[WSBAPT] Retrospective Appraisal Needed in Thurston Co

[Jennifer L White]

Good Morning Colleagues:
I am assisting a client with "cleaning up" matters discovered left undone after the death of the first spouse. The first spouse died in Dec 2018 and nothing was done to settle the estate (despite having a Will with mandatory credit shelter/QTIP trust provisions - Argh! Sigh...., but not the issue I'm posting about today). Now the SS (age early 90's) is going to be transitioning into a senior living community and the family home will be sold. This is waterfront property in Thurston Co and per the county tax assessment, has roughly doubled in value between Dec 2018 and now ($800,000 to $1.5). I suspect that the tax assessed value is going to run behind FMV. This will bring significant capital gains taxes. And, no, they are not interested in keeping it to rent and/or taking out a loan until SS passes.  I am looking for a recommendation for a qualified appraiser that could do a retrospective certified appraisal back to date of death.

Any guesses on the likelihood of an IRS audit and the diligence needed to be ready to defend the step-up value if that day comes to pass? If my approach of getting a retro certified appraisal seems flawed to you, please explain why.

Any suggestions to pass along?

Thanks in Advance!

Jennifer L. White, Esq.
[cid:image001.jpg at 01D9C45D.7EB2CCF0]

jen at appletreelaw.com<mailto:jen at appletreelaw.com>
2200 S 76th Ave
Yakima, WA 98903
509.225.9813

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