[WSBAPT] Retrospective Appraisal Needed in Thurston Co

[Nick Pleasants]

Jennifer,
Robert Chamberlin at ABS Valuation https://absvaluation.com/about/#core-section1
He has experience doing retroactive appraisals for estate valuations.
Best,
Nick

Nicholas Pleasants | Shareholder

[OseranHahnAttyatLaw 8]

11225 SE 6th Street | Suite 100 | Bellevue, WA 98004
Main: (425) 455-3900 | Fax: (425) 455-9201 | E-mail: npleasants at ohswlaw.com<mailto:npleasants at ohswlaw.com>

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From: wsbapt-bounces at lists.wsbarppt.com <wsbapt-bounces at lists.wsbarppt.com> On Behalf Of Diane J. Kiepe
Sent: Tuesday, August 1, 2023 10:44 AM
To: WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com>
Subject: Re: [WSBAPT] Retrospective Appraisal Needed in Thurston Co

Jennifer,

It should be doable.  I funded a credit shelter trust with large gaps in time, memorizing it with a TEDRA indicating the appropriateness of the same.

The step up should not be too difficult because the tax code is clear that a step-up in all community property happens at the death of the first spouse.  Most solid appraisers (I don't necessarily have a recommendation but I'm guessing you will get a name or two) will have access and use 2018 data to support the same.  I would not worry about an IRS challenge; this client is not the person in this position and the proper support should satisfy any IRS Agent.

While not completely helpful, keep in mind Code Section 121 will exclude 250K from the Capital Gains - no small savings for sure!  Also, if getting hit with cap gains all at once is not attractive, you can always consider an installment sale but most sellers aren't interested.

Does the home have to be sold for cash flow purposes - in my response I assumed it did.

If I think of anything else I'll pop back in.

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

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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 Jennifer L White
Sent: Tuesday, August 1, 2023 10:06 AM
To: WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com<mailto:wsbapt at lists.wsbarppt.com>>
Subject: [WSBAPT] Retrospective Appraisal Needed in Thurston Co

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:image003.jpg at 01D9C482.45F5A7A0]

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

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