[WSBAPT] HOLD BACK FOR TAXES DUE TO LARGE ESTATE

Fri Oct 18 12:41:58 PDT 2024

Thank you
Sent from my iPhone

On Oct 18, 2024, at 3:20 PM, Eileen Peterson <epeterson at gth-law.com> wrote:

 I tend to do one more thing: before the large distribution and reserve occur, I ask all beneficiaries to sign a waiver related to accounting to date and fees. Eileen Eileen S. Peterson ‍ ‍ ‍ ‍ ‍ ‍ ‍ ‍ ‍ ‍ ‍ ‍ ‍ ‍ ‍ ‍ ‍ ‍ ‍ ‍ ‍ ‍ ‍ ‍ ‍ ‍ ‍ ‍ ‍ ‍ ‍ ‍ ‍ ‍ ‍ ‍ ‍ ‍ ‍ ‍ ‍ ‍ ‍ ‍ ‍ ‍ ‍ ‍ ‍ ‍ ‍ ‍ ‍ ‍ ‍
NkdkJdXPPEBannerStart
Be Careful With This Message
From (Eileen Peterson <epeterson at gth-law.com>)<https://godaddy1.cloud-protect.net/email-details/?k=k1&payload=53616c7465645f5fe5946d6653536632d9949b81120af9f9db7efa3174a6d06e43c622267ebf1502c01aa2e31494f58d203176cfa158c3ea522793cfcc04d64320f7c4a86c1fd17b6bec2002444ce596d1b9c4c0d2cca2a8fe99e0e41408bbabd0413452fa2dbf72c4bfb35d6e4af5553dc63a999d6ec36fb527ca259d8cd105a014d1f72c00b941e284b20d5ed1d5f1d7a9be632e98d9450149627f84fb0a96553cf3d45a7debdc0189fc7b3e9f2f925fa0e3cd3b967cce2986f23a5e47784cd7de1455e135b32b9ff7737a19c1a2d03bfb70545ae7409690d240743647d5e02a0ee8eb41938621aa13adbb337b1e3a>
Learn More<https://godaddy1.cloud-protect.net/email-details/?k=k1&payload=53616c7465645f5fe5946d6653536632d9949b81120af9f9db7efa3174a6d06e43c622267ebf1502c01aa2e31494f58d203176cfa158c3ea522793cfcc04d64320f7c4a86c1fd17b6bec2002444ce596d1b9c4c0d2cca2a8fe99e0e41408bbabd0413452fa2dbf72c4bfb35d6e4af5553dc63a999d6ec36fb527ca259d8cd105a014d1f72c00b941e284b20d5ed1d5f1d7a9be632e98d9450149627f84fb0a96553cf3d45a7debdc0189fc7b3e9f2f925fa0e3cd3b967cce2986f23a5e47784cd7de1455e135b32b9ff7737a19c1a2d03bfb70545ae7409690d240743647d5e02a0ee8eb41938621aa13adbb337b1e3a>
Potential Impersonation
The sender's identity could not be verified and someone may be impersonating the sender. Take caution when interacting with this message.
NkdkJdXPPEBannerEnd
I tend to do one more thing:  before the large distribution and reserve occur, I ask all beneficiaries to sign a waiver related to accounting to date and fees.   Eileen

Eileen S. Peterson
Attorney at Law
T 253 620 6419
F 253 620 6565

From: wsbapt-bounces at lists.wsbarppt.com <wsbapt-bounces at lists.wsbarppt.com> On Behalf Of Lewis, Amy C.
Sent: Friday, October 18, 2024 12:02 PM
To: WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com>
Subject: Re: [WSBAPT] HOLD BACK FOR TAXES DUE TO LARGE ESTATE

This is our practice as well.  We almost never use the tax holdback, because the amount is too small for most probates and it requires additional documentation of the use of the reserve when you are done.

If you do want to use the reserve option, the language for the Declaration of Completion and the Notice of Filing are set out in RCW 11.68.114.

Amy Lewis, Attorney
Pronouns she/her/hers
[image002.png]
909 A Street, Suite 600 | Tacoma, WA 98402
phone 253.572.4500 | fax 253.272.5732 | www.eisenhowerlaw.com<https://urldefense.proofpoint.com/v2/url?u=http-3A__www.eisenhowerlaw.com_&d=DwMGaQ&c=euGZstcaTDllvimEN8b7jXrwqOf-v5A_CdpgnVfiiMM&r=DvRbhdbNof6pymPDdu2_jZaYtwdZAiann93w64tg_k0&m=xvanRO1gSCG30ra_mP_75fHJSJy6A5R7OYUlxdxXWc7eFewK-rZ3LiMdmjqXySTV&s=MfhLyksfXAYTPAajkxQWcSoLL_oR8WgAm2MryesmNbo&e=>
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 Brent Williams-Ruth
Sent: Friday, October 18, 2024 6:56 AM
To: WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com<mailto:wsbapt at lists.wsbarppt.com>>
Subject: Re: [WSBAPT] HOLD BACK FOR TAXES DUE TO LARGE ESTATE

What I do in those situations - and maybe it is not the right option (I'm open to learning from others) is that we simply don't close the estate until we get the green light from DOR/IRS. I have the executor send me a monthly message advising that we are still pending for the outcome. I do a "lion's share" distribution of assets to beneficiaries keeping the amount to hold back AND a substantial cushion just in case the CPA's numbers are wrong......then wait.

