[WSBAPT] remove Parent's interest in decedent's bank and real property

[Rob Wilson-Hoss]

Others will know more about taxes than I but I think you are going to want a stepped up basis. And if you go through a very simple probate you can do it all quickly with a family settlement agreement where everyone at the first level, or representatives of decedents from the first level, sign off on a distribution plan; and you call it a TEDRA agreement as well, and it is final when filed. Then you do the transfers and you are done except for creditors, usually. 

 

Rob (I am going home now it is Sunday and really nice out there. What the hell was I thinking coming in today?)

 

Robert D. Wilson-Hoss 
Hoss & Wilson-Hoss, LLP 
236 West Birch Street 
Shelton, WA 98584 
360 426-2999

www.hossandwilson-hoss.com
 <mailto:rob at hctc.com> rob at hctc.com

 

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From: wsbapt-bounces at lists.wsbarppt.com [mailto:wsbapt-bounces at lists.wsbarppt.com] On Behalf Of michael at westseattleattorney.com
Sent: Sunday, June 02, 2019 1:46 PM
To: WSBA Probate & Trust Listserve
Subject: [WSBAPT] remove Parent's interest in decedent's bank and real property

 

Son passes without a will with about $440k in bank and $450k in real property. Dad on both as half owner thinking it would help son during his sickness.  He and Mom do not want to inherit and will waive being administrator and allow their sole surviving child to inherit.  How to remove Dad's interest(s)?   Dad and Mom have a $5million estate.   Thanks Mike

 





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