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</o:shapelayout></xml><![endif]--></head><body lang=EN-US link=blue vlink=purple style='tab-interval:.5in'><div class=WordSection1><p class=MsoNormal><span style='font-size:11.0pt;font-family:"Calibri","sans-serif";mso-bidi-font-family:"Times New Roman";color:#1F497D'>No specific experience with what you describe, but a couple of suggestions:<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:11.0pt;font-family:"Calibri","sans-serif";mso-bidi-font-family:"Times New Roman";color:#1F497D'><o:p> </o:p></span></p><p class=MsoNormal><span style='font-size:11.0pt;font-family:"Calibri","sans-serif";mso-bidi-font-family:"Times New Roman";color:#1F497D'>First, I would look at the RLT to see if non-<span class=SpellE>prorata</span> distributions are permitted from the parents’ trust. I would also look at the probate code, as I think there is a statute that allows non-<span class=SpellE>prorata</span> distributions (cannot cite off top).<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:11.0pt;font-family:"Calibri","sans-serif";mso-bidi-font-family:"Times New Roman";color:#1F497D'><o:p> </o:p></span></p><p class=MsoNormal><span style='font-size:11.0pt;font-family:"Calibri","sans-serif";mso-bidi-font-family:"Times New Roman";color:#1F497D'>Second, I wonder if the RLT really requires specific distributions of the <u>properties</u> equally to the kids. More likely it says that the kids receive equal <i style='mso-bidi-font-style:normal'>shares </i>of the trust assets, which could be completed under the non-<span class=SpellE>prorata</span> scheme.<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:11.0pt;font-family:"Calibri","sans-serif";mso-bidi-font-family:"Times New Roman";color:#1F497D'><o:p> </o:p></span></p><p class=MsoNormal><span style='font-size:11.0pt;font-family:"Calibri","sans-serif";mso-bidi-font-family:"Times New Roman";color:#1F497D'>Third, the properties in the FLP could possibly be deeded out of the FLP to parents’ RLT, as that may qualify as a non-recognition transaction.</span> <span style='font-size:11.0pt;font-family:"Calibri","sans-serif";mso-bidi-font-family:"Times New Roman";color:#1F497D'><a href="https://app.leg.wa.gov/wac/default.aspx?cite=458-61A-211">https://app.leg.wa.gov/wac/default.aspx?cite=458-61A-211</a><o:p></o:p></span></p><p class=MsoNormal><span style='font-size:11.0pt;font-family:"Calibri","sans-serif";mso-bidi-font-family:"Times New Roman";color:#1F497D'> Once in the RLT, then proceed with the non-<span class=SpellE>prorata</span> distribution plan.<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:11.0pt;font-family:"Calibri","sans-serif";mso-bidi-font-family:"Times New Roman";color:#1F497D'><o:p> </o:p></span></p><p class=MsoNormal><span style='font-size:11.0pt;font-family:"Calibri","sans-serif";mso-bidi-font-family:"Times New Roman";color:#1F497D'>Revenue is always going to tell you then want excise tax.<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:11.0pt;font-family:"Calibri","sans-serif";mso-bidi-font-family:"Times New Roman";color:#1F497D'>I see potential to avoid a lot of excise tax with nine parcels being involved, and suggest this is worth looking at, and possibly even consulting with an excise tax specialist in one of the big firms.<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:11.0pt;font-family:"Calibri","sans-serif";mso-bidi-font-family:"Times New Roman";color:#1F497D'>This is all ‘off the top’, but based on dealing with a lot of excise tax exemptions.<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:11.0pt;font-family:"Calibri","sans-serif";mso-bidi-font-family:"Times New Roman";color:#1F497D'><o:p> </o:p></span></p><p class=MsoNormal><span style='font-size:11.0pt;font-family:"Calibri","sans-serif";mso-fareast-font-family:"Times New Roman";mso-bidi-font-family:"Times New Roman";color:#1F497D;mso-no-proof:yes'>Michael A. Winslow<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:11.0pt;font-family:"Calibri","sans-serif";mso-fareast-font-family:"Times New Roman";mso-bidi-font-family:"Times New Roman";color:#1F497D;mso-no-proof:yes'>1204 Cleveland Ave.