[WSBAPT] Holding WA real property in out-of-state RLT

[Jennifer L White]

Eric,
One of the main benefits for a client that owns out of state property is to avoid an ancillary probate. Sometimes they opt for their entire plan through a RLT OR just the one property that is located out of state.
The RLT doesn't change the character of the asset from real to personal property OR separate it from the grantor for tax purposes.
I concur, you're fine. Go get another cup of coffee.

Happy Friday!

Jennifer L. White, Esq.
[cid:image001.jpg at 01D7CCB7.FE88D220]

jen at appletreelaw.com<mailto:jen at appletreelaw.com>
PO Box 11037
Yakima, WA 98909
509.225.9813

From: wsbapt-bounces at lists.wsbarppt.com <wsbapt-bounces at lists.wsbarppt.com> On Behalf Of Eric Nelsen
Sent: Friday, October 29, 2021 9:15 AM
To: WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com>
Subject: [WSBAPT] Holding WA real property in out-of-state RLT

Okay, maybe I haven't had sufficient caffeine this morning, but I just was asked if it's okay to hold WA real estate in an RLT whose principal situs, and Trustee's domicile, is in another state.

That seems fine to me, but then suddenly I started doubting myself. It is okay to do that, right? It's an RLT so there isn't even the issue as with an LLC where it could have state income tax implications by shifting rental income from one state to another?

Sincerely,

Eric

Eric C. Nelsen
Sayre Law Offices, PLLC
1417 31st Ave South
Seattle WA 98144-3909
206-625-0092
eric at sayrelawoffices.com<mailto:eric at sayrelawoffices.com>

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