[WSBAPT] Valuation of Real Property Owned by an Estate

Tue Nov 3 15:17:40 PST 2020

I think you can use any valuation at all if all the parties are in agreement, but if there is no agreement, even an appraised value opens the door to conflict. If there is not clear agreement, an appraisal and notice to the other beneficiaries of the plan seems like the best way to protect Personal Representative (and you) from later claims of unfairness.

Heather

Heather S. de Vrieze
Attorney-at-Law
[cid:image001.jpg at 01D6B1F4.77344860]
3909 California Avenue SW
Seattle, WA 98116-3705
(206)938-5500
heatherd at westseattlelaw.com<mailto:heatherd at westseattlelaw.com>
www.westseattlelaw.com<http://www.westseattlelaw.com/>
Click here to connect with de Vrieze | Carney on Facebook:   [FB Logo] <https://www.facebook.com/DeVriezeCarney>

For the latest information regarding firm operations and to see precautions we are taking in light of the Coronavirus crisis please visit our firm’s website, www.WestSeattleLaw.com<http://www.WestSeattleLaw.com>.
If I am sick, I will stay home, I ask you to do the same.

CONFIDENTIAL & PRIVILEGED. This e-mail message may contain legally privileged and/or confidential information.  If you have received this e-mail in error, please notify the sender immediately and delete all copies of this e-mail message and any attachment.

From: wsbapt-bounces at lists.wsbarppt.com <wsbapt-bounces at lists.wsbarppt.com> On Behalf Of Inge Fordham
Sent: Tuesday, November 3, 2020 2:56 PM
To: WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com>
Subject: Re: [WSBAPT] Valuation of Real Property Owned by an Estate

That’s my thought as well.  Just wanted to see what other folks do under these circumstances.  For purposes of determining estate income tax, do we need an appraisal for the value at date of death and at also at date of disposition?  I’m not an accountant, but my understanding is that an increase in the value of the property in excess of $600 in a calendar year triggers estate income tax.

[uc%3fexport=download&id=1W3rEcChy0_E0cCfV5up02mkhwnL6eWIs&revid=0B4P5JoIHdbFaR29EbHlRWHFseFV5STZpSUVGeUNPWldkVDFVPQ]
Inge A. Fordham | Attorney
Fordham Law, PLLC
3218 Sixth Avenue | Tacoma, WA 98406
Office: (253) 348-2657 | Mobile: (206) 778-3131
www.fordhamlegal.com<http://www.fordhamlegal.com>

Confidential Communication: This email is sent to a recipient on behalf of an attorney/law firm, and is information intended exclusively for the individual, entity or company to which it is sent.  This communication may contain proprietary, privileged or confidential information or may otherwise be legally exempt from disclosure other than to the intended recipient.  If you are not the named addressee, you are not authorized to read, print, retain, copy or otherwise disseminate this message or any part of it.  If you have received this email in error, please notify the sender immediately by email or other communication and delete all copies of the message.

From: <wsbapt-bounces at lists.wsbarppt.com<mailto:wsbapt-bounces at lists.wsbarppt.com>> on behalf of Eric Nelsen <Eric at sayrelawoffices.com<mailto:Eric at sayrelawoffices.com>>
Reply-To: WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com<mailto:wsbapt at lists.wsbarppt.com>>
Date: Tuesday, November 3, 2020 at 2:42 PM
To: WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com<mailto:wsbapt at lists.wsbarppt.com>>
Subject: Re: [WSBAPT] Valuation of Real Property Owned by an Estate

For purposes of valuing a distribution to the granddaughter, where other beneficiaries could be prejudiced if it's misvalued, I would get a certified appraisal. I never used assessed value for these situations.

Sincerely,

Eric

Eric C. Nelsen
Sayre Law Offices, PLLC
1417 31st Ave South
Seattle WA 98144-3909
206-625-0092
eric at sayrelawoffices.com<mailto:eric at sayrelawoffices.com>

Covid-19 Update - All attorneys are working remotely during regular business hours and are available via email and by phone; please call the Seattle office. Videoconferencing also is available. Signing of estate planning documents can be completed and will be handled on a case-by-case basis; please call the Seattle office.

MAIL AND DELIVERIES can be received at the Seattle office. For any other needed arrangements, please call the Seattle office.

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 Inge Fordham
Sent: Tuesday, November 3, 2020 2:16 PM
To: WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com<mailto:wsbapt at lists.wsbarppt.com>>
Subject: [WSBAPT] Valuation of Real Property Owned by an Estate

Colleagues:

In past probate cases I have handled with real property owned by the estate, the PR or administrator has either sold real property or conveyed it to a sole beneficiary.  I now find myself dealing with a situation where the estate owns a townhome in which the granddaughter (one of several beneficiaries under the will) is living and would like to retain.  It is encumbered by a mortgage and unlikely the granddaughter can get approved to refinance or assume the mortgage.  How does the PR determine the net value of the townhome - it varies widely depending on whether the value is determined by the tax assessed value or appraised value.  I have seen attorneys use both.  Is there a bright line rule?

Thank you,

[uc%3fexport=download&id=1W3rEcChy0_E0cCfV5up02mkhwnL6eWIs&revid=0B4P5JoIHdbFaR29EbHlRWHFseFV5STZpSUVGeUNPWldkVDFVPQ]
Inge A. Fordham | Attorney
Fordham Law, PLLC
3218 Sixth Avenue | Tacoma, WA 98406
Office: (253) 348-2657 | Mobile: (206) 778-3131
www.fordhamlegal.com<http://www.fordhamlegal.com>

Confidential Communication: This email is sent to a recipient on behalf of an attorney/law firm, and is information intended exclusively for the individual, entity or company to which it is sent.  This communication may contain proprietary, privileged or confidential information or may otherwise be legally exempt from disclosure other than to the intended recipient.  If you are not the named addressee, you are not authorized to read, print, retain, copy or otherwise disseminate this message or any part of it.  If you have received this email in error, please notify the sender immediately by email or other communication and delete all copies of the message.
-------------- next part --------------
An HTML attachment was scrubbed...
URL: <http://mailman.fsr.com/pipermail/wsbapt/attachments/20201103/0fcd49d3/attachment-0001.html>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image006.png
Type: image/png
Size: 14082 bytes
Desc: image006.png
URL: <http://mailman.fsr.com/pipermail/wsbapt/attachments/20201103/0fcd49d3/image006-0001.png>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image001.jpg
Type: image/jpeg
Size: 6938 bytes
Desc: image001.jpg
URL: <http://mailman.fsr.com/pipermail/wsbapt/attachments/20201103/0fcd49d3/image001-0001.jpg>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image002.png
Type: image/png
Size: 5646 bytes
Desc: image002.png
URL: <http://mailman.fsr.com/pipermail/wsbapt/attachments/20201103/0fcd49d3/image002-0001.png>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image007.png
Type: image/png
Size: 23515 bytes
Desc: image007.png
URL: <http://mailman.fsr.com/pipermail/wsbapt/attachments/20201103/0fcd49d3/image007-0001.png>