[WSBAPT] Question for Oregon Licensed Attorneys

Tue Apr 12 14:06:22 PDT 2022

I see no need for two deeds.

Philip N. Jones
Duffy Kekel LLP
900 S.W. Fifth Ave. Suite 2500
Portland, OR 97204
pjones at duffykekel.com<mailto:pjones at duffykekel.com>
(503) 226-1371 - office
(503) 853-1482 - cell
(503) 226-3574 - fax

From: wsbapt-bounces at lists.wsbarppt.com <wsbapt-bounces at lists.wsbarppt.com> On Behalf Of Setareh Mahmoodi
Sent: Tuesday, April 12, 2022 2:01 PM
To: WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com>
Subject: Re: [WSBAPT] Question for Oregon Licensed Attorneys

Thank you so much, Phil. The probate is the main concern and why I'd want it in the trust to begin with. Client may decide to rent it out in the future and if so, I suggested at that time to consider speaking with an OR attorney to see if it is appropriate to transfer to an LLC for liability reasons. However, I think she can easily transfer it to the LLC as the trustee if needed in the future. A colleague suggested she may want to purchase it in her individual name first and then transfer it to the trust. I don't believe I see the need and can't find anything that suggests she needs to. I think this would just cause an additional fee for her to retain an OR attorney to draft another deed and she'd have to pay a second recording fee. Let me know if you see it differently.

Thanks so much!

On Tue, Apr 12, 2022 at 1:52 PM Philip N. Jones <pjones at duffykekel.com<mailto:pjones at duffykekel.com>> wrote:
I can't think of any issues.  Of course, I might be missing something.  It would avoid Oregon probate, which is not as simple as Washington probate.
Is it rented out?  You might think about whether the trust needs to be registered to do business in Oregon.  I have no idea.  Oregon income tax will be due if it is rented out.  Probably needs to be reported on the client's federal and Oregon individual returns either way.
Can't think of anything else.  Am I missing anything?
Phil

Philip N. Jones
Duffy Kekel LLP
900 S.W. Fifth Ave. Suite 2500
Portland, OR 97204
pjones at duffykekel.com<mailto:pjones at duffykekel.com>
(503) 226-1371 - office
(503) 853-1482 - cell
(503) 226-3574 - fax

From: wsbapt-bounces at lists.wsbarppt.com<mailto:wsbapt-bounces at lists.wsbarppt.com> <wsbapt-bounces at lists.wsbarppt.com<mailto:wsbapt-bounces at lists.wsbarppt.com>> On Behalf Of Setareh Mahmoodi
Sent: Tuesday, April 12, 2022 11:53 AM
To: WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com<mailto:wsbapt at lists.wsbarppt.com>>
Subject: [WSBAPT] Question for Oregon Licensed Attorneys

Hello,

Client is purchasing a property (all cash, no loans) in Oregon. They are a resident of WA state and will continue to be. They have a Revocable Living Trust established in WA. Any reason not to purchase the property in the name of the trust from the beginning so that title vests in the trustee of the trust and we do not have to do a second deed to transfer it later? Any OR specific issues to consider?

Thank you so much!

--

Best regards,

Setareh Mahmoodi

Attorney at Law

18222 104th Ave NE, Suite 103

Bothell, WA 98011

Phone: 425-806-1500

Fax: 425-489-4142 (Please email documents if at all possible)

Email: SM at LawOfficesofSM.com<mailto:SM at LawOfficesofSM.com>

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--

Best regards,

Setareh Mahmoodi

Attorney at Law

18222 104th Ave NE, Suite 103

Bothell, WA 98011

Phone: 425-806-1500

Fax: 425-489-4142 (Please email documents if at all possible)

Email: SM at LawOfficesofSM.com<mailto:SM at LawOfficesofSM.com>

Website: http://www.lawofficesofsm.com/<https://nam11.safelinks.protection.outlook.com/?url=http%3A%2F%2Fwww.lawofficesofsm.com%2F&data=04%7C01%7Cpjones%40duffykekel.com%7Cef47c1fbe3304ab7c5ae08da1cc802a3%7C2d66ed5354fa4c2f8c4dbff1aca5479d%7C0%7C0%7C637853942612439782%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C3000&sdata=L%2FvR37YmCLzQx09slCPvgOEH0qXcKy0sL6O%2FXVttu94%3D&reserved=0>

CONFIDENTIALITY NOTICE: This email message and any attachments is a transmission from the law firm and is intended for the recipient only.  It may contain information that is confidential and legally protected by the attorney-client, work product and/or other privileges.  If you are not the designated or intended recipient, please destroy the message without disclosing any of its contents and notify us immediately by reply email or by calling (425) 806-1500.

Pursuant to U.S. Treasury Department Regulations, we are now required to advise you that, unless otherwise expressly indicated, any federal tax advice contained in this communication, including attachments and enclosures, is not intended or written to be used, and may not be used, for the purpose of (i) avoiding tax-related penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any tax-related matters addressed herein.
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