[WSBAPT] Transfer of RP TO CST+

Tue Nov 9 07:25:19 PST 2021

Hello Ken

I have worked through this issue and have funded late.  I’d be happy to chat with you and discuss the steps I took of you’d like.  Feel free to email me directly:  djkiepe at depdslaw.com

Diane Kiepe

Sent from my iPhone

On Nov 8, 2021, at 2:58 PM, Jeff at bellanddavispllc.com wrote:

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
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Phone: (360) 683.1129
Fax: (360) 683.1258
email: jeff at bellanddavispllc.com<mailto:jeff at bellanddavispllc.com>
www.bellanddavispllc.com<http://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
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