[WSBAPT] (no subject)

Fri Apr 29 09:25:55 PDT 2022

I do think remainder beneficiaries and life estate beneficiaries have concurrent interests and Transfer on Death Deeds would allow the Life Estate like other deeds but because a life estate creates such issues, I personally would do everything I could to avoid such a transfer deed – the longer I practice and the more life estates I see, I am convinced that the best route is an RLT for one’s property which he/she intends to leave a life estate to for another, with as much detail spelled out as possible.

Diane J. Kiepe

Diane J. Kiepe
Douglas Eden
717 W. Sprague Ave.
Suite 1500
Spokane, WA  99201
djkiepe at depdslaw.com<mailto:djkiepe at depdslaw.com>
509-455-5300

From: wsbapt-bounces at lists.wsbarppt.com <wsbapt-bounces at lists.wsbarppt.com> On Behalf Of Candace Wilkerson
Sent: Thursday, April 28, 2022 3:08 PM
To: WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com>
Subject: Re: [WSBAPT] (no subject)

Hi Roger,

I don’t have specific experience with a life estate associated with a TODD.  I wouldn’t think so, however, because of the language of the statute, see below; unless the language of (d) can be stretched to include a life estate.  That’s not the way I read it, but will defer to someone with more information:

RCW 64.80.100(1):

(c) Subject to (d) of this subsection, concurrent interests are transferred to the beneficiaries in equal and undivided shares with no right of survivorship.
(d) If the transferor has identified two or more designated beneficiaries to receive concurrent interests in the property, the share of one which lapses or fails for any reason is transferred to the other, or to the others in proportion to the interest of each in the remaining part of the property held concurrently.

Best,
Candace Wilkerson

*Candace is available to respond to emails and phone calls between the hours of 7:00 a.m. and 3:00 p.m.  If you have an urgent matter outside that time period, please call our office at the number below.

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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 Roger Hawkes
Sent: Thursday, April 28, 2022 5:41 PM
To: WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com<mailto:wsbapt at lists.wsbarppt.com>>
Subject: Re: [WSBAPT] (no subject)

Again: can a transfer on death deed EFFECTIVELY include a life estate to someone?

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 Jane Bitz
Sent: Wednesday, April 27, 2022 10:48 AM
To: WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com<mailto:wsbapt at lists.wsbarppt.com>>
Subject: Re: [WSBAPT] (no subject)

One other consideration for a life estate is that the State can make an estate recovery from the value of a decedent’s life estate if they receive Medicaid assistance for long term care during their lifetime. And if the surviving partner’s children want to “buy out” the life estate from their parent, the values are assigned by a life estate valuation chart that is not very favorable and certainly not governed by real world market values. Example: the life estate for 75 year old is .52149 of the fair market value of the property interest.

So if the surviving partner owns 40% of the property and the life estate for the 60% share, the State could recover up to about 72% of the value of the property at the death of the surviving partner. The State’s estate recovery is dollar for dollar of what the Medicaid program spends on the surviving partner’s care.

Jane.

Jane G. Bitz
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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 Diane J. Kiepe
Sent: Wednesday, April 27, 2022 9:55 AM
To: WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com<mailto:wsbapt at lists.wsbarppt.com>>
Subject: Re: [WSBAPT] (no subject)

Honestly, in my opinion, there is no good way to do this because there is no telling how long survivor will stay, the condition of property on first death versus second death, etc.  That being said, many people want it done.  Some thoughts for consideration:

  1.  Life estate in decedent’s interest in favor of survivor with clear language on split of responsibility for property taxes, repairs, ability for improvements to be made, right of remainder benes to review property on proper notice, etc.
  2.  Consider allowing survivor the right to purchase the home at current FMV  (or whatever terms).
  3.  Put home into revocable trust now with clear terms and allow one child from each family to serve as Trustee.

I’m sure there are other creative ways to address this fact pattern but in the end, most my clients want to do the Life Estate – I warn them that it’s a potential recipe for disaster but in the end, the client is my boss so long as what they want is not violating any laws or rules of ethics.

Good luck.

Diane J. Kiepe

Diane J. Kiepe
Douglas Eden
717 W. Sprague Ave.
Suite 1500
Spokane, WA  99201
djkiepe at depdslaw.com<mailto:djkiepe at depdslaw.com>
509-455-5300

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 Lynn Clare
Sent: Monday, April 25, 2022 10:55 AM
To: WSBA Probate & Trust listserve <wsbapt at lists.wsbarppt.com<mailto:wsbapt at lists.wsbarppt.com>>
Subject: [WSBAPT] (no subject)

Unmarried PC's own a home together as TIC with a 60/40 split of interest. They want their adult children from previous relationships to inherit their estates including their share of the house.

BUT they want the surviving partner to be allowed to live in the house for as long or as little as needed while still ensuring that both sets of heirs inherit when the second partner passes.

What's the best mechanism for doing this?

Lynn Clare
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