[WSBAPT] Advances on Inheritance

Thu Oct 5 14:58:13 PDT 2023

Is there an Estate opened for the Husband? If so, maybe a simple agreed
TEDRA that says that they get $100k from the Husband's estate now - that
way it would be tax free inheritance. Then absolutely have the Wife
re-draft her Will with the specific statement that they had been provided
for previously but due to early pay out they are not to take anything
further.

Without knowing the totality of funds of the Estate, I just don't want the
Wife to give up any of her lifetime gifting limits if there is a way that
the funds could come from the Husband's estate. Again, making assumptions
as to what his estate value was.

Good luck! I think that this is a great time for speciality drafting and
finding a unique solution to issue if everyone is able to agree.

*Brent Williams-Ruth* (pronouns: he/him)
*Attorney-At-Law*

*Law Offices of Brent Williams-Ruth, **a division of BWR Consulting, PLLC*

*Physical Address: 500 S 336th Street, Suite 214; Federal Way, WA 98003*

***EFFECTIVE IMMEDIATELY** All mail sent through the USPS should be sent to
the following address: **PO BOX 3319; Federal Way, WA 98063 *

Office/Scheduling Phone: (253) 285-7751

Direct: (253) 285-7453

e-mail <Brent at Williams-RuthLaw.com> / website
<http://www.williams-ruthlaw.com/> / facebook
<http://www.facebook.com/bwrlaw> /

On Thu, Oct 5, 2023 at 2:31 PM Dalynne Singleton <dalynne at glgmail.com>
wrote:

> I’m thinking a little differently.  If the wife wants to provide those
> monies now, then she should re-draft her Will and indicate the sons get
> nothing as they have been paid $100k.
>
> Then, the sons sign a receipt for the gift of $100k each to the wife.  Not
> sure if there would gift tax to benefit wife but you can check with CPA on
> that.
>
>
>
> *Dalynne Singleton*
>
> *Gourley Law Group*
>
> *Snohomish Escrow*
>
> *The Exchange Connection*
>
> *1002 10th Street / PO Box 1091*
>
> *Snohomish, WA 98291*
>
> *360.568.5065*
>
> *360.568.8092  fax*
>
> dalynne at glgmail.com
>
> *Website:  *www.glglawgroup.com
>
> Attorney/client meetings will be handled by teleconference or virtually
> whenever possible.  If you would like to set a telephone conference, zoom,
> or in person meeting, please call or email one GLG paralegals
> selina at glgmail.com, valerie at glgmail.com or barb at glgmail.com.  Gourley Law
> Group legal assistant can be reached at paige at glgmail.com.
>
>
>
> *LICENSED IN WASHINGTON*
>
> IMPORTANT/CONFIDENTIAL: This e-mail message (and any attachments
> accompanying it) may contain confidential information, including
> information protected by attorney-client privilege. The information is
> intended only for the use of the intended recipient(s).  Delivery of this
> message to anyone other than the intended recipient(s) is not intended to
> waive any privilege or otherwise detract from the confidentiality of the
> message.  If you are not the intended recipient, or if this message has
> been addressed to you in error, do not read, disclose, reproduce,
> distribute, disseminate or otherwise use this transmission, rather, please
> promptly notify the sender by reply e-mail, and then destroy all copies of
> the message and its attachments, if any.
>
>
>
>
>
>
>
> *From:* wsbapt-bounces at lists.wsbarppt.com <
> wsbapt-bounces at lists.wsbarppt.com> *On Behalf Of *Mark Anderson
> *Sent:* Thursday, October 5, 2023 1:50 PM
> *To:* WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com>
> *Subject:* [WSBAPT] Advances on Inheritance
>
>
>
> Dear Listmates:
>
>
>
> Husband and wife executed mutual wills under which a payout of $100,000
> would be made to each of the husband's two sons, but only after both
> husband and wife had died.  This is all the sons would be entitled to under
> the wills.
>
>
>
> The husband died.  Husband's sons want to be paid now, rather than wait
> until after Wife dies.  Wife (my Client) says that sufficient funds exist
> to do this and is willing to make this happen.
>
>
>
> My initial thought is to have my Client tender the money into my IOLTA
> trust account.  I would then distribute the funds to the sons after having
> them each execute a Receipt and a Release of the Estate and the Personal
> Representative (whoever that may be) for the advance.  This will require
> some "custom" drafting of the Receipt and Release in that my Client has not
> yet died and so does not have a probate estate.  I will also recommend my
> Client that she update her existing estate planning documents to reflect
> the payments made and the release of any personal representative may be
> appointed for a probate estate.
>
>
>
> I have got some questions about this.
>
>
>
>    1. Is this the best way to handle this advance?
>    2. What are the tax impacts, if any, for the Client?
>    3. What are the tax impacts, if any, for the recipients?  (Just
>    curious, in case they may want to reconsider their request to be paid now)
>    4. Are there any other considerations in which I should be aware in
>    dealing with this situation?
>
>
>
> In advance, thanks for your input on this.
>
>
>
>
> *Mark B. Anderson *ANDERSON LAW FIRM PLLC
> 821 Dock St  Ste 209  PMB 4-12
> Tacoma, Washington 98402
> +1 253-327-1750
> +1 253-327-1751 (fax)
> marka at mbaesq.com
> www.mbaesq.com
>
>
> *CONFIDENTIALITY NOTICE *This transmission is confidential and is
> intended solely for the use of the individual named recipient. It may be
> protected by the attorney-client privilege, work product doctrine, or other
> confidentiality protection. If you are not the intended recipient, or the
> person responsible to deliver it to the intended recipient, be advised that
> any dissemination, distribution, or copying of this communication is
> prohibited. If you have received this transmission in error, please
> immediately notify the sender via e-mail or by telephone at (253) 327-1750
> that you have received the message in error, and then delete it. Thank you.
> ***Disclaimer: Please note that RPPT listserv participation is not
> restricted to practicing attorneys and may include non-practicing
> attorneys, law students, professionals working in related fields, and
> others.***
> _______________________________________________
> WSBAPT mailing list
> WSBAPT at lists.wsbarppt.com
> http://mailman.fsr.com/mailman/listinfo/wsbapt
>
-------------- next part --------------
An HTML attachment was scrubbed...
URL: <http://mailman.fsr.com/pipermail/wsbapt/attachments/20231005/88bbe908/attachment.html>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image001.gif
Type: image/gif
Size: 6419 bytes
Desc: not available
URL: <http://mailman.fsr.com/pipermail/wsbapt/attachments/20231005/88bbe908/image001.gif>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image002.png
Type: image/png
Size: 5410 bytes
Desc: not available
URL: <http://mailman.fsr.com/pipermail/wsbapt/attachments/20231005/88bbe908/image002.png>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image001.gif
Type: image/gif
Size: 6419 bytes
Desc: not available
URL: <http://mailman.fsr.com/pipermail/wsbapt/attachments/20231005/88bbe908/image001-0001.gif>