[WSBAPT] Community Property Agreement - Timing of Effectiveness

[David Moe]

This awesome discussion has given me pause-and has led me "go back to school" on use of community property survivorship agreements.  I found these articles:
Our Greatest Hits | Community property step-up in basis - The CPA Journal<https://www.cpajournal.com/2017/08/18/greatest-hits-community-property-step-basis/> (Aug 2017) and
Section 1014(b)(6) and the Boundaries of Community Property (unlv.edu)<https://scholars.law.unlv.edu/cgi/viewcontent.cgi?referer=&httpsredir=1&article=1356&context=nlj>

Basis step-up issues aside, for the surviving spouse of a youngish couple with surviving minor children, having a comprehensive community property agreement can obviate the statutory requirement for appointment of a guardian ad litem for the minor(s) in probate under RCW 11.76.080(2) where each minor is a child of the decedent and of the surviving spouse and where in a testate estate the surviving spouse if sole beneficiary under decedent's Will.

David Moe Attorney, P.S.
Telephone:  425-432-1277
Fax:  425-432-1280
23745 225th Way SE, Suite 108
Maple Valley, WA 98038

Email:  davidmoe at maplevalleylaw.com<mailto:davidmoe at maplevalleylaw.com>

CONFIDENTIALITY NOTICE:   This communication is intended for the sole use of the individual and entity to whom it is addressed, and may contain information that is privileged, confidential and exempt from disclosure under applicable law.  If you have received this communication in error, please notify this firm immediately by collect call (425)-432-1277, or by reply to this communication.


From: wsbapt-bounces at lists.wsbarppt.com <wsbapt-bounces at lists.wsbarppt.com> On Behalf Of Kayleigh Lindemuth
Sent: Monday, July 26, 2021 2:32 PM
To: wsbapt at lists.wsbarppt.com
Subject: [WSBAPT] Community Property Agreement - Timing of Effectiveness

Hello listmates,

I'm wondering if anyone has any insight regarding when to make a community property agreement effective. I've always drafted them so that they're effective immediately. I know others sometimes draft them so that they're effective right before the first spouse's death. Something in the back of my mind is saying there's some downside to the latter approach, but I can't recall exactly what it is and I'm not finding anything along those lines as I'm researching it. I believe the downside had something to do with the fact that making it effective right before someone's death might not have been a long enough duration of time for it to be deemed legitimate. Any insight on this topic is greatly appreciated!

[cid:image001.png at 01D782DD.B8155CB0]
Kayleigh E. Lindemuth
 Attorney
 nwlegacylaw.com<http://nwlegacylaw.com/> | 360-975-7770


-------------- next part --------------
An HTML attachment was scrubbed...
URL: <http://mailman.fsr.com/pipermail/wsbapt/attachments/20210727/6ac95c32/attachment.html>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image001.png
Type: image/png
Size: 9410 bytes
Desc: image001.png
URL: <http://mailman.fsr.com/pipermail/wsbapt/attachments/20210727/6ac95c32/image001.png>