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<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D">…but if one uses that approach, the surviving spouse would not get a basis step-up in his or her separate property on the death of the first spouse to die.<o:p></o:p></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"> wsbapt-bounces@lists.wsbarppt.com [mailto:wsbapt-bounces@lists.wsbarppt.com]
<b>On Behalf Of </b>Thomas White<br>
<b>Sent:</b> Thursday, July 20, 2017 3:21 PM<br>
<b>To:</b> WSBA Probate & Trust Listserv <wsbapt@lists.wsbarppt.com><br>
<b>Subject:</b> Re: [WSBAPT] Community Property Agreement Effective At Death<o:p></o:p></span></p>
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<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">Page 5-22 in the Community Property Deskbook. The relevant language is “This agreement shall apply to all community property now owned or hereafter acquired by Spouses. Any
separate property of either, now owned or hereafter acquired, shall become and be considered community property upon the death of the Spouse owning said separate property. All community property covered by this agreement is referred to as the “subject property.””
<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">The subject property then vests in the surviving spouse upon the death of either spouse.<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif"><o:p> </o:p></span></p>
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<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">--<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">Thomas H. White<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">(206) 552-8650<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">Attorney/Owner<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">King County Business Law<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif"><a href="https://linkedin.com/in/LawGuy">https://linkedin.com/in/LawGuy</a><u><span style="color:blue"><o:p></o:p></span></u></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif"><a href="mailto:Thomas.H.White@KingCountyBusinessLaw.com">Thomas.H.White@KingCountyBusinessLaw.com</a><u><span style="color:blue"><o:p></o:p></span></u></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">NOTICE: This message and related data is intended only for confidential use by the designated recipients. The information may be legally privileged and should not be disclosed
without approval of the sender. If you have received this in error, please destroy this email and notify the sender immediately. Thank you for your assistance. Unless expressly stated herein, this communication is not to be used for avoiding federal tax penalties.
IRS Circular 230.<o:p></o:p></span></p>
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<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif"><o:p> </o:p></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">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>Michael Atkins<br>
<b>Sent:</b> Thursday, July 20, 2017 1:36 PM<br>
<b>To:</b> WSBA Probate & Trust Listserv <<a href="mailto:wsbapt@lists.wsbarppt.com">wsbapt@lists.wsbarppt.com</a>><br>
<b>Subject:</b> Re: [WSBAPT] Community Property Agreement Effective At Death<o:p></o:p></span></p>
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<p class="MsoNormal"><o:p> </o:p></p>
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<p class="MsoNormal"><span class="mceitemhidden"><span style="font-size:14.0pt;color:blue">Please post </span></span><span style="font-size:14.0pt;color:blue"><o:p></o:p></span></p>
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<p class="MsoNormal"><span style="font-size:14.0pt;color:blue"><o:p> </o:p></span></p>
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<p class="MsoNormal"><span style="font-size:14.0pt;color:blue"><img border="0" width="500" height="100" id="sigimg1" src="cid:image001.png@01D3016F.7DA0BC80"><o:p></o:p></span></p>
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<p class="MsoNormal"><span class="mceitemhidden"><span style="font-size:10.0pt;font-family:"Verdana",sans-serif;color:black">-------- Original Message --------</span></span><span style="font-size:10.0pt;font-family:"Verdana",sans-serif;color:black"><br>
<span class="mceitemhidden">Subject: [</span><span class="mceitemhiddenspellword">WSBAPT</span><span class="mceitemhidden">] Community Property Agreement Effective At Death</span><br>
<span class="mceitemhidden">From: Thomas White <<a href="mailto:Thomas.H.White@KingCountyBusinessLaw.com">Thomas.H.White@KingCountyBusinessLaw.com</a>></span><br>
<span class="mceitemhidden">Date: Thu, July 20, 2017 1:11 pm</span><br>
<span class="mceitemhidden">To: "<a href="mailto:wsbapt@lists.wsbarppt.com">wsbapt@lists.wsbarppt.com</a>" <<a href="mailto:wsbapt@lists.wsbarppt.com">wsbapt@lists.wsbarppt.com</a>></span><br>
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<p class="MsoNormal"><span class="mceitemhidden"><span style="font-family:"Verdana",sans-serif;color:black">Dear Hive Mind:</span></span><span style="font-family:"Verdana",sans-serif;color:black"><o:p></o:p></span></p>
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<p class="MsoNormal"><span class="mceitemhidden"><span style="font-family:"Verdana",sans-serif;color:black"> </span></span><span style="font-family:"Verdana",sans-serif;color:black"><o:p></o:p></span></p>
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<p class="MsoNormal"><span class="mceitemhidden"><span style="font-family:"Verdana",sans-serif;color:black">I am drafting a CPA for a couple as part of their estate planning. Estate is too small to be taxable. (~1.2M). I have a basic question:</span></span><span style="font-family:"Verdana",sans-serif;color:black"><o:p></o:p></span></p>
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<p class="MsoNormal"><span class="mceitemhidden"><span style="font-family:"Verdana",sans-serif;color:black"> </span></span><span style="font-family:"Verdana",sans-serif;color:black"><o:p></o:p></span></p>
