<div dir="ltr">You could draft the deed as a Transfer on Death deed and create estate documents that reflect that persons share as being transferred already. But keep in mind it might not be the parent that dies first. Also, an agreement to purchase on death will not prevent probate as a PR or Administrator would need to be appointed to transfer the property and a REET would need to be filed and paid as it is a taxable purchase if money is being exchanged. I agree with Ralph placing the property into a trust might be the best option for this property but it appears as though there needs to be discussion about options other than just the parent passing first. </div><div class="gmail_extra"><br><div class="gmail_quote">On Tue, May 3, 2016 at 11:05 AM, Ralph Maimon <span dir="ltr"><<a href="mailto:rmaimon@maimonlaw.com" target="_blank">rmaimon@maimonlaw.com</a>></span> wrote:<br><blockquote class="gmail_quote" style="margin:0 0 0 .8ex;border-left:1px #ccc solid;padding-left:1ex">
<div lang="EN-US" link="blue" vlink="purple">
<div>
<p class="MsoNormal"><span style="color:#1f497d">Maybe consider putting the property into a trust with testamentary directions?<u></u><u></u></span></p>
<p class="MsoNormal"><span style="color:#1f497d"><u></u> <u></u></span></p>
<div>
<p class="MsoNormal"><b><span style="font-size:22.0pt;font-family:"Bickley Script";color:#1f497d">Ralph Maimon<u></u><u></u></span></b></p>
<p class="MsoNormal"><span style="font-size:12.0pt;color:#1f497d">LAW OFFICE OF RALPH MAIMON, P.S.<u></u><u></u></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;color:#1f497d">2811 E. Madison Street, Suite 202<u></u><u></u></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;color:#1f497d">Seattle, WA 98112</span><span style="font-size:12.0pt;font-family:"Freestyle Script";color:#1f497d"><u></u><u></u></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;color:#1f497d"><a href="tel:%28206%29%20323-0911" value="+12063230911" target="_blank">(206) 323-0911</a> Office<u></u><u></u></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;color:#1f497d"><a href="tel:%28206%29%20462%201505" value="+12064621505" target="_blank">(206) 462 1505</a> Fax<u></u><u></u></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;color:#1f497d"><a href="mailto:rmaimon@maimonlaw.com" target="_blank"><span style="color:#0563c1">rmaimon@maimonlaw.com</span></a><u></u><u></u></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;color:#1f497d"><a href="http://www.maimonlaw.com" target="_blank">www.maimonlaw.com</a><u></u><u></u></span></p>
</div>
<p class="MsoNormal"><span style="color:#1f497d"><u></u> <u></u></span></p>
<div>
<div style="border:none;border-top:solid #e1e1e1 1.0pt;padding:3.0pt 0in 0in 0in">
<p class="MsoNormal"><b>From:</b> <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>G. (Gus) Benjamin Lindsey III<br>
<b>Sent:</b> Tuesday, May 03, 2016 10:55 AM<br>
<b>To:</b> <a href="mailto:wsbapt@lists.wsbarppt.com" target="_blank">wsbapt@lists.wsbarppt.com</a><br>
<b>Subject:</b> [WSBAPT] Real Estate Purchase Option - Best Practice<u></u><u></u></p>
</div>
</div><div><div class="h5">
<p class="MsoNormal"><u></u> <u></u></p>
<p class="MsoNormal">Good morning,<u></u><u></u></p>
<p class="MsoNormal"><u></u> <u></u></p>
<p class="MsoNormal">I am coming in on the tail end of a situation and I am hoping that others can provide some insight on the most effective option for dealing with the issue. (And more importantly avoiding a estate dispute down the road!)<u></u><u></u></p>
<p class="MsoNormal"><u></u> <u></u></p>
<p class="MsoNormal">Married couple is purchasing real property (primary residence) with a parent of one spouse. (Apparently the parties are already in contract with the purchase scheduled to close any day now.)<u></u><u></u></p>
<p class="MsoNormal"><u></u> <u></u></p>
<p class="MsoNormal">For reasons unknown to me, the parties did not purchase to property as tenants-in-common right survivorship rights. However, the parties want to draft an agreement that gives the survivor the right to purchase any deceased person’s share
. The main focus is allowing the married couple to purchase the parent’s share without it having to go through probate(At this point, I am unsure as to how real property is handled in anyone estate plan but I have requested that information.)<u></u><u></u></p>
<p class="MsoNormal"><u></u> <u></u></p>
<p class="MsoNormal">Lurking in the shadows, in my opinion, is a potential dispute with the other children of the parent-real property owner upon the parent’s death. The parties seem to be in denial about this potential dispute. (Culturally this family makes
all decisions via consensus.)<u></u><u></u></p>
<p class="MsoNormal"><u></u> <u></u></p>
<p class="MsoNormal">Another option that has apparently been discussed is the married couple starting to acquire the parent’s interest in the home now via payments.
