[WSBAPT] creditors claim by state

[Kate Szurek]

Decedent traded real estate with his buddy and in their respective REETAs both claimed they gave their property to the other as a gift.  (Deeds recorded as "gift deeds.")

Yeah, I know . . .  Not really a gift.

When we opened the probate, decedent's bookkeeper informed us of the "trade."  So, we provided the state with notice to creditors.

Now, over a year after we provided notice, the state is auditing the decedent's side of the transaction and since we will have a VERY HARD TIME providing what they ask for, we can reasonably expect the state to want to assess excise tax (and penalties, presumably).

Question is whether the notice to creditors will serve to cut off the claim.  Seems "too good to be true."

Thanks in advance for any and all insight!

Kate

Kate Szurek, J.D., LL.M. (in Taxation)
kate at skagitlaw.com<mailto:kate at skagitlaw.com>

[SkagitLaw_Signature (2)]
Skagit Law Group, PLLC
P.O. Box 336 / 227 Freeway Drive, Suite B
Mount Vernon, WA  98273
360.336.1000
360.336.6690 (fax)
http://www.skagitlaw.com<http://www.skagitlaw.com/>


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