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<p class="MsoNormal"><span class="mceitemhidden"><span style="font-family:"Verdana",sans-serif;color:black">Is there any disadvantage to using a CPA that is an agreement converting property to community property at death and vesting interest in the second spouse
then, rather than a traditional three-prong CPA that converts all property immediately? Have you ever had any problem with these?</span></span><span style="font-family:"Verdana",sans-serif;color:black"><o:p></o:p></span></p>
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<p class="MsoNormal"><span class="mceitemhidden"><span style="font-family:"Verdana",sans-serif;color:black"> </span></span><span style="font-family:"Verdana",sans-serif;color:black"><o:p></o:p></span></p>
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<p class="MsoNormal"><span class="mceitemhidden"><span style="font-family:"Verdana",sans-serif;color:black">There is a template in the
</span></span><span class="mceitemhiddenspellword"><span style="font-family:"Verdana",sans-serif;color:black">Deskbook</span></span><span class="mceitemhidden"><span style="font-family:"Verdana",sans-serif;color:black">. My first thought is that it would avoid
many of the unintended consequences of entering into a CPA. (E.g. allocation of property on divorce, creditors’ ability to reach separate property).</span></span><span style="font-family:"Verdana",sans-serif;color:black"><o:p></o:p></span></p>
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<p class="MsoNormal"><span class="mceitemhidden"><span style="font-family:"Verdana",sans-serif;color:black"> </span></span><span style="font-family:"Verdana",sans-serif;color:black"><o:p></o:p></span></p>
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<p class="MsoNormal"><span class="mceitemhidden"><span style="font-family:"Verdana",sans-serif;color:black">Kind Regards,</span></span><span style="font-family:"Verdana",sans-serif;color:black"><o:p></o:p></span></p>
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<p class="MsoNormal"><span class="mceitemhidden"><span style="font-family:"Verdana",sans-serif;color:black"> </span></span><span style="font-family:"Verdana",sans-serif;color:black"><o:p></o:p></span></p>
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<p class="MsoNormal"><span class="mceitemhidden"><span style="font-family:"Verdana",sans-serif;color:black">Tom</span></span><span style="font-family:"Verdana",sans-serif;color:black"><o:p></o:p></span></p>
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<p class="MsoNormal"><span class="mceitemhidden"><span style="font-family:"Verdana",sans-serif;color:black"> </span></span><span style="font-family:"Verdana",sans-serif;color:black"><o:p></o:p></span></p>
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<p class="MsoNormal"><span class="mceitemhidden"><span style="font-family:"Verdana",sans-serif;color:black">--</span></span><span style="font-family:"Verdana",sans-serif;color:black"><o:p></o:p></span></p>
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<p class="MsoNormal"><span class="mceitemhidden"><span style="font-family:"Verdana",sans-serif;color:black">Thomas H. White</span></span><span style="font-family:"Verdana",sans-serif;color:black"><o:p></o:p></span></p>
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<p class="MsoNormal"><span class="mceitemhidden"><span style="font-family:"Verdana",sans-serif;color:black">(206) 552-8650</span></span><span style="font-family:"Verdana",sans-serif;color:black"><o:p></o:p></span></p>
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<p class="MsoNormal"><span class="mceitemhidden"><span style="font-family:"Verdana",sans-serif;color:black">Attorney/Owner</span></span><span style="font-family:"Verdana",sans-serif;color:black"><o:p></o:p></span></p>
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<p class="MsoNormal"><span class="mceitemhidden"><span style="font-family:"Verdana",sans-serif;color:black">King County Business Law</span></span><span style="font-family:"Verdana",sans-serif;color:black"><o:p></o:p></span></p>
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<p class="MsoNormal"><span style="font-family:"Verdana",sans-serif;color:black"><a href="https://linkedin.com/in/LawGuy" target="_blank"><span class="mceitemhidden">https://linkedin.com/in/LawGuy</span></a><o:p></o:p></span></p>
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<p class="MsoNormal"><span style="font-family:"Verdana",sans-serif;color:black"><a href="mailto:Thomas.H.White@KingCountyBusinessLaw.com" target="_blank"><span class="mceitemhidden">Thomas.H.White@KingCountyBusinessLaw.com</span></a><o:p></o:p></span></p>
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<p class="MsoNormal"><span class="mceitemhidden"><span style="font-family:"Verdana",sans-serif;color:black"> </span></span><span style="font-family:"Verdana",sans-serif;color:black"><o:p></o:p></span></p>
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<p class="MsoNormal"><span class="mceitemhidden"><span style="font-family:"Verdana",sans-serif;color:black">NOTICE: This message and related data is intended only for confidential use by the designated recipients. The information may be legally privileged and
should not be disclosed without approval of the sender. If you have received this in error, please destroy this email and notify the sender immediately. Thank you for your assistance. Unless expressly stated herein, this communication is not to be used for
avoiding federal tax penalties. IRS Circular 230.</span></span><span style="font-family:"Verdana",sans-serif;color:black"><o:p></o:p></span></p>
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<p class="MsoNormal"><span class="mceitemhidden"><span style="font-family:"Verdana",sans-serif;color:black"> </span></span><span style="font-family:"Verdana",sans-serif;color:black"><o:p></o:p></span></p>
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<p class="MsoNormal"><span class="mceitemhidden"><span style="font-size:10.0pt;font-family:"Verdana",sans-serif;color:black">_______________________________________________</span></span><span style="font-size:10.0pt;font-family:"Verdana",sans-serif;color:black"><br>
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