<div dir="ltr">Thanks again. I really appreciate the offer to talk. There are only 2 heirs (the PR is one) and they will agree to the price and the division of other assets in writing, so I think I am inclined to skip a formal purchase and sale agreement, unless you think I would be shooting myself in the foot.<br><br><br><div id="WISESTAMP_SIG_3ebe5215d8ca0d5cbf2d0c1d7ec2c718" href="http://WISESTAMP_SIG_3ebe5215d8ca0d5cbf2d0c1d7ec2c718"><div><div style="max-width:600px;direction:ltr" class="main_html"> <div class="html wisestamp_app main_sig" id="t3" style="margin:8px 8px 0 0"> <div style="border-bottom:1px solid #0072b1;font:16px Arial;color:#3a3637;margin-bottom:5px"> <span style="border-bottom:3px solid #0072b1;padding:0 15px 0 5px"> <b class="theme-font" style="color:#333">Chandra M. Lewnau</b> <span style="font-size:13px">Wills & Trusts | Probate | Small Business</span> </span> </div> <table border="0" style="width:440px"> <tbody><tr valign="top"> <td style="max-width:300px;width:70px"> <img src="https://s3.amazonaws.com/webapp.wisestamp.com/3t4mAVteS2aT12xowlE2_chandra_profile_by_kate_151.png#logo" style="max-width: 295px;max-height: 295px;border-radius:4px;moz-border-radius:4px;khtml-border-radius:4px;o-border-radius:4px;webkit-border-radius:4px;ms-border-radius: 4px;width:65px;height: px" alt="photo"> </td> <td style="font:13px Arial;color:#4e4b4c;padding-left:10px"> <div><span style="color:#0072b1;font-size:12px">Phone:</span><a href="tel:206-317-4282" style="color:#4e4b4c;font-size:12px;text-decoration:none"> 206-317-4282</a></div> <div><span style="color:#0072b1;font-size:12px">Email:</span><a href="mailto:chandra@lewnaulaw.com" style="color:#4e4b4c;font-size:12px;text-decoration:none"> chandra@lewnaulaw.com</a></div> <div><span style="color:#0072b1;font-size:12px">Website:</span><a href="http://lewnaulaw.com" target="_blank" style="color:#4e4b4c;font-size:12px;text-decoration:none"> lewnaulaw.com</a></div> <div><span style="color:#0072b1;font-size:12px">Address:</span> 1001 4th Ave., 44th Floor, Seattle, WA 98154</div> <div style="padding-top:3px"><a href="http://linkedin.com/in/chandralewnau" target="_blank"><img src="https://s3.amazonaws.com/images.wisestamp.com/icons/linkedin.png" width="16" height="16"></a> <a href="http://twitter.com/lawspotting" target="_blank"><img src="https://s3.amazonaws.com/images.wisestamp.com/icons/twitter.png" width="16" height="16"></a> <a href="http://plus.google.com/+ChandraLewnau/posts" target="_blank"><img src="https://s3.amazonaws.com/images.wisestamp.com/icons/googleplus.png" width="16" height="16"></a></div> </td> </tr> </tbody></table> </div><div style="clear:both"></div><div class="wisestamp_app html" style="font-size:12px">In-person meetings available in West Seattle or downtown Seattle.</div><div class="wisestamp_app event_button" style="max-width:469px;margin:8px 8px 0 0;font-size:12px"> <table> <tbody><tr> <td style="vertical-align:middle"> <a style="vertical-align:middle" href="http://scheduleonce.com/chandralewnau" target="_blank"><img src="http://images.wisestamp.com.s3.amazonaws.com/email-apps/event_button/event_button_1.png" style="display: block; margin-bottom: auto; margin-up: auto; margin-right: 4px"></a> </td> <td style="margin:0 4px;vertical-align:middle"> <a style="margin:0 4px" href="http://scheduleonce.com/chandralewnau" target="_blank">Schedule an appointment online</a> </td> </tr> </tbody></table> </div><div class="wisestamp_app disclaimer" style="max-width:600px;margin:8px 8px 0 0;color:gray;border-top:1px solid gray;font-size:13px"><div>CONFIDENTIAL COMMUNICATION - This communication constitutes an electronic communication within the meaning of the Electronic Communications Privacy Act, 18 U.S.C. 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<div lang="EN-US" link="blue" vlink="purple">
<div>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1f497d">This is generally quite simply accomplished by having the siblings all sign on to an agreement on the price (TEDRA or similar, but less formal). Then the Personal
Representative can enter into a purchase and sale agreement with the buying sibling as a part distribution/part sale transaction, often we structure the inherited share as the ‘down payment’. Excise tax will be due on the sale portion, but not the inherited
portion, but the “sale price” in the contract will be the full price, including the inherited share.
