[WSBAPT] Deeding house to revocable living trust

[Diane J. Kiepe]

Sarah,

California’s law is very specific to real estate there and whether both sides get a step up in basis depends on the deed language.

Diane J. Kiepe

Diane J. Kiepe
Douglas Eden
717 W. Sprague Ave.
Suite 1500
Spokane, WA  99201
djkiepe at depdslaw.com<mailto:djkiepe at depdslaw.com>
509-455-5300

From: wsbapt-bounces at lists.wsbarppt.com <wsbapt-bounces at lists.wsbarppt.com> On Behalf Of Sarah McCarthy
Sent: Thursday, December 16, 2021 3:47 PM
To: WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com>
Subject: Re: [WSBAPT] Deeding house to revocable living trust

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<mailto:sarah at kawlawyers.com> | www.kawlawyers.com<http://www.kawlawyers.com>



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