[WSBAPT] Sibling buying out other

[Heather de Vrieze]

You can't avoid the excise tax on the consideration. If sister is paying brother, or paying estate, or giving brother money later, you need to pay excise tax on that amount. The part she is inheriting can use the inheritance exemption.

Heather S. de Vrieze
Attorney-at-Law
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3909 California Avenue SW
Seattle, WA 98116-3705
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www.westseattlelaw.com<http://www.westseattlelaw.com/>
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From: wsbapt-bounces at lists.wsbarppt.com <wsbapt-bounces at lists.wsbarppt.com> On Behalf Of michael westseattleattorney.com
Sent: Thursday, September 15, 2022 11:35 AM
To: WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com>
Subject: [WSBAPT] Sibling buying out other

Hi,
Two siblings , brother and sister with sister buying out brouther. Bank saying that it has to be sister buying real property from the estate. Will that require them to pay the 1.78% excise tax?  Any way to avoid that like giving real property to sister and have her refinance the real property and just give brother the money?
Thanks
mike

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