<u></u><u></u></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1f497d"><u></u> <u></u></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1f497d">Once the sale goes through, the proceeds can be distributed by the Personal Representative, or in your case, if the agreement of the siblings is a promissory
note, it can be distributed to the other siblings. <u></u><u></u></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1f497d"><u></u> <u></u></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1f497d">It is important to address what happens if sibling doesn’t or can’t pay the note off when it is due. One question I have is why use a short term note?<u></u><u></u></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1f497d"><u></u> <u></u></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1f497d">I would be happy to chat about your particular circumstances if you would like to give me a call.<u></u><u></u></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1f497d"><u></u> <u></u></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1f497d">Heather<u></u><u></u></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1f497d"><u></u> <u></u></span></p>
<p class="MsoNormal"><span style="font-size:16.0pt;font-family:"Vladimir Script";color:#1f497d">Heather S. de Vrieze</span><b><span style="font-size:16.0pt;font-family:"Calibri",sans-serif;color:#1f497d"><br>
</span></b><i><span style="font-size:11.0pt;font-family:"Garamond",serif;color:#1f497d">Attorney-at-Law<u></u><u></u></span></i></p>
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<p class="MsoNormal"><span style="font-size:10.0pt;font-family:Nyala;color:#44524e">3909 California Avenue SW<u></u><u></u></span></p>
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<p class="MsoNormal"><b><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">From:</span></b><span style="font-size:11.0pt;font-family:"Calibri",sans-serif"> <a href="mailto:wsbapt-bounces@lists.wsbarppt.com" target="_blank">wsbapt-bounces@lists.wsbarppt.com</a> [mailto:<a href="mailto:wsbapt-bounces@lists.wsbarppt.com" target="_blank">wsbapt-bounces@lists.wsbarppt.com</a>]
<b>On Behalf Of </b>Chandra Lewnau<br>
<b>Sent:</b> Tuesday, March 17, 2015 8:42 AM<br>
<b>To:</b> WSBA Probate & Trust Discussion List<br>
<b>Subject:</b> [WSBAPT] best way to deed property to heir who is buying out siblings<u></u><u></u></span></p>
<p class="MsoNormal"><u></u> <u></u></p>
<div><span class="">
<p class="MsoNormal" style="margin-bottom:12.0pt">I have a probate where one heir wishes to purchase the decedent's home. Is there any reason this can't be done in one step - i.e. a deed from the PR (as pr and as individual) to the heir - rather than PR to
all heirs and then all heirs to the purchasing heir? It's a small estate with two sibling heirs who get along well. The purchasing heir will take a smaller share of other assets and give a promissory note for the remaining balance with a relatively short payoff.
It seems simple, I'm wondering if there are any tax or other consequences I may be missing.<u></u><u></u></p>
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<p class="MsoNormal"><b><span style="font-family:"Arial",sans-serif;color:#333333">Chandra M. Lewnau</span></b><span style="font-family:"Arial",sans-serif;color:#3a3637">
</span><span style="font-size:10.0pt;font-family:"Arial",sans-serif;color:#3a3637">Wills & Trusts | Probate | Small Business</span><span style="font-family:"Arial",sans-serif;color:#3a3637">
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