[WSBAPT] Estate Tax Question

[Philip N. Jones]

The Washington estate tax exemption is $2,193,000.
What is the value of the decedent's gross estate?
Keep in mind that gross estate includes lots of things in addition to the probate estate.
Phil Jones

Philip N. Jones
Duffy Kekel LLP
900 S.W. Fifth Ave. Suite 2500
Portland, OR 97204
pjones at duffykekel.com<mailto:pjones at duffykekel.com>
(503) 226-1371 - office
(503) 853-1482 - cell
(503) 226-3574 - fax

From: wsbapt-bounces at lists.wsbarppt.com <wsbapt-bounces at lists.wsbarppt.com> On Behalf Of Inge Fordham
Sent: Friday, May 5, 2023 1:54 PM
To: WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com>
Subject: [WSBAPT] Estate Tax Question

Estate tax gurus,

I have a client who opened probate for the sole purpose of executing a PR deed to transfer real property.  The estate has no other assets.  She has not obtained an EIN or opened an estate bank account.  Does she need to file an estate tax return?

Second question - My client paid off the mortgage with her personal funds.  The mortgage company will not issue a check refunding the balance of the escrow account to my client, personally (even though the property is in her name now).  We can ask the mortgage company to issue the check to the estate.  This is a joint estate (for Grandma and Grandpa).  Would I just obtain an EIN for the last grandparent to pass?  (The IRS won't allow me to input information for two decedents, even though their estates are being probated as a joint estate).  I'm concerned the mortgage company will want to write a check to "Estates of Grandpa and Grandma."  Do banks object to opening an estate account in joint probate scenarios (with names of two decedents)?

Thanks in advance!

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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
www.fordhamlegal.com<http://www.fordhamlegal.com/>

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