[WSBAPT] Transfer of RP TO CST+

[Jeff at bellanddavispllc.com]

Ken,

 

This is an interesting question that I run into more often then I like.
First, if the credit trust is set up by a disclaimer, it is too late.
However, if the trust is funded under, what I call, forced funding, meaning
on the death of the first trustor, the trustee shall divide up the trust
into the survivor and decedent (credit) trust, I think you can still do it.
The only question will be is if the survivor has used the assets, i.e. the
house, will the IRS say the survivor has accepted those assets as her own
and cannot now fund the credit trust.  I say try setting up the credit
trust.  However, I look forward to other responses.

 

Jeff

 

 

W. Jeff Davis

BELL & DAVIS PLLC
P.O. Box 510

720 E. Washington Street, Suite 105
Sequim WA 98382
Phone: (360) 683.1129 
Fax: (360) 683.1258 
email: jeff at bellanddavispllc.com <mailto:jeff at bellanddavispllc.com> 
 <http://www.bellanddavispllc.com/> www.bellanddavispllc.com
 
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From: wsbapt-bounces at lists.wsbarppt.com <wsbapt-bounces at lists.wsbarppt.com>
On Behalf Of Ken Luce
Sent: Monday, November 8, 2021 2:17 PM
To: 'WSBA Probate & Trust Listserv' <wsbapt at lists.wsbarppt.com>
Subject: [WSBAPT] Transfer of RP TO CST+

 

RLT created that contains a provision for a credit shelter trust upon
passing of the first. Real property transferred to RLT, husband dies.  Five
years have passed and CST not set up and property still in name of RLT.
Can the credit shelter trust now be set up and the property be transferred
to it without consequences?

 

Kenyon Luce

Luce & Associates, P.S.

5308 12th St E

Tacoma, WA 98424

T: (253) 922-8724

F: (253) 922-2802

 <http://www.lucelawfirm.com/> www.LuceLawFirm.com
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