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<p class="MsoNormal">Thanks, Sara, that’s really helpful!<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">Best,<o:p></o:p></p>
<p class="MsoNormal">Candace<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
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<div style="border:none;border-top:solid #E1E1E1 1.0pt;padding:3.0pt 0in 0in 0in">
<p class="MsoNormal"><b>From:</b> wsbapt-bounces@lists.wsbarppt.com <wsbapt-bounces@lists.wsbarppt.com>
<b>On Behalf Of </b>Sara D. Longley<br>
<b>Sent:</b> Tuesday, November 26, 2019 5:52 PM<br>
<b>To:</b> 'WSBA Probate & Trust Listserv' <wsbapt@lists.wsbarppt.com><br>
<b>Subject:</b> Re: [WSBAPT] Revocable trust vs. transfer on death deed(s)<o:p></o:p></p>
</div>
</div>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal"><span style="color:#1F497D">A TODD by definition is a transfer from a decedent, which does result in a stepped-up basis. See 26 USC 1014(a)(1).<o:p></o:p></span></p>
<p class="MsoNormal"><span style="color:#1F497D"><o:p> </o:p></span></p>
<div>
<p class="MsoNormal"><span style="color:#1F497D"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="color:#1F497D"><img width="23" height="27" style="width:.2395in;height:.2812in" id="_x0000_i1025" src="cid:image002.jpg@01D5A494.7D296E80" alt="cid:image001.jpg@01D1F8A6.19C81E60"><o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-family:"Century",serif;color:#1F497D">Sara D. Longley, J.D., LL.M.<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-family:"Century",serif;color:#1F497D"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-family:"Century",serif;color:#1F497D">L</span><span style="font-size:9.0pt;font-family:"Century",serif;color:#1F497D">ONGLEY</span><span style="font-family:"Century",serif;color:#1F497D"> L</span><span style="font-size:9.0pt;font-family:"Century",serif;color:#1F497D">AW</span><span style="font-family:"Century",serif;color:#1F497D">
PLLC <o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-family:"Century",serif;color:#1F497D">1734 NW Market Street<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-family:"Century",serif;color:#1F497D">Seattle, WA 98107<o:p></o:p></span></p>
<p class="MsoNormal"><a href="tel:%28206%29%20434-5644" target="_blank"><span style="font-family:"Century",serif">(206) 434-5644</span></a><span style="font-family:"Century",serif;color:#1F497D"><o:p></o:p></span></p>
<p class="MsoNormal"><a href="mailto:Sara@longley-law.pro" target="_blank"><span style="font-family:"Century",serif">Sara@Longley-law.pro</span></a><span style="font-family:"Century",serif;color:#1F497D"><o:p></o:p></span></p>
<p class="MsoNormal"><a href="http://www.longley-law.pro/" target="_blank"><span style="font-family:"Century",serif">www.longley-law.pro</span></a><span style="font-family:"Century",serif;color:#1F497D"><o:p></o:p></span></p>
<p class="MsoNormal"><span style="color:#1F497D"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="color:#1F497D">ATTENTION CLIENTS: I am in the process of merging my law firm into Ivy Law Group, PLLC. Over the next few months my web site will redirect to
</span><a href="http://www.ivylawgroup.com">www.ivylawgroup.com</a><span style="color:#1F497D"> and I will begin emailing from
</span><a href="mailto:Sara@ivylawgroup.com">Sara@ivylawgroup.com</a><span style="color:#1F497D">. My existing email address and telephone number will continue to function and my physical office location will not change. I look forward to serving you in the
coming years.<o:p></o:p></span></p>
<p class="MsoNormal"><span style="color:#1F497D"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="color:#1F497D">This email is intended only for the individual to whom it is addressed and may contain information that is privileged, confidential, and/or exempt from disclosure. If you have received this message in error,
please inform the sender by telephone or reply email and delete this message and all attachments. Thank you.<o:p></o:p></span></p>
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<p class="MsoNormal"><span style="color:#1F497D"><o:p> </o:p></span></p>
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<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">
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>Roger Hawkes<br>
<b>Sent:</b> Tuesday, November 26, 2019 5:28 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] Revocable trust vs. transfer on death deed(s)<o:p></o:p></p>
