[WSBAPT] Transfer on Death Deed - is home considered asset of estate for tax purposes?

[Marcus Fry]

Dalynne:
See 26 USC Sec 2038.  Because decedent had authority to revoke the transfer until, the value of the property is includable in the decedent's gross estate.

Marcus J. Fry
Lyon, Weigand & Gustafson, P.S.
P.O. Box 1689
Yakima, Washington  98907
Telephone:  (509) 248-7220
Facsimile:  (509) 575-1883

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From: wsbapt-bounces at lists.wsbarppt.com [mailto:wsbapt-bounces at lists.wsbarppt.com] On Behalf Of Dalynne Singleton
Sent: Thursday, October 08, 2020 8:31 PM
To: WSBA Probate & Trust Listserv
Subject: [WSBAPT] Transfer on Death Deed - is home considered asset of estate for tax purposes?

I am getting mixed messages from CPAs regarding a transfer on death deed for a cabin worth $550,000 to a girlfriend before the decedent's death.
Does the estate have to list the TOD home as an asset of the estate for tax purposes for the value of the estate?  The estate is worth approximately $1.8 million w/o the cabin (single man).
The language of the TOD clearly provides transfer on death.  If it is included, it puts the estate over the $2.1 million threshold for WA estates.

Dalynne Singleton

Gourley Law Group
Snohomish Escrow
The Exchange Connection
1002 10th Street Box 13
PO Box 1091
Snohomish, WA 98291

360.568.5065
360.329.4079
360.568.8092  fax
dalynne at glgmail.com<mailto:dalynne at glgmail.com>
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