<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:11.0pt;font-family:"Calibri","sans-serif";mso-fareast-font-family:"Times New Roman";mso-bidi-font-family:"Times New Roman";color:#1F497D;mso-no-proof:yes'>Mount Vernon, WA 98273<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:11.0pt;font-family:"Calibri","sans-serif";mso-fareast-font-family:"Times New Roman";mso-bidi-font-family:"Times New Roman";color:#1F497D;mso-no-proof:yes'>Ph. 360-336-3321<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:11.0pt;font-family:"Calibri","sans-serif";mso-fareast-font-family:"Times New Roman";mso-bidi-font-family:"Times New Roman";color:#1F497D;mso-no-proof:yes'>Em. Mike@winslegal.com<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:11.0pt;font-family:"Calibri","sans-serif";mso-fareast-font-family:"Times New Roman";mso-bidi-font-family:"Times New Roman";color:#1F497D;mso-no-proof:yes'><o:p> </o:p></span></p><p class=MsoNormal><span style='font-size:11.0pt;font-family:"Calibri","sans-serif";mso-fareast-font-family:"Times New Roman";mso-bidi-font-family:"Times New Roman";color:#1F497D;mso-no-proof:yes'>This message is from an attorney, so it’s confidential. If you are not the intended recipient, it’s too late to stop reading this message, but you may not use it for any improper purpose. Huge Disclaimer available upon request.<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:11.0pt;font-family:"Calibri","sans-serif";mso-bidi-font-family:"Times New Roman";color:#1F497D'><o:p> </o:p></span></p><p class=MsoNormal><b><span style='font-size:10.0pt;font-family:"Tahoma","sans-serif";mso-fareast-font-family:"Times New Roman"'>From:</span></b><span style='font-size:10.0pt;font-family:"Tahoma","sans-serif";mso-fareast-font-family:"Times New Roman"'> wsbapt-bounces@lists.wsbarppt.com [mailto:wsbapt-bounces@lists.wsbarppt.com] <b>On Behalf Of </b>Kira Rubel<br><b>Sent:</b> Thursday, January 07, 2021 3:20 PM<br><b>To:</b> WSBA Probate & Trust Listserv<br><b>Subject:</b> [WSBAPT] Excise tax on inherited properties of FLP and RLT<o:p></o:p></span></p><p class=MsoNormal><o:p> </o:p></p><div><p class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto'>Hello list! <o:p></o:p></p><p class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto'><o:p> </o:p></p><p class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto'>I have three clients who <span class=gmail-il>inherited</span> 9 <span class=gmail-il>properties</span> from their now-deceased parents, <span class=gmail-il>out</span> of the parents' Family Limited Partnership and the parents' living trust. Now, we're in the process of transferring title to each child's LLC or living trust. <o:p></o:p></p><div><p class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto'> <o:p></o:p></p></div><div><p class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto'>The parents did not leave specific <span class=gmail-il>properties</span> to specific kids, rather all <span class=gmail-il>properties</span> were left to all three children. The three adult children decided among themselves how to divide up the <span class=gmail-il>properties</span> (and cash). Each child is taking 3 <span class=gmail-il>properties</span> in their entirety. <o:p></o:p></p></div><div><p class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto'> <o:p></o:p></p></div><div><p class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto'>My office spoke with the DOR-<span class=gmail-il>Excise</span> <span class=gmail-il>Tax</span> department and they said we might have an <span class=gmail-il>excise</span> <span class=gmail-il>tax</span> problem for 2 reasons. One, all properties were left to all 3 kids to divy up as they please. Two, is it even possible to transfer the properties directly from the parents' FLP/RLT to each child's LLC or own living trust? <o:p></o:p></p><p class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto'> <o:p></o:p></p><p class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto'>Has anyone done this in practice? I'm concerned about getting the WAC exemption correct!