[WSBAPT] Question about joint tenancy with right of survivorship

Wed Sep 7 12:59:58 PDT 2022

Thank you for your help, Eric, I appreciate it!  I agree that adding the additional language is a good idea.

Best,
Candace

*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.

[cid:image001.png at 01D8C2D2.E04C5810]
Top Ranked Law Firm for 2015 by Fortune Magazine and American Lawyer Media
Candace Wilkerson  | Senior Associate  |  Wong Fleming

9840 Willows Road NE, Suite 200  |  Redmond, WA 98052
Phone: 425.869.4040  |  Fax: 425.869.4050
cwilkerson at wongfleming.com<mailto:cwilkerson at wongfleming.com>

Please leave us a review on Google by clicking here<https://www.google.com/search?q=google+wong+fleming&rlz=1C1SQJL_enUS925US925&oq=google+wong+fleming&aqs=chrome..69i57j69i64.2183j1j4&sourceid=chrome&ie=UTF-8>.
Please leave us a review on Yelp by clicking here.<https://www.yelp.com/biz/wong-fleming-redmond>

[cid:image003.png at 01D8C2D2.E04C5810]
[cid:image004.jpg at 01D8C2D2.E04C5810]
Before proceeding, please note: If you are not a current client of Wong Fleming, please do not include any information in this e-mail that you or someone else considers to be of a confidential or secret nature. Wong Fleming has no duty to keep confidential any of the information you provide. Neither the transmission nor receipt of your information is considered a request for legal advice, securing legal services or retaining a lawyer. An attorney-client relationship with Wong Fleming or any lawyer at Wong Fleming is not established until and unless Wong Fleming agrees to such a relationship as reflected in a separate writing.

IRS Circular 230 disclosure: To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. federal tax advice contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (a) avoiding penalties under the Internal Revenue Code or (b) promoting, marketing or recommending to another party any transaction or matter addressed herein.
THIS ELECTRONIC MAIL TRANSMISSION AND ANY ATTACHMENTS MAY CONTAIN PRIVILEGED, CONFIDENTIAL, OR PROPRIETARY INFORMATION INTENDED ONLY FOR THE PERSON(S) NAMED. IF THE READER OF THIS MESSAGE IS NOT THE INTENDED RECIPIENT OR THE AUTHORIZED REPRESENTATIVE OF THE INTENDED RECIPIENT, YOU ARE HEREBY NOTIFIED THAT ANY DISTRIBUTION, COPYING, OR DISCLOSURE OF THIS COMMUNICATION IS STRICTLY PROHIBITED

From: wsbapt-bounces at lists.wsbarppt.com <wsbapt-bounces at lists.wsbarppt.com> On Behalf Of Eric Nelsen
Sent: Wednesday, September 7, 2022 12:33 PM
To: WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com>
Subject: Re: [WSBAPT] Question about joint tenancy with right of survivorship

I think the natural effect of the QCD will be to sever the ROS since there will be only one owner remaining, but it doesn't hurt to also expressly say that the intention is to sever the ROS in addition to transferring all interest to the Grantee.

As for gift tax, by definition JTWROS means the parties own equal interests in the property, so it's unavoidable that the market value of the interest transferred is 1/2 the market value of the whole. I mention that only in contrast to tenant in common interests that don't have to be equal, so sometimes the transfer of somebody's interest is valued at only, say, 5% of the whole. Aside from the valuation, I don't think there is any additional value taxable or attributable to the severance of ROS.

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>

Covid-19 Update - All attorneys are working remotely during regular business hours and are available via email and by phone. Videoconferencing also is available. Signing of estate planning documents can be completed and will be handled on a case-by-case basis. Please direct mail and deliveries to the Seattle office.

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 Candace Wilkerson
Sent: Wednesday, September 7, 2022 8:42 AM
To: wsbapt at lists.wsbarppt.com<mailto:wsbapt at lists.wsbarppt.com>
Subject: [WSBAPT] Question about joint tenancy with right of survivorship

Hi Listmates,

I probably should know the answer to this question, but I haven't dealt with many joint tenancy with right of survivorship real properties so I want to run it by you.

Hypothetically speaking, if both joint owners want to sever the joint tenancy with right of survivorship (in WA) - not community property with right of survivorship - and one joint owner is willing simply to gift back his interest to the other joint owner, is the quitclaim deed for doing so the same as the quitclaim deed for tenancies-in-common?  Or does the quitclaim deed specifically need to reference that this is a jtwros ownership being severed?

