[WSBAPT] Selling real property to pay estate tax

[Heather de Vrieze]

I have more than once provided a letter regarding estate taxes which stated "this property is being sold to provide liquidity to pay the likely estate taxes due on account of the death of the owner which will be timely paid."

I suppose it depends on the title company, but this has worked for me in the past.

Heather

Heather S. de Vrieze
Attorney-at-Law
[cid:image001.jpg at 01D7F25E.AEB6C460]
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/>
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From: wsbapt-bounces at lists.wsbarppt.com <wsbapt-bounces at lists.wsbarppt.com> On Behalf Of cyfield at rockisland.com
Sent: Wednesday, December 15, 2021 4:55 PM
To: 'WSBA Probate & Trust Listserv' <wsbapt at lists.wsbarppt.com>
Subject: Re: [WSBAPT] Selling real property to pay estate tax

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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