[WSBAPT] Selling real property to pay estate tax

[cyfield at rockisland.com]

Thanks Heather and all- I was hoping a letter of assurance along those lines
might satisfy title company. I'll likely reach out to local title company
once we have a better handle on assets/liabilities. Thanks again, 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

****************************************************************

The information contained in this email message, including attachments, may
be privileged, confidential and protected from disclosure. If you are not
the intended recipient, any dissemination, distribution or copying is
strictly prohibited. If you think you have received this email in error,
please email the sender at  <mailto:cyfield at rockisland.com>
cyfield at rockisland.com and destroy or delete the original and any copies. 

 

From: wsbapt-bounces at lists.wsbarppt.com <wsbapt-bounces at lists.wsbarppt.com>
On Behalf Of Heather de Vrieze
Sent: Thursday, December 16, 2021 9:24 AM
To: WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com>
Subject: Re: [WSBAPT] Selling real property to pay estate tax

 

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



3909 California Avenue SW

Seattle, WA 98116-3705                          

(206)938-5500 

 <mailto:heatherd at westseattlelaw.com> heatherd at westseattlelaw.com 

 <http://www.westseattlelaw.com/> www.westseattlelaw.com 

Click here to connect with de Vrieze | Carney on Facebook:
<https://www.facebook.com/DeVriezeCarney> 

 

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
<mailto:wsbapt-bounces at lists.wsbarppt.com>
<wsbapt-bounces at lists.wsbarppt.com
<mailto:wsbapt-bounces at lists.wsbarppt.com> > On Behalf Of
cyfield at rockisland.com <mailto:cyfield at rockisland.com> 
Sent: Wednesday, December 15, 2021 4:55 PM
To: 'WSBA Probate & Trust Listserv' <wsbapt at lists.wsbarppt.com
<mailto: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

****************************************************************

The information contained in this email message, including attachments, may
be privileged, confidential and protected from disclosure. If you are not
the intended recipient, any dissemination, distribution or copying is
strictly prohibited. If you think you have received this email in error,
please email the sender at cyfield at rockisland.com
<mailto:cyfield at rockisland.com>  and destroy or delete the original and any
copies. 

 

-------------- next part --------------
An HTML attachment was scrubbed...
URL: <http://mailman.fsr.com/pipermail/wsbapt/attachments/20211216/94c2f3ed/attachment.html>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image001.jpg
Type: image/jpeg
Size: 17884 bytes
Desc: not available
URL: <http://mailman.fsr.com/pipermail/wsbapt/attachments/20211216/94c2f3ed/image001.jpg>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image002.png
Type: image/png
Size: 18009 bytes
Desc: not available
URL: <http://mailman.fsr.com/pipermail/wsbapt/attachments/20211216/94c2f3ed/image002.png>