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<p class="MsoNormal"><span style="font-size:11.0pt">Thanks, Marcus. The decedent’s loan will not remain in place under any circumstances. Either the granddaughter assumes the loan (based on approval of the mortgage company, which will result in transferring
the mortgage into her name) or she gets refinanced. Assuming she cannot qualify for either, the estate will be forced to sell.<o:p></o:p></span></p>
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<b><span style="font-size:13.0pt;font-family:"Cambria",serif;color:#203864">Inge A. Fordham | Attorney</span></b><b><span style="font-size:13.0pt;font-family:"Cambria",serif;color:black"><o:p></o:p></span></b></p>
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<p class="MsoNormal"><b><span style="color:black">From: </span></b><span style="color:black"><wsbapt-bounces@lists.wsbarppt.com> on behalf of Marcus Fry <mfry@lyon-law.com><br>
<b>Reply-To: </b>WSBA Probate & Trust Listserv <wsbapt@lists.wsbarppt.com><br>
<b>Date: </b>Tuesday, November 3, 2020 at 3:15 PM<br>
<b>To: </b>WSBA Probate & Trust Listserv <wsbapt@lists.wsbarppt.com><br>
<b>Subject: </b>Re: [WSBAPT] Valuation of Real Property Owned by an Estate<o:p></o:p></span></p>
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<p class="MsoNormal"><span style="font-size:11.0pt"><o:p> </o:p></span></p>
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<p class="MsoNormal"><a name="_GoBack"></a><span style="font-size:11.0pt;color:#1F497D">Inge:</span><o:p></o:p></p>
<p class="MsoNormal"><span style="font-size:11.0pt;color:#1F497D">My 2 cents.</span><o:p></o:p></p>
<p class="MsoNormal"><span style="font-size:11.0pt;color:#1F497D"> </span><o:p></o:p></p>
<p class="MsoNormal"><span style="font-size:11.0pt;color:#1F497D">I would get a current market analysis (or broker’s opinion of value) for the realtor (some do it for free others charge $50-$150) and then have the PR communicate with the other heirs to see
if there is any disagreement with regard to value. Saves the cost of a formal appraisal if there is no dispute based upon the CMA/Broker’s Opinion. I would use current value for the purposes of distribution rather than date of death value. No different
than $100000 sitting in the estate account at death, and then being worth $100,500 at time of distribution.</span><o:p></o:p></p>
<p class="MsoNormal"><span style="font-size:11.0pt;color:#1F497D"> </span><o:p></o:p></p>
<p class="MsoNormal"><span style="font-size:11.0pt;color:#1F497D">Note: Not a big fan of the PR leaving decedent’s loan in place for decedent’s granddaughter. Make sure you send NTC to lender and make sure granddaughter provides proof of homeowner insurance
to provide as much protection to PR as possible. I would say get an indemnity, but given that granddaughter has poor credit, may not be worth anything.
</span><o:p></o:p></p>
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<p class="MsoNormal" style="text-align:justify"><span style="font-size:10.0pt;font-family:"Arial",sans-serif;color:#1F497D">Marcus J. Fry</span><o:p></o:p></p>
<p class="MsoNormal"><span style="font-size:10.0pt;font-family:"Arial",sans-serif;color:#1F497D">Lyon, Weigand & Gustafson, P.S.
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<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>Inge Fordham<br>
<b>Sent:</b> Tuesday, November 03, 2020 2:56 PM<br>
<b>To:</b> WSBA Probate & Trust Listserv<br>
<b>Subject:</b> Re: [WSBAPT] Valuation of Real Property Owned by an Estate</span><o:p></o:p></p>
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<p class="MsoNormal"> <o:p></o:p></p>
<p class="MsoNormal"><span style="font-size:11.0pt">That’s my thought as well. Just wanted to see what other folks do under these circumstances. For purposes of determining estate income tax, do we need an appraisal for the value at date of death and at also
at date of disposition? I’m not an accountant, but my understanding is that an increase in the value of the property in excess of $600 in a calendar year triggers estate income tax.
