<div dir="ltr"><div class="gmail_default" style="font-family:tahoma,sans-serif;font-size:small">Hi, all - </div><div class="gmail_default" style="font-family:tahoma,sans-serif;font-size:small"><br></div><div class="gmail_default" style="font-family:tahoma,sans-serif;font-size:small">This is mostly on topic to this thread so I thought I'd jump in with a related question. I practice in CA and WA and in California, I've been running into a lot of contingent general powers of appointment for the bypass trust - which only kicks in if there's no estate tax issue, and which gives the surviving spouse contingent GPOA ONLY in that instance and only at their death. This then allows a second step up in basis on that bypass trust. </div><div class="gmail_default" style="font-family:tahoma,sans-serif;font-size:small"><br></div><div class="gmail_default" style="font-family:tahoma,sans-serif;font-size:small">Has anyone else seen this? Using it? Advice for or against? </div><div><div dir="ltr" class="gmail_signature" data-smartmail="gmail_signature"><div dir="ltr"><div dir="ltr"><p style="background-image:initial;background-position:initial;background-repeat:initial"><i><span style="font-size:12pt;font-family:Cambria,serif">Kira M. Rubel</span></i></p>
<p style="background-image:initial;background-position:initial;background-repeat:initial"><b><span style="font-size:12pt;font-family:Cambria,serif">Law Offices of Kira
M. Rubel</span></b></p><p style="background-image:initial;background-position:initial;background-repeat:initial"><span style="font-size:12.6667px"><font face="garamond, serif"><b>3615 Harborview Drive NW, Suite C</b></font></span></p><p style="background-image:initial;background-position:initial;background-repeat:initial"><span style="font-size:12.6667px"><font face="garamond, serif"><b>Gig Harbor, WA 98332-2129</b></font></span></p>
<p style="background-image:initial;background-position:initial;background-repeat:initial"><span style="font-size:9.5pt;font-family:Arial,sans-serif"> </span><span style="font-family:Garamond,serif">Tel. (800) 836-6531</span></p><p style="background-image:initial;background-position:initial;background-repeat:initial"><span style="color:black"></span></p><p style="background-image:initial;background-position:initial;background-repeat:initial"><span style="font-family:Garamond,serif">Fax. (206) 238-1694</span><span style="color:black"></span></p><p style="background-image:initial;background-position:initial;background-repeat:initial"><span style="font-family:Garamond,serif"><span style="color:windowtext"><a href="http://www.kmrlawfirm.com/" target="_blank">www.kmrlawfirm.com</a></span></span></p>
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<p> </p>
<p> </p></div></div></div></div><br></div><br><div class="gmail_quote"><div dir="ltr">On Wed, Oct 3, 2018 at 12:36 AM John J. Sullivan <<a href="mailto:sullaw@comcast.net">sullaw@comcast.net</a>> wrote:<br></div><blockquote class="gmail_quote" style="margin:0 0 0 .8ex;border-left:1px #ccc solid;padding-left:1ex"><div dir="auto">Yes, unless it’s a QTIP trust, or an IDGT - intentionally defective grantor trust. <div><br></div><div>John J. Sullivan<br><br><div id="m_-7249026247600876769AppleMailSignature" dir="ltr">Sent from my iPad</div><div dir="ltr"><br>On Oct 1, 2018, at 10:04 AM, Claudia A Gowan <<a href="mailto:claudia@cagowanlaw.com" target="_blank">claudia@cagowanlaw.com</a>> wrote:<br><br></div><blockquote type="cite"><div dir="ltr">
<div class="m_-7249026247600876769WordSection1">
<p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1f497d">Just a quick follow-up to Rebecca’s email: property held under a
<b><i>revocable</i></b> trust will get the step-up on the death of the grantor, but, generally, property held under
<b><i>irrevocable </i></b>trusts will not receive a step-up. For example, grantor does with a revocable trust that transfer property to a follow-up trust for benefit of her beneficiaries: upon death of the grantor, the property will receive a step-up, but after
the property transfers to the irrevocable trust, there will be no further step-ups including when a surviving spouse grantor dies.<u></u><u></u></span></p>
