[WSBAPT] Selling real property to pay estate tax

[cyfield at rockisland.com]

Folks- I just opened a probate with total probate/nonprobate assets of
approx. $3.5 million total. The rub is there likely will be not enough
assets in probate estate to satisfy WA estate tax liability. According to
Will/Trust,  any balance owed is to be apportioned pursuant to Washington
law.  We are prepared to give notice to beneficiaries of non-probate assets
of potential liability pursuant to RCW 11.18.200. However, it is quite
possible that my client as successor trustee, with beneficiaries' consent,
will need to sell some specifically gifted real property .  I am preparing a
letter of instruction to my client and it crossed my mind that this may be a
catch 22 situation  in that title company won't insure sale without
confirmation that taxes are paid but we can't pay taxes until real property
is sold.  This is my first rodeo on this horse and I was wondering if anyone
had any suggestions/words of wisdom? Thanks in advance, Cy 

 

Cyrus W. Field, Attorney at Law (admitted in Washington and Oregon); Phone:
360-472-1223 

Mail: POB 367, Shaw Island, WA 98286; Physical Office:  640 Mullis St #214,
Friday Harbor, WA

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