[WSBAPT] Deeding house to revocable living trust

[Sarah McCarthy]

Interesting question, please reply to list!

I've been under the impression that a step up does occur on the first death
for property held in a revocable living trust, based on the notion that the
trust is fully revocable by both trustors at least until one of them has
died.  For so long as it's fully revocable, it's considered a "disregarded
entity" by the IRS during the trustors' shared lifetimes - hence the option
of using the trustors' SSNs in lieu of obtaining an EIN tax ID number for
the trust during the trustors' lifetimes.

*Sarah O’Farrell McCarthy*


*(Pronouns: she / her)*Attorney | Kelly, Arndt & Walker, Attorneys at Law,
PLLP
P.O. Box 290 | 6443 Harding Avenue | Clinton, WA  98236

(Located on Whidbey Island, Island County, Washington)
Phone: (360) 341-1515 | Fax: (360) 341-3272
sarah at kawlawyers.com | www.kawlawyers.com


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On Thu, Dec 16, 2021 at 3:17 PM Ann Manley <annmanleyrppt at gmail.com> wrote:

> Several California attorneys I've talked to say that if a house is owned
> by a husband and wife (and deed does not specify CP), they will deed the
> property to H&W as community property with right of survivorship first,
> *then* deed into the RLT. This is to ensure a double step-up in basis
> with no headaches.
>
> Is that kind of two-deed process necessary here in Washington to get a
> double step-up in basis?
> --
>
> Ann Manley, Esq.
> The Manley Law Firm, P.S., Inc.
> PO Box 16324
> Seattle, WA 98116
> (206)292-3064 / (206)292-3914 fax
> www.manleyfirm.com
>
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