That has worked well in the large estates that I have had that had taxable filings either with  DOR or both DOR/IRS.  I only use the tax holdback for small estates (like my mother's) where the CPA was saying, we "should" get a small refund - so I closed the estate leaving $3,000 behind until the final tax return was resolved. Then I distributed the $3,000 and the refund amount to my sister and I.

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

Mailing Address: PO BOX 3319; Federal Way, WA 98063

Office/Scheduling Phone: (253) 285-7751

For All Meetings & Scheduling: info at williams-ruthlaw.com<mailto:info at williams-ruthlaw.com>

e-mail<mailto:Brent at Williams-RuthLaw.com> / website<https://urldefense.proofpoint.com/v2/url?u=http-3A__www.williams-2Druthlaw.com_&d=DwMGaQ&c=euGZstcaTDllvimEN8b7jXrwqOf-v5A_CdpgnVfiiMM&r=DvRbhdbNof6pymPDdu2_jZaYtwdZAiann93w64tg_k0&m=xvanRO1gSCG30ra_mP_75fHJSJy6A5R7OYUlxdxXWc7eFewK-rZ3LiMdmjqXySTV&s=0Kw-Did0oKGQTOU-d5ZXxkIo7X-iDgNdEbUbMP6mkIo&e=> / facebook<https://urldefense.proofpoint.com/v2/url?u=http-3A__www.facebook.com_bwrlaw&d=DwMGaQ&c=euGZstcaTDllvimEN8b7jXrwqOf-v5A_CdpgnVfiiMM&r=DvRbhdbNof6pymPDdu2_jZaYtwdZAiann93w64tg_k0&m=xvanRO1gSCG30ra_mP_75fHJSJy6A5R7OYUlxdxXWc7eFewK-rZ3LiMdmjqXySTV&s=RLgakp86kUSRxrXMJTDGggWT2TZf-ox2UwD43E07FY8&e=> /

On Fri, Oct 18, 2024 at 6:49 AM michael westseattleattorney.com<https://urldefense.proofpoint.com/v2/url?u=http-3A__westseattleattorney.com&d=DwMGaQ&c=euGZstcaTDllvimEN8b7jXrwqOf-v5A_CdpgnVfiiMM&r=DvRbhdbNof6pymPDdu2_jZaYtwdZAiann93w64tg_k0&m=xvanRO1gSCG30ra_mP_75fHJSJy6A5R7OYUlxdxXWc7eFewK-rZ3LiMdmjqXySTV&s=aC7BNMpxUPw13X37KDBzL2Yd8oHjHLfIhkEUITSCTSU&e=> <michael at westseattleattorney.com<mailto:michael at westseattleattorney.com>> wrote:
PR is advised by the CPA to hold back $746,000 for taxes. Since RCW 11.68.114 limits the holdback to $3000,  other than not filing the Declaration of Completions is there another option?
Separately, I came across references to special language in the Declaration of Completion, and a special type of Notice of Filing of Declaration of Completion must also be used. Would anyone know what this is?
Thanks,
Mike

[image003.png]
***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<mailto:WSBAPT at lists.wsbarppt.com>
http://mailman.fsr.com/mailman/listinfo/wsbapt<https://urldefense.proofpoint.com/v2/url?u=http-3A__mailman.fsr.com_mailman_listinfo_wsbapt&d=DwMGaQ&c=euGZstcaTDllvimEN8b7jXrwqOf-v5A_CdpgnVfiiMM&r=DvRbhdbNof6pymPDdu2_jZaYtwdZAiann93w64tg_k0&m=xvanRO1gSCG30ra_mP_75fHJSJy6A5R7OYUlxdxXWc7eFewK-rZ3LiMdmjqXySTV&s=ySo4YhSwuSCnm0MNIFI4P7flI7T97hQx3rPw5RczjmY&e=>

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.
***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
https://urldefense.proofpoint.com/v2/url?u=http-3A__mailman.fsr.com_mailman_listinfo_wsbapt&d=DwICAg&c=euGZstcaTDllvimEN8b7jXrwqOf-v5A_CdpgnVfiiMM&r=KEDnavIX0T95_e0xmmP7pHPEymbbSteROH3HpiSq79g&m=H3z-Ho_yDEAgV1C9INYkmJXzIQhHm7O_QGjz-UWobLQxtX5ukxPRtAKBTYAcxdoA&s=5YhkmdTUN4Hz2r8VI2itIJE_BDuv65uEu-OG8bcOfgQ&e=
-------------- next part --------------
An HTML attachment was scrubbed...
URL: <http://mailman.fsr.com/pipermail/wsbapt/attachments/20241018/be0e8e35/attachment-0001.html>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image002.png
Type: image/png
Size: 22687 bytes
Desc: image002.png
URL: <http://mailman.fsr.com/pipermail/wsbapt/attachments/20241018/be0e8e35/image002-0002.png>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image003.png
Type: image/png
Size: 57245 bytes
Desc: image003.png
URL: <http://mailman.fsr.com/pipermail/wsbapt/attachments/20241018/be0e8e35/image003-0002.png>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image002.png
Type: image/png
Size: 22687 bytes
Desc: image002.png
URL: <http://mailman.fsr.com/pipermail/wsbapt/attachments/20241018/be0e8e35/image002-0003.png>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image003.png
Type: image/png
Size: 57245 bytes
Desc: image003.png
URL: <http://mailman.fsr.com/pipermail/wsbapt/attachments/20241018/be0e8e35/image003-0003.png>