</div>
</div>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal"><b><span style="font-size:12.0pt;font-family:"Arial",sans-serif">Has it been determined that a tod deed does not result in stepped up basis?<o:p></o:p></span></b></p>
<p class="MsoNormal"><b><span style="font-size:12.0pt;font-family:"Arial",sans-serif"><o:p> </o:p></span></b></p>
<div>
<p class="MsoNormal"><b><span style="font-size:12.0pt">Roger Hawkes, WSBA 5173<o:p></o:p></span></b></p>
<p class="MsoNormal"><b><span style="font-size:12.0pt">Hawkes Law Firm, P.S.<o:p></o:p></span></b></p>
<p class="MsoNormal">19944 Ballinger Way NE, Suite #100<o:p></o:p></p>
<p class="MsoNormal">Shoreline, WA 98155<o:p></o:p></p>
<p class="MsoNormal">And 423 Main in Sultan, WA 98294<o:p></o:p></p>
<p class="MsoNormal"><a href="http://www.hawkeslawfirm.com/"><span style="color:blue">www.hawkeslawfirm.com</span></a><o:p></o:p></p>
<p class="MsoNormal">206 367 5000 Office<o:p></o:p></p>
<p class="MsoNormal">206 367 4005 Fax<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
</div>
<p class="MsoNormal"><b><span style="font-size:12.0pt;font-family:"Arial",sans-serif"><o:p> </o:p></span></b></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">
wsbapt-bounces@lists.wsbarppt.com</a> <<a href="mailto:wsbapt-bounces@lists.wsbarppt.com">wsbapt-bounces@lists.wsbarppt.com</a>>
<b>On Behalf Of </b>Sara D. Longley<br>
<b>Sent:</b> Monday, November 25, 2019 5:08 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] Revocable trust vs. transfer on death deed(s)<o:p></o:p></p>
</div>
</div>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal"><span style="color:#1F497D">If the trust is revocable, the property will be included in their taxable estate and receive a step-up in basis. And, a trust gives far more flexibility for their plans than a TODD, including the ability to
name one child as trustee for the benefit of all.<o:p></o:p></span></p>
<p class="MsoNormal"><span style="color:#1F497D"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="color:#1F497D">Best,<o:p></o:p></span></p>
<p class="MsoNormal"><span style="color:#1F497D">Sara<o:p></o:p></span></p>
<div>
<p class="MsoNormal"><span style="color:#1F497D"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="color:#1F497D"><img border="0" width="23" height="27" style="width:.2395in;height:.2812in" id="Picture_x0020_1" src="cid:image003.jpg@01D5A494.7D296E80" alt="cid:image001.jpg@01D1F8A6.19C81E60"><o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-family:"Century",serif;color:#1F497D">Sara D. Longley, J.D., LL.M.<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-family:"Century",serif;color:#1F497D"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-family:"Century",serif;color:#1F497D">L</span><span style="font-size:9.0pt;font-family:"Century",serif;color:#1F497D">ONGLEY</span><span style="font-family:"Century",serif;color:#1F497D"> L</span><span style="font-size:9.0pt;font-family:"Century",serif;color:#1F497D">AW</span><span style="font-family:"Century",serif;color:#1F497D">
PLLC <o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-family:"Century",serif;color:#1F497D">1734 NW Market Street<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-family:"Century",serif;color:#1F497D">Seattle, WA 98107<o:p></o:p></span></p>
<p class="MsoNormal"><a href="tel:%28206%29%20434-5644" target="_blank"><span style="font-family:"Century",serif">(206) 434-5644</span></a><span style="font-family:"Century",serif;color:#1F497D"><o:p></o:p></span></p>
<p class="MsoNormal"><a href="mailto:Sara@longley-law.pro" target="_blank"><span style="font-family:"Century",serif">Sara@Longley-law.pro</span></a><span style="font-family:"Century",serif;color:#1F497D"><o:p></o:p></span></p>
<p class="MsoNormal"><a href="http://www.longley-law.pro/" target="_blank"><span style="font-family:"Century",serif">www.longley-law.pro</span></a><span style="font-family:"Century",serif;color:#1F497D"><o:p></o:p></span></p>
<p class="MsoNormal"><span style="color:#1F497D"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="color:#1F497D">ATTENTION CLIENTS: I am in the process of merging my law firm into Ivy Law Group, PLLC. Over the next few months my web site will redirect to
</span><a href="http://www.ivylawgroup.com">www.ivylawgroup.com</a><span style="color:#1F497D"> and I will begin emailing from
