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</o:shapelayout></xml><![endif]--></head><body lang=EN-US link=blue vlink=purple><div class=WordSection1><p class=MsoNormal><span style='font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D'>Same in one of my cases. Worked well.<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D'><o:p> </o:p></span></p><div><p class=MsoNormal><span style='font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D'>Law Office of Kristin Lillquist Reeder, PLLC<o:p></o:p></span></p><p class=MsoNormal><b><span style='font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D'>PARKWOOD OFFICE CENTER<o:p></o:p></span></b></p><p class=MsoNormal><span style='font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D'>2370 130th Ave. NE #103<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D'>Bellevue, WA 98005<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D'>(425) 861-1109 ph.<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D'>(425) 882-0313 fax<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D'><a href="http://www.klrlaw.net/">www.KLRlaw.net</a><o:p></o:p></span></p><p class=MsoNormal><span style='font-size:9.0pt;font-family:"Calibri","sans-serif";color:#1F497D'><o:p> </o:p></span></p><p class=MsoNormal><span style='font-size:9.0pt;font-family:"Calibri","sans-serif";color:#1F497D'>This message is intended for the sole use of the individual and entity to whom it is addressed, and may contain information that is privileged, confidential and exempt from disclosure under applicable law. If you are not the intended addressee, nor authorized to receive this message, you are hereby notified that you may not use, copy, disclose or distribute this message or any information contained therein. If you have received this message in error please immediately advise the sender by reply email and delete the message.<o:p></o:p></span></p></div><p class=MsoNormal><span style='font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D'><o:p> </o:p></span></p><div><div style='border:none;border-top:solid #B5C4DF 1.0pt;padding:3.0pt 0in 0in 0in'><p class=MsoNormal><b><span style='font-size:10.0pt;font-family:"Tahoma","sans-serif"'>From:</span></b><span style='font-size:10.0pt;font-family:"Tahoma","sans-serif"'> wsbapt-bounces@lists.wsbarppt.com [mailto:wsbapt-bounces@lists.wsbarppt.com] <b>On Behalf Of </b>Mike Winslow<br><b>Sent:</b> Monday, July 18, 2016 2:27 PM<br><b>To:</b> 'WSBA Probate & Trust Listserv'<br><b>Subject:</b> Re: [WSBAPT] Partial Sale & Partial Inheritance of Real Property<o:p></o:p></span></p></div></div><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal><span style='font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D'>Instead of going to the trouble of “explaining things” to the Treasurer, you could just do a distribution deed for the fractional share of the ownership that is exempt as inheritance and cite the WAC exemption for inheritance on the REETA. Then sell the remaining fractional interest under typical purchase and sale agreement, with a PR’s Deed and REETA for an arms-length sale. With the Skagit Treasurer, this approach would involve less <i>‘splainin</i>.<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D'><o:p> </o:p></span></p><p class=MsoNormal><span style='font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D'>We did that in an estate where sis wanted to buy out bro, needed to finance the purchase of the additional interest and needed some conventional transaction docs for the lender to process. <o:p></o:p></span></p><p class=MsoNormal><span style='font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D'>Worked like charm…….<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D'><o:p> </o:p></span></p><div><p class=MsoNormal><span style='font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D'>Michael A. Winslow<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D'>1204 Cleveland Ave.<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D'>Mount Vernon, WA 98273<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D'>Ph. 360-336-3321<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D'>Em. <a href="mailto:Mike@winslegal.com">Mike@winslegal.com</a><o:p></o:p></span></p><p class=MsoNormal><span style='font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D'><o:p> </o:p></span></p><p class=MsoNormal><span style='font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D'>This message is from an attorney, so it’s confidential. If you are not the intended recipient, it’s too late to stop reading this message, but you may not use it for any improper purpose. Huge Disclaimer available upon request.