[WSBAPT] two issues

[Allen Draher]

Thank you, Eric.

Allen Draher

Law Office of Allen Draher, PLLC
5426 California Ave. S.W.
Seattle, WA 98136

ph   206-935-2998
allen at draherlaw.com<mailto:allen at draherlaw.com>

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From: wsbapt-bounces at lists.wsbarppt.com <wsbapt-bounces at lists.wsbarppt.com> On Behalf Of Eric Nelsen
Sent: Thursday, February 7, 2019 9:58 AM
To: WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com>
Subject: Re: [WSBAPT] two issues

Re #2, the main objector would be the lender, if the borrower mischaracterizes the actual intended use of the money on a loan application signed under penalty of perjury. The PR needs to fully disclose their relationship to the estate and the fact that the PR, as sole beneficiary, is essentially already owner of the property and has nothing to "purchase."

That said, I think there are actually a number of ways the property could be used as collateral for a loan to pay off other debts. I don't think it would need to be forced into a "buying the property" structure to accomplish that. There are lots of possible variables not included in your post, but my first thought is for the PR to just distribute all property to her/himself, and then go to a mortgage broker to see about refinancing/restructuring all the various loans into a better package. Looking as a whole at all the available collateral, and all the existing debt, might suggest some solutions to get the debt consolidated at a lower interest rate and secured by only some of the property.

Sincerely,

Eric

Eric C. Nelsen
SAYRE LAW OFFICES, PLLC
1417 31st Ave South
Seattle WA  98144-3909
phone 206-625-0092
fax 206-625-9040

From: wsbapt-bounces at lists.wsbarppt.com<mailto:wsbapt-bounces at lists.wsbarppt.com> [mailto:wsbapt-bounces at lists.wsbarppt.com] On Behalf Of Allen Draher
Sent: Wednesday, February 06, 2019 5:28 PM
To: WSBA Probate & Trust Listserv
Subject: [WSBAPT] two issues

I have two matters:


  1.  I have an estate with a special needs trust, the beneficiary is a BC minor.  Does anyone have a contact in the BC bar that might be able to work with me to find an appropriate trustee.
  2.  I represent a PR/sole beneficiary of an estate.  The estate consists of a variety of real estate with various encumbrances.  One property was subject to a quiet title action that we have just settled and the estate will be getting a clear title shortly.  My client proposed "buying" the property from the estate and using a purchase loan to pay off several higher interest loans.  Says that the lender is aware it is not an arm's length transaction.  Who might object to such an arrangement?



Any thoughts appreciated.  Allen



Allen Draher

Law Office of Allen Draher, PLLC
5426 California Ave. S.W.
Seattle, WA 98136

ph   206-935-2998
allen at draherlaw.com<mailto:allen at draherlaw.com>

__________________________________________________________

NOTICE:  This communication (including any attachments) may contain privileged or confidential information intended for a specific individual and purpose, and is protected by law.  If you are not the intended recipient, you should delete this communication and/or shred the materials and any attachments and are hereby notified that any disclosure, copying or distribution of this communication, or the taking of any action based on it, is strictly prohibited.  Thank you.
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To comply with IRS regulations, we are required to inform you that this message, if it contains advice relating to federal taxes, cannot be used for the purpose of avoiding penalties that may be imposed under federal tax law.

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