<u></u><u></u></p>
<p class="MsoNormal"><u></u> <u></u></p>
<p class="MsoNormal">This may be simple but there are so many cooks in the kitchen that I want to make sure that I am not missing anything.<u></u><u></u></p>
<p class="MsoNormal"><u></u> <u></u></p>
<p class="MsoNormal">Thanks!<u></u><u></u></p>
<p class="MsoNormal"><u></u> <u></u></p>
<p class="MsoNormal"><u></u> <u></u></p>
<p class="MsoNormal"><u></u> <u></u></p>
<p class="MsoNormal">Sincerely,<u></u><u></u></p>
<p class="MsoNormal"><u></u> <u></u></p>
<p class="MsoNormal">G. (Gus) Benjamin Lindsey III<u></u><u></u></p>
<p class="MsoNormal">Attorney-at-Law<u></u><u></u></p>
<p class="MsoNormal"><img border="0" width="120" height="99" src="cid:image001.png@01D1A52B.B68A78C0"><u></u><u></u></p>
<p class="MsoNormal"><u></u> <u></u></p>
<p class="MsoNormal">The Law Office of G. Benjamin Lindsey III<u></u><u></u></p>
<p class="MsoNormal">2012 Grade Road, Suite 202<u></u><u></u></p>
<p class="MsoNormal">Lake Stevens, WA 98258<u></u><u></u></p>
<p class="MsoNormal"><u></u> <u></u></p>
<p class="MsoNormal">Phone: <a href="tel:%28425%29%20263-9585" value="+14252639585" target="_blank">(425) 263-9585</a><u></u><u></u></p>
<p class="MsoNormal"><u></u> <u></u></p>
<p class="MsoNormal">website: <a href="http://cp.mcafee.com/d/2DRPoQ720Q96Qm74QPhOYUCqejtPqdSmnCbLI9CQrIILcnvd7a9J6XbbP5TS6jqdSmnCbK8ECUGX9mI0kHIBqMfQNOVJnpaRwvFzBPr5TLuj7fZvASrzD4-LsKCOed7fc3D6kQ-mKzp55mWr7axVZicHs3jq9J4TsTsS028A3SjZcsLxINgxGQOV2Hsbvg57OFeD6a4dyIJfBPqr33bxIQJwac38w5wiqnjh02_QYQg3l9XfPh05CUS9XjPh065FOH0Qg5Ph0c_ipEw2QtJelLdLFCNiA96NIQH0ct" target="_blank">
www.gbl3law.com</a><u></u><u></u></p>
<p class="MsoNormal"><u></u> <u></u></p>
<p class="MsoNormal">Employment/Labor Law Construction Law Civil Litigation Estate Planning Probate
<u></u><u></u></p>
<p class="MsoNormal">Business Law<u></u><u></u></p>
<p class="MsoNormal"><u></u> <u></u></p>
<p class="MsoNormal">CONFIDENTIALITY NOTE: This e-mail message contains information belonging to The Law Office of G. Benjamin Lindsey III, which may be privileged, confidential and/or protected from disclosure. The information is intended only for the use
of the individual or entity named above. If you think that you have received this message in error, please contact the sender. If you are not the intended recipient, any dissemination, distribution or copying is strictly prohibited<u></u><u></u></p>
<p class="MsoNormal"><u></u> <u></u></p>
<p class="MsoNormal"><u></u> <u></u></p>
<p class="MsoNormal"><u></u> <u></u></p>
<p class="MsoNormal"><u></u> <u></u></p>
<p class="MsoNormal"><u></u> <u></u></p>
<p class="MsoNormal"><u></u> <u></u></p>
</div></div></div>
</div>
<br>_______________________________________________<br>
WSBAPT mailing list<br>
<a href="mailto:WSBAPT@lists.wsbarppt.com">WSBAPT@lists.wsbarppt.com</a><br>
<a href="http://mailman.fsr.com/mailman/listinfo/wsbapt" rel="noreferrer" target="_blank">http://mailman.fsr.com/mailman/listinfo/wsbapt</a><br></blockquote></div><br><br clear="all"><div><br></div>-- <br><div class="gmail_signature"><div dir="ltr">Mary K. Henderson<div>Henderson Law Office PLLC<br>1123 Maple Ave SW, Suite 225</div><div>Renton, WA 98057</div><div>206-650-2472</div></div></div>
</div>