<p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1f497d"><u></u> <u></u></span></p>
<p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1f497d">Rebecca – so nice of you to keep helping us out even from retirement!!<u></u><u></u></span></p>
<p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1f497d"><u></u> <u></u></span></p>
<p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1f497d">Best, Claudia<u></u><u></u></span></p>
<p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1f497d"><u></u> <u></u></span></p>
<p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt"><b><i><span style="font-family:ParkAvenue;color:#1f4e79">Claudia A. Gowan<u></u><u></u></span></i></b></p>
<p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt"><b><i><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1f497d"><u></u> <u></u></span></i></b></p>
<p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt"><b><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1f497d">Claudia A. Gowan, PLLC<u></u><u></u></span></b></p>
<p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt"><b><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1f497d">2101 Fourth Avenue, Suite 1900<u></u><u></u></span></b></p>
<p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt"><b><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1f497d">Seattle, WA 98121<u></u><u></u></span></b></p>
<p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt"><b><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1f497d">(206) 443-2733 (T)<u></u><u></u></span></b></p>
<p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt"><b><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1f497d">(206) 448-</span></b><b><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1f4e79">1843</span></b><b><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1f497d">
(F)<u></u><u></u></span></b></p>
<p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt"><b><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1f4e79"><a href="mailto:claudia@cagowanlaw.com" target="_blank"><span style="color:#1f4e79">claudia@cagowanlaw.com</span></a><u></u><u></u></span></b></p>
<p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt"><b><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1f4e79"><u></u> <u></u></span></b></p>
<p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt"><b><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1f4e79"><a href="http://www.seattletrustsandestates.com/" target="_blank"><span style="color:#1f4e79">www.seattletrustsandestates.com</span></a><u></u><u></u></span></b></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;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" style="margin-bottom:0in;margin-bottom:.0001pt"><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:wsbarp-bounces@lists.wsbarppt.com" target="_blank">wsbarp-bounces@lists.wsbarppt.com</a> [<a href="mailto:wsbarp-bounces@lists.wsbarppt.com" target="_blank">mailto:wsbarp-bounces@lists.wsbarppt.com</a>]
<b>On Behalf Of </b>RebeccaWiess<br>
<b>Sent:</b> Monday, October 01, 2018 9:22 AM<br>
<b>To:</b> 'WSBA Real Property Listserv' <<a href="mailto:wsbarp@lists.wsbarppt.com" target="_blank">wsbarp@lists.wsbarppt.com</a>>; <a href="mailto:solo-and-small-practice-section@list.wsba.org" target="_blank">solo-and-small-practice-section@list.wsba.org</a>; <a href="mailto:creditor-debtor-section@list.wsba.org" target="_blank">creditor-debtor-section@list.wsba.org</a>; <a href="mailto:wsbapt@lists.wsbarppt.com" target="_blank">wsbapt@lists.wsbarppt.com</a><br>
<b>Subject:</b> Re: [WSBARP] Quit Claim Deed to Trust<u></u><u></u></span></p>
</div>
</div>
<p class="MsoNormal"><u></u> <u></u></p>
<p class="MsoNormal"><span style="font-size:10.0pt;font-family:"Arial",sans-serif;color:navy">I know I’m late to this topic, but it’s an excuse to remind all that property in a trust does not get a stepped up basis when an owner dies. Family trusts as an estate
planning tool can cause big time tax bills when the heirs sell low basis property out of the trust following a death.
