[WSBAPT] Gift

[Jane Bitz]

I like the suggestion to Amend the decree as well. In addition to tax issues created by the "gift" of the husband's interest, you should consider the age of the clients. If they are elderly, this gift to an ex-spouse could create a period of ineligibility for Medicaid benefits for the husband because it would be subjected to the 5 year look back for gifts.

Jane.

Jane G. Bitz
Of Counsel
Wolff, Hislop & Crockett, PLLC
12209 E. Mission Ave, Suite 5
Spokane Vallley, WA 99206-4824
(509) 927-9700 x126
FAX: (509) 777-1800

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From: wsbapt-bounces at lists.wsbarppt.com <wsbapt-bounces at lists.wsbarppt.com> On Behalf Of G. Geoffrey Gibbs
Sent: Tuesday, October 1, 2019 9:04 AM
To: WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com>
Subject: Re: [WSBAPT] Gift

You might want to consider instead doing an Agreed Amended Decree of Dissolution (old form name) giving the entirety of the interest to the Wife.  Then you can do a Quit Claim deed without tax consequences.

G. Geoffrey Gibbs | Anderson Hunter Law Firm
2707 Colby Avenue, Ste. 1001  Everett, WA  98201
PO Box 5397, Everett, WA  98206-5397
Phone: (425) 252-5161 | Fax: (425) 258-3345
ggibbs at andersonhunterlaw.com<mailto:ggibbs at andersonhunterlaw.com> / www.andersonhunterlaw.com<http://www.andersonhunterlaw.com/>
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From: wsbapt-bounces at lists.wsbarppt.com<mailto:wsbapt-bounces at lists.wsbarppt.com> <wsbapt-bounces at lists.wsbarppt.com<mailto:wsbapt-bounces at lists.wsbarppt.com>> On Behalf Of Jennifer Modak
Sent: Tuesday, October 1, 2019 8:50 AM
To: WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com<mailto:wsbapt at lists.wsbarppt.com>>
Subject: [WSBAPT] Gift

Hi All
I have come across this scenario multiple times and wanted to see how you are handling transfers.

In this situation, the client owns a house with ex-husband, the divorce decree did not split the property to one or the other. The ex-husband is willing to give it to client. If we do a quit claim deed and transfer as a gift, does the ex-husband need to do anything else besides file a lifetime gift exemption with the IRS? I want to make sure the taxes are not later an issue.

THanks

Jennifer M. Modak
Attorney at Law
Law Office of Jennifer Modak, PLLC
19125 North Creek Parkway, Suite 120
Bothell, WA 98011
206-747-0477

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