<o:p></o:p></p></div><div><p class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto'> <o:p></o:p></p></div><div><p class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto'>Many thanks! <o:p></o:p></p></div><div><div><div><div><p><i><span style='font-size:13.5pt;font-family:"Cambria","serif"'>Kira M. Rubel, Esq.</span></i><o:p></o:p></p><p style='background-image:initial;background-position:initial;background-repeat:initial'><i><span style='font-size:10.0pt;font-family:"Cambria","serif"'>*Licensed in CA and WA</span></i><o:p></o:p></p><p class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto'><span style='color:#222222'><img border=0 width=96 height=48 id="_x0000_i1025" src="https://drive.google.com/a/theharborlawgroup.com/uc?id=1E57YB_h2v4LJLf-5LkuttKj5KjL212Bk&export=download"><o:p></o:p></span></p><p class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto'><span style='color:#222222'><o:p> </o:p></span></p><p class=MsoNormal style='mso-margin-top-alt:auto'><b><span style='font-family:"Georgia","serif";color:#222222'>The Harbor Law Group </span></b><span style='color:#222222'><o:p></o:p></span></p><p class=MsoNormal style='mso-margin-top-alt:auto'><span style='font-family:"Georgia","serif";color:#222222'>(<i>formerly, Law Office of Kira M. Rubel</i>)</span><span style='color:#222222'><o:p></o:p></span></p><p class=MsoNormal style='mso-margin-top-alt:auto'><b><span style='font-family:"Georgia","serif";color:#222222'>3615 Harborview Drive NW, Suite C (on the dock)</span></b><span style='color:#222222'><o:p></o:p></span></p><p class=MsoNormal style='mso-margin-top-alt:auto'><b><span style='font-family:"Georgia","serif";color:#222222'>Gig Harbor, WA 98332-2129</span></b><span style='font-family:"Georgia","serif";color:#222222'> </span><span style='color:#222222'><o:p></o:p></span></p><p class=MsoNormal style='mso-margin-top-alt:auto'><span style='font-family:"Georgia","serif";color:#222222'>CA Bar No. 253970 / WA Bar No. 51691</span><span style='color:#222222'><o:p></o:p></span></p><p class=MsoNormal style='mso-margin-top-alt:auto'><span style='font-family:"Georgia","serif";color:#222222'>Tel. (253) 358-2215 | (800) 836-6531</span><span style='color:#222222'><o:p></o:p></span></p><p class=MsoNormal style='mso-margin-top-alt:auto'><span style='font-family:"Georgia","serif";color:#222222'>Fax. (253) 358-2191</span><span style='color:#222222'><o:p></o:p></span></p><p class=MsoNormal style='mso-margin-top-alt:auto'><u><span style='font-family:"Georgia","serif";color:#1155CC'><a href="https://theharborlawgroup.com/" target="_blank">https://theharborlawgroup.com/</a></span></u><o:p></o:p></p><p style='text-align:justify;line-height:8.5pt;background-image:initial;background-position:initial;background-repeat:initial'><span style='font-size:7.5pt;font-family:"Trebuchet MS","sans-serif"'>The information transmitted (including any attachments) is intended only for the person to whom it is addressed and may contain confidential and/or privileged material that may be protected by law from disclosure. If you receive this transmission in error, please notify the sender by reply e-mail and delete the message and any attachments from your computer. Any review, retransmission, dissemination, copying, or other use of, or taking of any action in reliance upon, this information by persons or entities other than the intended recipient is prohibited.</span><o:p></o:p></p><p style='text-align:justify;line-height:8.5pt;background-image:initial;background-position:initial;background-repeat:initial'><span style='font-size:7.5pt;font-family:"Trebuchet MS","sans-serif"'>No Tax Advice: No matter what I say in this email, I am an attorney, not a tax advisor and cannot provide any tax advice to you! Please refer all tax matters to your own tax advisor to ensure you are receiving the most up-to-date and relevant tax advice. </span><o:p></o:p></p></div></div></div></div></div></div></body></html>