And I understand that such a gift naturally will exceed the $15,000 per year gift tax exemption amount.  But this is also the case with a gift from a tenancy-in-common property.  So is there more concern about a jtwros gift, gift-taxwise, than for a tenancy-in-common gift?

Thanks for your thoughts.

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.

[cid:image001.png at 01D8C2D2.E04C5810]
Top Ranked Law Firm for 2015 by Fortune Magazine and American Lawyer Media
Candace Wilkerson  | Senior Associate  |  Wong Fleming

9840 Willows Road NE, Suite 200  |  Redmond, WA 98052
Phone: 425.869.4040  |  Fax: 425.869.4050
cwilkerson at wongfleming.com<mailto:cwilkerson at wongfleming.com>

Please leave us a review on Google by clicking here<https://url.emailprotection.link/?baf6tmSi8Q8A-qOCy4k25ZuFLhyHmMqwv-ELJRzJQ8gLVba3Z8jeHPxTxt1xwmdZE0fzKG0emLLsVhvuioUkWXFFmZMBYpRkCCwhyokvdYO-jWTh9kzkBvQSBmJupzXQjtHZTRFeiP6joKiaQjCxwdi_jpyOlBHYGai1Tf4iw_H5tTpxEcwPykTkJ7Uk8HSCYuUsQbJFazUdD3emwQnk1QQ~~>.
Please leave us a review on Yelp by clicking here.<https://url.emailprotection.link/?bPLIs0SLoZ_mobljRyGQy47Yoe2hRKIfP5qOwHsAqftn6ukBiyuigk-ve5Wwa7IrqIMz2IGa1Y9raisrtcPkAGFdkg1PWdoCwYuoujYgAknnXny2U2lKd7z9eFGvsFtEf>

[cid:image003.png at 01D8C2D2.E04C5810]
[cid:image004.jpg at 01D8C2D2.E04C5810]
Before proceeding, please note: If you are not a current client of Wong Fleming, please do not include any information in this e-mail that you or someone else considers to be of a confidential or secret nature. Wong Fleming has no duty to keep confidential any of the information you provide. Neither the transmission nor receipt of your information is considered a request for legal advice, securing legal services or retaining a lawyer. An attorney-client relationship with Wong Fleming or any lawyer at Wong Fleming is not established until and unless Wong Fleming agrees to such a relationship as reflected in a separate writing.

IRS Circular 230 disclosure: To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. federal tax advice contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (a) avoiding penalties under the Internal Revenue Code or (b) promoting, marketing or recommending to another party any transaction or matter addressed herein.
THIS ELECTRONIC MAIL TRANSMISSION AND ANY ATTACHMENTS MAY CONTAIN PRIVILEGED, CONFIDENTIAL, OR PROPRIETARY INFORMATION INTENDED ONLY FOR THE PERSON(S) NAMED. IF THE READER OF THIS MESSAGE IS NOT THE INTENDED RECIPIENT OR THE AUTHORIZED REPRESENTATIVE OF THE INTENDED RECIPIENT, YOU ARE HEREBY NOTIFIED THAT ANY DISTRIBUTION, COPYING, OR DISCLOSURE OF THIS COMMUNICATION IS STRICTLY PROHIBITED

-------------- next part --------------
An HTML attachment was scrubbed...
URL: <http://mailman.fsr.com/pipermail/wsbapt/attachments/20220907/d6e3b87f/attachment.html>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image001.png
Type: image/png
Size: 18978 bytes
Desc: image001.png
URL: <http://mailman.fsr.com/pipermail/wsbapt/attachments/20220907/d6e3b87f/image001.png>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image002.png
Type: image/png
Size: 151 bytes
Desc: image002.png
URL: <http://mailman.fsr.com/pipermail/wsbapt/attachments/20220907/d6e3b87f/image002.png>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image003.png
Type: image/png
Size: 5985 bytes
Desc: image003.png
URL: <http://mailman.fsr.com/pipermail/wsbapt/attachments/20220907/d6e3b87f/image003.png>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image004.jpg
Type: image/jpeg
Size: 5042 bytes
Desc: image004.jpg
URL: <http://mailman.fsr.com/pipermail/wsbapt/attachments/20220907/d6e3b87f/image004.jpg>