<u></u><u></u></span></p>
<p class="MsoNormal"><span style="font-size:10.0pt;font-family:"Arial",sans-serif;color:navy"><u></u> <u></u></span></p>
<p class="MsoNormal"><span style="font-size:10.0pt;font-family:"Arial",sans-serif;color:navy">Rebecca K. Wiess<u></u><u></u></span></p>
<p class="MsoNormal"><span style="font-size:10.0pt;font-family:"Arial",sans-serif;color:navy">421 24th Avenue East<u></u><u></u></span></p>
<p class="MsoNormal"><span style="font-size:10.0pt;font-family:"Arial",sans-serif;color:navy">Seattle, WA 98112<u></u><u></u></span></p>
<p class="MsoNormal"><span style="font-size:10.0pt;font-family:"Arial",sans-serif;color:navy">Phone 206 329-6638<u></u><u></u></span></p>
<p class="MsoNormal"><span style="font-size:10.0pt;font-family:"Arial",sans-serif;color:navy"><a href="mailto:rwiess@foxinternet.net" target="_blank">rwiess@foxinternet.net</a> <u></u><u></u></span></p>
<p class="MsoNormal"><span style="font-size:10.0pt;font-family:"Arial",sans-serif;color:navy"><u></u> <u></u></span></p>
<div>
<div class="MsoNormal" align="center" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:center">
<hr size="2" width="100%" align="center">
</div>
<p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt"><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:wsbarp-bounces@lists.wsbarppt.com" target="_blank">wsbarp-bounces@lists.wsbarppt.com</a> [<a href="mailto:wsbarp-bounces@lists.wsbarppt.com" target="_blank">mailto:wsbarp-bounces@lists.wsbarppt.com</a>]
<b>On Behalf Of </b>Dave Culbertson<br>
<b>Sent:</b> Friday, September 07, 2018 4:51 PM<br>
<b>To:</b> <a href="mailto:solo-and-small-practice-section@list.wsba.org" target="_blank">solo-and-small-practice-section@list.wsba.org</a>;
<a href="mailto:creditor-debtor-section@list.wsba.org" target="_blank">creditor-debtor-section@list.wsba.org</a>;
<a href="mailto:wsbapt@lists.wsbarppt.com" target="_blank">wsbapt@lists.wsbarppt.com</a>; <a href="mailto:wsbarp@lists.wsbarppt.com" target="_blank">
wsbarp@lists.wsbarppt.com</a><br>
<b>Subject:</b> [WSBARP] Quit Claim Deed to Trust</span><u></u><u></u></p>
</div>
<p class="MsoNormal"><u></u> <u></u></p>
<p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt">Hello, Listmates.<u></u><u></u></p>
<p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt"><u></u> <u></u></p>
<p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt">I have a client who needs to transfer a parcel of land to her revocable trust (set up for probate purposes). I’m assuming this is like any other QCD, but thought I would check if there is
any hidden wrinkle when doing a QCD from an individual to a trust. Thanks for any pointers.<u></u><u></u></p>
<p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt"><u></u> <u></u></p>
<p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt"><u></u> <u></u></p>
<p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt">Best Regards,<u></u><u></u></p>
<p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt"><u></u> <u></u></p>
<p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt">Dave Culbertson<u></u><u></u></p>
<p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt"><u></u> <u></u></p>
<p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt"><b>The Law Office of Davisson Culbertson, PLLC</b><u></u><u></u></p>
<p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt"><i>19909 Ballinger Way NE<u></u><u></u></i></p>
<p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt"><i>Shoreline, WA 98102<u></u><u></u></i></p>
<p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt"><i><u></u> <u></u></i></p>
<p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt"><i>Office Line: (425) 252-0300<u></u><u></u></i></p>
<p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt"><i>Cell: (206) 478-8134<u></u><u></u></i></p>
<p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt"><i>FAX: (866) 867-7796<u></u><u></u></i></p>
<p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt"><i><u></u> <u></u></i></p>
<p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt"><a href="mailto:dculbertson@culbertsonlawoffice.com" target="_blank"><i>dculbertson@culbertsonlawoffice.com</i></a><u></u><u></u></p>
<p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt"><i><u></u> <u></u></i></p>
<p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt">
<u></u> <u></u></p>
<p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt"><u></u> <u></u></p>
<p class="MsoNormal"><u></u> <u></u></p>
</div>
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