</span><o:p></o:p></p>
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<b><span style="font-size:13.0pt;font-family:"Cambria",serif;color:#203864">Inge A. Fordham | Attorney</span></b><o:p></o:p></p>
<p class="MsoNormal" style="margin-bottom:3.0pt"><span style="font-family:"Cambria",serif;color:black">Fordham Law, PLLC</span><o:p></o:p></p>
<p class="MsoNormal" style="margin-bottom:3.0pt"><span style="font-family:"Cambria",serif;color:black">3218 Sixth Avenue | Tacoma, WA 98406</span><o:p></o:p></p>
<p class="MsoNormal" style="margin-bottom:3.0pt"><span style="font-family:"Cambria",serif;color:black">Office: (253) 348-2657 | Mobile: (206) 778-3131</span><o:p></o:p></p>
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<p class="MsoNormal"><b><span style="color:black">From: </span></b><span style="color:black"><wsbapt-bounces@lists.wsbarppt.com> on behalf of Eric Nelsen <Eric@sayrelawoffices.com><br>
<b>Reply-To: </b>WSBA Probate & Trust Listserv <wsbapt@lists.wsbarppt.com><br>
<b>Date: </b>Tuesday, November 3, 2020 at 2:42 PM<br>
<b>To: </b>WSBA Probate & Trust Listserv <wsbapt@lists.wsbarppt.com><br>
<b>Subject: </b>Re: [WSBAPT] Valuation of Real Property Owned by an Estate</span><o:p></o:p></p>
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<p class="MsoNormal"><span style="font-size:11.0pt"> </span><o:p></o:p></p>
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<p class="MsoNormal"><span style="font-size:11.0pt">For purposes of valuing a distribution to the granddaughter, where other beneficiaries could be prejudiced if it's misvalued, I would get a certified appraisal. I never used assessed value for these situations.</span><o:p></o:p></p>
<p class="MsoNormal"><span style="font-size:11.0pt"> </span><o:p></o:p></p>
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<p class="MsoNormal"><span style="font-size:11.0pt">Sincerely,</span><o:p></o:p></p>
<p class="MsoNormal"><span style="font-size:11.0pt"> </span><o:p></o:p></p>
<p class="MsoNormal"><span style="font-size:11.0pt">Eric</span><o:p></o:p></p>
<p class="MsoNormal"><span style="font-size:11.0pt"> </span><o:p></o:p></p>
<p class="MsoNormal"><span style="font-size:11.0pt">Eric C. Nelsen</span><o:p></o:p></p>
<p class="MsoNormal"><span style="font-size:11.0pt">Sayre Law Offices, PLLC</span><o:p></o:p></p>
<p class="MsoNormal"><span style="font-size:11.0pt">1417 31st Ave South</span><o:p></o:p></p>
<p class="MsoNormal"><span style="font-size:11.0pt">Seattle WA 98144-3909</span><o:p></o:p></p>
<p class="MsoNormal"><span style="font-size:11.0pt">206-625-0092</span><o:p></o:p></p>
<p class="MsoNormal"><span style="font-size:11.0pt"><a href="mailto:eric@sayrelawoffices.com">eric@sayrelawoffices.com</a></span><o:p></o:p></p>
<p class="MsoNormal"><span style="font-size:11.0pt"> </span><o:p></o:p></p>
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<p class="MsoNormal"><b><span style="font-size:11.0pt">From:</span></b><span style="font-size:11.0pt"> wsbapt-bounces@lists.wsbarppt.com <wsbapt-bounces@lists.wsbarppt.com>
<b>On Behalf Of </b>Inge Fordham<br>
<b>Sent:</b> Tuesday, November 3, 2020 2:16 PM<br>
<b>To:</b> WSBA Probate & Trust Listserv <wsbapt@lists.wsbarppt.com><br>
<b>Subject:</b> [WSBAPT] Valuation of Real Property Owned by an Estate</span><o:p></o:p></p>
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<p class="MsoNormal"> <o:p></o:p></p>
<p class="MsoNormal"><span style="font-size:11.0pt">Colleagues:</span><o:p></o:p></p>
<p class="MsoNormal"><span style="font-size:11.0pt"> </span><o:p></o:p></p>
<p class="MsoNormal"><span style="font-size:11.0pt">In past probate cases I have handled with real property owned by the estate, the PR or administrator has either sold real property or conveyed it to a sole beneficiary. I now find myself dealing with a situation
where the estate owns a townhome in which the granddaughter (one of several beneficiaries under the will) is living and would like to retain. It is encumbered by a mortgage and unlikely the granddaughter can get approved to refinance or assume the mortgage.
How does the PR determine the net value of the townhome - it varies widely depending on whether the value is determined by the tax assessed value or appraised value. I have seen attorneys use both. Is there a bright line rule?</span><o:p></o:p></p>
<p class="MsoNormal"><span style="font-size:11.0pt"> </span><o:p></o:p></p>
<p class="MsoNormal"><span style="font-size:11.0pt">Thank you, </span><o:p></o:p></p>
<p class="MsoNormal"><span style="font-size:11.0pt"> </span><o:p></o:p></p>
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<b><span style="font-size:13.0pt;font-family:"Cambria",serif;color:#203864">Inge A. Fordham | Attorney</span></b><o:p></o:p></p>
<p class="MsoNormal" style="margin-bottom:3.0pt"><span style="font-family:"Cambria",serif;color:black">Fordham Law, PLLC</span><o:p></o:p></p>
<p class="MsoNormal" style="margin-bottom:3.0pt"><span style="font-family:"Cambria",serif;color:black">3218 Sixth Avenue | Tacoma, WA 98406</span><o:p></o:p></p>
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