[WSBAPT] Washington Estate Tax/Gifting

[Jacob Menashe]

I'm not sure who is going to read this at this point going into a holiday weekend, but I am thinking about another situation and I figured I'd throw out another question. I am thinking about someone who is land rich and cash poor and in poor health. This person would like to gift cash, and not their appreciated real estate. This person could be at the end of their life and wouldn't be able to secure conventional financing. What I'm thinking about is A lending money to B, secured against B's real estate, and then B gifting the cash to A. This would reduce B's estate. It seems like this could be okay, since A is really lending money to B and B is really taking on a debt. And thus B's taxable estate can be reduced. But it also seems like something that could be questioned, because of the nature of the transaction. Does anyone have any thoughts on this?

Sincerely,

Jacob

Jacob H. Menashe
Hickman Menashe, PS
4211 Alderwood Mall Blvd., Suite 204
Lynnwood, WA 98036
(425) 744-5658 phone
(425) 744-6078 fax
Satellite Office in Bellevue
www.hickmanmenashe.com

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