[WSBAPT] Deeding house to revocable living trust

[Ann Manley]

So it sounds like two deeds are not necessary if the parties purchased the
property during marriage. Thanks everyone!


On Thu, Dec 16, 2021 at 3:59 PM Diane J. Kiepe <DJKiepe at depdslaw.com> wrote:

> 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
>
> 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 | 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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-- 

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

*The Manley Law Firm practice areas include Bankruptcy*, Estate Planning,
Auto Accidents, Civil Litigation, Construction, Commercial and Contract
Law, Employment Matters, Personal injury, Small Business, Unemployment
Claims, Wage Loss and Compensation claims*

** The Manley Law Firm is a Debt Relief Agency. We help people file for
bankruptcy relief under the Bankruptcy Code.*

*This email and any files transmitted with it are privileged, confidential,
and intended solely to whom they are addressed. Any unauthorized use,
copying, review or disclosure is prohibited. If you have received this
communication in error, please immediately notify the sender.*
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