</span><a href="mailto:Sara@ivylawgroup.com">Sara@ivylawgroup.com</a><span style="color:#1F497D">. My existing email address and telephone number will continue to function and my physical office location will not change. I look forward to serving you in the
coming years.<o:p></o:p></span></p>
<p class="MsoNormal"><span style="color:#1F497D"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="color:#1F497D">This email is intended only for the individual to whom it is addressed and may contain information that is privileged, confidential, and/or exempt from disclosure. If you have received this message in error,
please inform the sender by telephone or reply email and delete this message and all attachments. Thank you.<o:p></o:p></span></p>
</div>
<p class="MsoNormal"><span style="color:#1F497D"><o:p> </o:p></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">
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>Candace Wilkerson<br>
<b>Sent:</b> Monday, November 25, 2019 4:57 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> [WSBAPT] Revocable trust vs. transfer on death deed(s)<o:p></o:p></p>
</div>
</div>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">Hi Listmates,<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">An local attorney friend of mine is dealing with the issue below, and I suggested that the listserv might have some ideas—since I wasn’t quite sure how to deal with it. <o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">I have PC's who do not want to do a Revocable Living Trust and instead do a Transfer on Death Deed to their three children. One child is over 18 years old, but the other two are under 18 years old. The reason the PC does not want to do
a Revocable Living Trust is to preserve the step up in basis on the appreciation of the property. PC's believe the potential capital gains on the eventual sale of the home does not warrant putting the property into a Revocable Trust. My question is whether
doing a TD Deed is even a viable solution? Each spouse would have to do one for their 1/2 interest and if one of them passes before the other the deceased spouse would be passing their interest to the kids and not the spouse (which is not what I think they
would want). Also, how do minors take title to property? In the name of the children's trustee? <o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">The PC's want to allow their older daughter to move into the house and keep it until the youngest is 18 years old and then it can be sold at that time. Is there another solution that anyone would suggest?
<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">Thanks,<o:p></o:p></p>
<p class="MsoNormal">Candace Wilkerson<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal"><span style="color:#1F497D"><img border="0" width="206" height="61" style="width:2.1458in;height:.6354in" id="_x0000_i1027" src="cid:image004.png@01D5A494.7D296E80"></span><o:p></o:p></p>
<p class="MsoNormal"><span style="font-size:10.0pt;font-family:"Tahoma",sans-serif;color:black">Top Ranked Law Firm for 2015 by Fortune Magazine and American Lawyer Media</span><o:p></o:p></p>
<p class="MsoNormal"><span style="font-size:10.0pt;color:black">Candace Wilkerson<b> |</b> Senior Associate</span><b><span style="font-size:10.0pt;color:red"> </span></b><b><span style="font-size:10.0pt;color:#484848">|
</span></b><span style="font-size:10.0pt;color:black">Wong Fleming </span><o:p></o:p></p>
<p class="MsoNormal"><span style="font-size:10.5pt;color:#7F7F7F"><img border="0" width="400" height="2" style="width:4.1666in;height:.0208in" id="_x0000_i1028" src="cid:image005.png@01D5A494.7D296E80"></span><o:p></o:p></p>
<p class="MsoNormal"><span style="font-size:10.0pt;color:black">10675 Willows Road NE, Suite 250
</span><b><span style="font-size:10.0pt;color:#484848">| </span></b><span style="font-size:10.0pt;color:#484848"> </span><span style="font-size:10.0pt;color:black">Redmond, WA 98052</span><span style="font-size:10.0pt;color:#484848"><br>
</span><span style="font-size:10.0pt;color:black">Phone: 425.869.4040 </span><b><span style="font-size:10.0pt;color:#484848">|</span></b><span style="font-size:10.0pt;color:#484848">
</span><span style="font-size:10.0pt;color:black">Fax: 425.869.4050 <br>
</span><a href="mailto:cwilkerson@wongfleming.com"><span style="font-size:10.0pt">cwilkerson@wongfleming.com</span></a><o:p></o:p></p>
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