
To: wsbapt at lists.wsbarppt.com
Cc: wsbarp at lists.wsbarppt.com; solo-and-small-practice-section at list.wsba.org; creditor-debtor-section at list.wsba.org
Subject: Re: [WSBAPT] [WSBARP] Quit Claim Deed to Trust

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<http://www.kmrlawfirm.com/>

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On Wed, Oct 3, 2018 at 12:36 AM John J. Sullivan <sullaw at comcast.net<mailto: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<mailto: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<mailto: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> [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<mailto:wsbarp at lists.wsbarppt.com>>; solo-and-small-practice-section at list.wsba.org<mailto:solo-and-small-practice-section at list.wsba.org>; creditor-debtor-section at list.wsba.org<mailto:creditor-debtor-section at list.wsba.org>; wsbapt at lists.wsbarppt.com<mailto: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<mailto:rwiess at foxinternet.net>

________________________________
From: wsbarp-bounces at lists.wsbarppt.com<mailto: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<mailto:solo-and-small-practice-section at list.wsba.org>; creditor-debtor-section at list.wsba.org<mailto:creditor-debtor-section at list.wsba.org>; wsbapt at lists.wsbarppt.com<mailto:wsbapt at lists.wsbarppt.com>; wsbarp at lists.wsbarppt.com<mailto: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<mailto:dculbertson at culbertsonlawoffice.com>

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