<div dir="ltr">So it sounds like two deeds are not necessary if the parties purchased the property during marriage. Thanks everyone!<div><br></div></div><br><div class="gmail_quote"><div dir="ltr" class="gmail_attr">On Thu, Dec 16, 2021 at 3:59 PM Diane J. Kiepe <<a href="mailto:DJKiepe@depdslaw.com">DJKiepe@depdslaw.com</a>> wrote:<br></div><blockquote class="gmail_quote" style="margin:0px 0px 0px 0.8ex;border-left-width:1px;border-left-style:solid;border-left-color:rgb(204,204,204);padding-left:1ex">
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<p class="MsoNormal"><span style="font-size:16pt">Sarah,<u></u><u></u></span></p>
<p class="MsoNormal"><span style="font-size:16pt"><u></u> <u></u></span></p>
<p class="MsoNormal"><span style="font-size:16pt">California’s law is very specific to real estate there and whether both sides get a step up in basis depends on the deed language.<u></u><u></u></span></p>
<p class="MsoNormal"><span style="font-size:16pt"><u></u> <u></u></span></p>
<p class="MsoNormal"><i><span style="font-family:"Script MT Bold"">Diane J. Kiepe<u></u><u></u></span></i></p>
<p class="MsoNormal"><i><span style="font-family:"Script MT Bold""><u></u> <u></u></span></i></p>
<p class="MsoNormal">Diane J. Kiepe<u></u><u></u></p>
<p class="MsoNormal">Douglas Eden<u></u><u></u></p>
<p class="MsoNormal">717 W. Sprague Ave.<u></u><u></u></p>
<p class="MsoNormal">Suite 1500<u></u><u></u></p>
<p class="MsoNormal">Spokane, WA 99201<u></u><u></u></p>
<p class="MsoNormal"><a href="mailto:djkiepe@depdslaw.com" target="_blank"><span style="color:rgb(5,99,193)">djkiepe@depdslaw.com</span></a><u></u><u></u></p>
<p class="MsoNormal">509-455-5300<u></u><u></u></p>
<p class="MsoNormal"><span style="font-size:16pt"><u></u> <u></u></span></p>
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<p class="MsoNormal"><b>From:</b> <a href="mailto:wsbapt-bounces@lists.wsbarppt.com" target="_blank">wsbapt-bounces@lists.wsbarppt.com</a> <<a href="mailto:wsbapt-bounces@lists.wsbarppt.com" target="_blank">wsbapt-bounces@lists.wsbarppt.com</a>>
<b>On Behalf Of </b>Sarah McCarthy<br>
<b>Sent:</b> Thursday, December 16, 2021 3:47 PM<br>
<b>To:</b> WSBA Probate & Trust Listserv <<a href="mailto:wsbapt@lists.wsbarppt.com" target="_blank">wsbapt@lists.wsbarppt.com</a>><br>
<b>Subject:</b> Re: [WSBAPT] Deeding house to revocable living trust<u></u><u></u></p>
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<p class="MsoNormal" style="margin-bottom:0.25in"><span style="font-size:18pt;font-family:Garamond,serif">Interesting question, please reply to list! <u></u><u></u></span></p>
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<p class="MsoNormal"><span style="font-size:18pt;font-family:Garamond,serif">I've been under the impression that a step up does occur on the first death for property held in a revocable living trust, based on the notion that the trust is fully revocable
by both trustors at least until one of them has died. For so long as it's fully revocable, it's considered a "disregarded entity" by the IRS during the trustors' shared lifetimes - hence the option of using the trustors' SSNs in lieu of obtaining an EIN tax
ID number for the trust during the trustors' lifetimes. <u></u><u></u></span></p>
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<p class="MsoNormal"><span style="font-size:18pt;font-family:Garamond,serif"><u></u> <u></u></span></p>
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<p style="margin:0in"><b><span style="font-family:Arial,sans-serif;color:black">Sarah O’Farrell McCarthy</span></b><u></u><u></u></p>
<p style="margin:0in"><b><span style="font-family:Arial,sans-serif;color:black">(Pronouns: she / her)<br>
</span></b><span style="font-family:Arial,sans-serif">Attorney | <span style="color:black">
Kelly, Arndt & Walker, Attorneys at Law, PLLP</span></span><span style="color:rgb(31,73,125)"><br>
</span><span style="font-family:Arial,sans-serif;color:black">P.O. Box 290 | 6443 Harding Avenue | Clinton, WA 98236</span><u></u><u></u></p>
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Phone: (360) 341-1515 | Fax: (360) 341-3272</span><span style="color:black"><br>
</span><span style="font-family:Arial,sans-serif;color:rgb(34,34,34)"><a href="mailto:sarah@kawlawyers.com" target="_blank">sarah@kawlawyers.com</a></span><span style="color:rgb(31,73,125)"> </span><span style="color:black">|
<a href="http://www.kawlawyers.com" target="_blank">www.kawlawyers.com</a></span><u></u><u></u></p>
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<p class="MsoNormal">On Thu, Dec 16, 2021 at 3:17 PM Ann Manley <<a href="mailto:annmanleyrppt@gmail.com" target="_blank">annmanleyrppt@gmail.com</a>> wrote:<u></u><u></u></p>
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<p class="MsoNormal">Several California attorneys I've talked to say that if a house is owned by a husband and wife (and deed does not specify CP), they will deed the property to H&W as community property with right of survivorship first,
<i><u>then</u></i> deed into the RLT. This is to ensure a double step-up in basis with no headaches.<br clear="all">
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<p class="MsoNormal"><u></u> <u></u></p>
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<p class="MsoNormal">Is that kind of two-deed process necessary here in Washington to get a double step-up in basis? <u></u><u></u></p>
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<p class="MsoNormal"><span style="font-size:10pt;font-family:Arial,sans-serif;color:rgb(34,34,34)">Ann Manley, Esq.</span><span style="color:rgb(34,34,34)"><u></u><u></u></span></p>
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<p class="MsoNormal"><span style="font-size:10pt;font-family:Arial,sans-serif;color:rgb(34,34,34)">The Manley Law Firm, P.S., Inc.</span><span style="color:rgb(34,34,34)"><u></u><u></u></span></p>
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<p class="MsoNormal"><span style="font-size:10pt;font-family:Arial,sans-serif;color:rgb(34,34,34)">Seattle, WA 98116</span><span style="color:rgb(34,34,34)"><u></u><u></u></span></p>
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