[WSBAPT] RLT for a Thrupple?

[Sarah McCarthy]

Listmates,

I've got a long-term "thrupple" (3-person romantic couple) who all live
together, all in their late 60s, 3 respective adult kids among them, and
they want to set up a Revocable Living Trust to hold the home and some
financial accounts to cover the residential costs over time, and for the
home and the bank accounts to stay in place for the benefit of any or all
of them until they're all gone, total freedom for the 3 of them until the
last one is gone, and then it distributes out to their respective 3 kids
per stirpes.

This is a first for me!  I'm not aware of any statute or case law that says
a RLT can't include 3 grantors... is there anything I'm missing?

I plan to be very clear on Schedule A as to what separate property assets
they are each contributing to the Trust, and will provide that they will
each retain the right to withdraw their contributions, such as if the
relationship falls apart and they want to unwind things.

I'll also include restrictions on amendments or revocations after any of
them is deceased that would have the effect of disinheriting any of their 3
respective kids or descendants.

One question that comes up is whether we can use one of their SSNs as the
tax ID, in typical grantor-trust style, or whether they will need to get an
EIN, and file 1041s for trust income.

Other thoughts or cautions?

Thanks!

Sarah

*Sarah O’Farrell McCarthy*


*(Pronouns: she / her)*Attorney, Partner | Kelly, Arndt & Walker, Attorneys
at Law, PLLP
P.O. Box 290 | 6443 Harding Avenue | Clinton, WA  98236

(Located on Whidbey Island, Island County, Washington)
Phone: (360) 341-1515 | Fax: (360) 341-3272
sarah at kawlawyers.com | www.kawlawyers.com

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