[WSBAPT] LOPA: Value of Community Property

[Inge Fordham]

Hi Nick,

Appreciate your input. I need up doing exactly what you suggested. I pressed to use the DOR form and they said it was good enough. This estate isn’t a big one and should not have to bear the expense of a retroactive appraisal.

Best regards,

Inge

On Apr 2, 2023, at 7:45 PM, Nick Pleasants <npleasants at ohswlaw.com> wrote:


Inge,
Title company is probably requesting that to address risk of estate taxes due on Dad’s death that were never paid (although that seems pretty moot if it was community property, that would all be unlimited marital deduction). You might go back to the Title company and ask if they could insure based on the DOR Form LOPA<https://dor.wa.gov/sites/default/files/2022-02/Lackofprobateaffidavit.pdf>, which doesn’t ask that question.
If the real estate is the only or primary asset, then you can get a retroactive appraisal. Not all home appraisers will do it, but I’ve used Bob Chamberlin at ABS<https://absvaluation.com/about/#core-section1> for this in the past (sometimes needed to establish basis e.g. if Mom were to sell during her lifetime). They can pull comparable sales from historic records. This might cost you between $1,000-$2,000, so I would try pushing back on the Title company first.
Best,
Nick

Nicholas Pleasants | Shareholder

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From: wsbapt-bounces at lists.wsbarppt.com <wsbapt-bounces at lists.wsbarppt.com> On Behalf Of Inge Fordham
Sent: Thursday, March 30, 2023 2:18 PM
To: WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com>
Subject: [WSBAPT] LOPA: Value of Community Property

Estate property was acquired by Dad and Mom, husband and wife decades ago (pre-1970).  Dad passed in 1980 without a will.  Community property passed to surviving spouse (Mom), though there was no probate (or otherwise clearing of title).  We are now probating Mom’s estate and selling the estate property .  My client (the PR of Mom’s estate) is being asked to execute a LOPA.  No problem.  The LOPA asks for the estimated value of the community property as of Dad’s DOD.  How in the heck do I determine the property value as of 1980?  The Pierce Co. Assessor’s records don’t go back that far.

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Inge A. Fordham | Attorney
Fordham Law, PLLC
3218 Sixth Avenue | Tacoma, WA 98406
Office: (253) 348-2657 | Mobile: (206) 778-3131
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