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<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D">Rachel,<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">I think there are several differences between a Transfer on Death Deed (TODD) vs. Quit Claim Deed Retaining a Life Estate.<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">First – a TODD is not a current gift requiring valuation and a gift tax return to report the gift.
<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D">Second – a TODD conveys no current interest now, possessory or otherwise, and can be revoked by the donor at any time while they are alive. The property can be
sold with the owner/donor keeping all the proceeds. A remainder interest holder would be required to participate in a sale during owner/donor’s life.<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D">Third – excise tax. If the property has debt, there may be excise tax due, and an excise tax affidavit will be required in any case.
<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D">Finally – basis. There is some confusion among tax professionals over whether a property interest received during life, but only fully possessory at death is
entitled to a full step up in basis. <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">I can’t see a reason to use a life estate where a TODD is available to transfer property to a daughter at death.<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">Heather<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: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<o:p></o:p></span></i></p>
<p class="MsoNormal"><i><span style="font-size:11.0pt;font-family:"Garamond",serif;color:#1F497D"><img width="189" height="105" id="_x0000_i1027" src="cid:image003.jpg@01D377FF.624D5F40" alt="cid:image001.jpg@01D013C2.30F35160"></span></i><i><span style="font-family:"Garamond",serif;color:#1F497D"><o:p></o:p></span></i></p>
<p class="MsoNormal"><span style="font-size:10.0pt;font-family:Nyala;color:#44524E">3909 California Avenue SW<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:10.0pt;font-family:Nyala;color:#44524E">Seattle, WA 98116-3705
<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:10.0pt;font-family:Nyala;color:#44524E">(206)938-5500
<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D"><a href="mailto:heatherd@westseattlelaw.com"><span style="font-size:10.0pt;font-family:Nyala;color:#44524E">heatherd@westseattlelaw.com</span></a></span><span style="font-size:10.0pt;font-family:Nyala;color:#44524E">
<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.westseattlelaw.com/"><span style="font-size:10.0pt;font-family:Nyala;color:#44524E">www.westseattlelaw.com</span></a></span><span style="font-size:10.0pt;font-family:Nyala;color:#44524E">
<o:p></o:p></span></p>
<p class="MsoNormal"><b><span style="font-size:9.0pt;font-family:"Arial",sans-serif;color:#002E8A">Click here to connect with de Vrieze | Carney on Facebook:
</span></b><b><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D"> </span></b><a href="https://www.facebook.com/DeVriezeCarney"><b><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;text-decoration:none"><img border="0" width="72" height="21" id="Picture_x0020_1" src="cid:image004.png@01D377FF.624D5F40" alt="FB Logo"></span></b></a><span style="font-size:11.0pt;font-family:Nyala;color:#44524E"><o:p></o:p></span></p>
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<p class="MsoNormal"><span style="font-size:8.0pt;font-family:"Calibri",sans-serif;color:#A6A6A6">CONFIDENTIAL & PRIVILEGED. This e-mail message may contain legally privileged and/or confidential information. If you have received this e-mail in error, please
notify the sender immediately and delete all copies of this e-mail message and any attachment.</span><span style="font-size:16.0pt;font-family:"Cambria",serif;color:blue"><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"><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>Rachel Edmiston<br>
<b>Sent:</b> Monday, December 18, 2017 11:50 AM<br>
<b>To:</b> WSBA Probate & Trust Listserv <wsbapt@lists.wsbarppt.com><br>
<b>Subject:</b> Re: [WSBAPT] life estate<o:p></o:p></span></p>
<p class="MsoNormal"><o:p> </o:p></p>
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<p class="MsoNormal">From what I've been able to find, a life estate will do the same thing. Is that wrong?
<o:p></o:p></p>
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<p class="MsoNormal">On Sun, Dec 17, 2017 at 3:01 PM, Bryce Dille <<a href="mailto:BryceD@cdb-law.com" target="_blank">BryceD@cdb-law.com</a>> wrote:<o:p></o:p></p>
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<p class="MsoNormal" style="margin-bottom:12.0pt">Why aren’t you using transfer on death deed so you preserve step up in basis on death of mother<o:p></o:p></p>
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<p class="MsoNormal">Sent from my iPhone<o:p></o:p></p>
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<p class="MsoNormal" style="margin-bottom:12.0pt"><br>
On Dec 17, 2017, at 1:48 PM, Rachel Edmiston <<a href="mailto:rachel.edmiston@gmail.com" target="_blank">rachel.edmiston@gmail.com</a>> wrote:<o:p></o:p></p>
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<p class="m3719203290804146675gmail-msonormal">Hi,<o:p></o:p></p>
<p class="m3719203290804146675gmail-msonormal">One of my clients wants to give her house to her daughter and retain a life estate for herself. I thought this was done by filing a quit claim deed that retained a life estate, but I’m having a hard time finding
a sample. Do any of you have one I could use as a guide? I’d also appreciate any helpful tips you might have or warnings about pitfalls as I’ve obviously never done this before.<o:p></o:p></p>
<p class="m3719203290804146675gmail-msonormal">Thank you,<o:p></o:p></p>
<p class="m3719203290804146675gmail-msonormal">Rachel Edmiston<o:p></o:p></p>
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<p class="MsoNormal"><span style="font-family:"Garamond",serif;color:#38761D;background:#F3F3F3">Rachel Edmiston,
</span><span style="color:#888888"><o:p></o:p></span></p>
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<p class="MsoNormal"><span style="color:#888888">PO Box 13738</span><o:p></o:p></p>
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<p class="MsoNormal"><span style="color:#888888">Mill Creek, WA 98082</span><o:p></o:p></p>
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<p class="MsoNormal"><span style="color:#888888">T: <a href="tel:(425)%20945-6333" target="_blank">
425-945-6333</a></span><o:p></o:p></p>
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<p class="MsoNormal"><span style="color:#888888">F: <a href="tel:(425)%20272-4294" target="_blank">
425-272-4294</a></span><o:p></o:p></p>
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<p class="MsoNormal"><span style="font-family:"Garamond",serif;color:#38761D;background:#F3F3F3">Rachel Edmiston,
</span><span style="color:#888888"><o:p></o:p></span></p>
</div>
<p class="MsoNormal"><span style="color:#888888">PO Box 13738</span><o:p></o:p></p>
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<p class="MsoNormal"><span style="color:#888888">Mill Creek, WA 98082</span><o:p></o:p></p>
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<p class="MsoNormal"><span style="color:#888888">T: 425-945-6333</span><o:p></o:p></p>
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<p class="MsoNormal"><span style="color:#888888">F: 425-272-4294</span><o:p></o:p></p>
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