<o:p></o:p></span></p></div><p class=MsoNormal><span style='font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D'><o:p> </o:p></span></p><div><div style='border:none;border-top:solid #B5C4DF 1.0pt;padding:3.0pt 0in 0in 0in'><p class=MsoNormal><b><span style='font-size:10.0pt;font-family:"Tahoma","sans-serif"'>From:</span></b><span style='font-size:10.0pt;font-family:"Tahoma","sans-serif"'> <a href="mailto:wsbapt-bounces@lists.wsbarppt.com">wsbapt-bounces@lists.wsbarppt.com</a> [<a href="mailto:wsbapt-bounces@lists.wsbarppt.com">mailto:wsbapt-bounces@lists.wsbarppt.com</a>] <b>On Behalf Of </b>Marcia Mellinger<br><b>Sent:</b> Monday, July 18, 2016 11:43 AM<br><b>To:</b> WSBA Probate & Trust Listserv<br><b>Subject:</b> Re: [WSBAPT] Partial Sale & Partial Inheritance of Real Property<o:p></o:p></span></p></div></div><p class=MsoNormal><o:p> </o:p></p><div><p class=MsoNormal style='margin-bottom:12.0pt'><span style='font-family:"Calibri","sans-serif"'>That is what I have done in a situation as you describe. I have done a supplemental statement on the excise tax affidavit that explains how the inheritance and purchase amounts were calculated. Best, Marcia<o:p></o:p></span></p><div><div class=MsoNormal align=center style='text-align:center'><span style='font-family:"Calibri","sans-serif"'><hr size=2 width="100%" align=center></span></div><p class=MsoNormal style='margin-bottom:12.0pt'><span style='font-family:"Calibri","sans-serif"'>From: <a href="mailto:david@faberfeinson.com">david@faberfeinson.com</a><br>Date: Mon, 18 Jul 2016 10:37:44 -0700<br>To: <a href="mailto:wsbapt@lists.wsbarppt.com">wsbapt@lists.wsbarppt.com</a><br>Subject: [WSBAPT] Partial Sale & Partial Inheritance of Real Property<o:p></o:p></span></p><div><p class=MsoNormal><span style='font-family:"Calibri","sans-serif"'>Working with a PR on an estate where everything is left to the children of the deceased in equal shares. The estate owns real property that one of the beneficiaries ("B") wants to take from the estate. The PR and B have settled on a price (after having comp studies done by three real estate brokers) and are prepared to move forward with the transaction. The problem is that the house is valued at more than B's equal share of the estate assets and, accordingly, we need to structure the transaction as part purchase and part inheritance. <o:p></o:p></span></p><div><p class=MsoNormal><span style='font-family:"Calibri","sans-serif"'><o:p> </o:p></span></p></div><div><p class=MsoNormal><span style='font-family:"Calibri","sans-serif"'>My question: how do I structure this properly? Note in the Purchase and Sale Agreement that the agreed upon value of the property is [x] but that B is purchasing the property in part and inheriting in part, and that B's existing equity is such-and-such amount leaving an outstanding purchase balance of $[x]? If so, do I just claim a partial exemption on the Real Estate Excise Tax Affidavit?<o:p></o:p></span></p></div><div><p class=MsoNormal><span style='font-family:"Calibri","sans-serif"'><o:p> </o:p></span></p></div><div><p class=MsoNormal><span style='font-family:"Calibri","sans-serif"'>I hope I'm not overthinking this. Thank you for your help.<o:p></o:p></span></p><div><p class=MsoNormal><span style='font-family:"Calibri","sans-serif"'><br clear=all><o:p></o:p></span></p><div><div><div><div><p class=MsoNormal><span style='font-family:"Arial","sans-serif"'>Best,<o:p></o:p></span></p></div><div><p class=MsoNormal><span style='font-family:"Arial","sans-serif"'>David J. Faber<o:p></o:p></span></p></div><div><p class=MsoNormal><span style='font-family:"Arial","sans-serif"'>Faber Feinson PLLC<o:p></o:p></span></p></div><div><p class=MsoNormal><span style='font-family:"Arial","sans-serif"'>210 Polk Street, Suite 1<o:p></o:p></span></p></div><div><p class=MsoNormal><span style='font-family:"Arial","sans-serif"'>Port Townsend, WA 98368<br>(360) 379-4110<o:p></o:p></span></p></div><div><p class=MsoNormal><span style='font-family:"Arial","sans-serif"'><o:p> </o:p></span></p></div><div><p class=MsoNormal><span style='font-family:"Helvetica","sans-serif"'>*** NOTICE: ATTORNEY CLIENT COMMUNICATION - PRIVILEGED & CONFIDENTIAL. This communication may contain privileged or other confidential information. If you are not the intended recipient, or believe that you have received this communication in error, please do not print, copy, retransmit, disseminate, or otherwise use the information. Also, please indicate to the sender that you have received this communication in error, and destroy the copy you received.***</span><span style='font-family:"Arial","sans-serif"'><o:p></o:p></span></p></div></div></div></div></div></div></div><p class=MsoNormal><span style='font-family:"Calibri","sans-serif"'><br>_______________________________________________ WSBAPT mailing list <a href="mailto:WSBAPT@lists.wsbarppt.com">WSBAPT@lists.wsbarppt.com</a> <a href="http://mailman.fsr.com/mailman/listinfo/wsbapt">http://mailman.fsr.com/mailman/listinfo/wsbapt</a><o:p></o:p></span></p></div></div></div></body></html>