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<p class="MsoNormal"><span style="font-family:"Georgia Pro",serif">Mike,<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-family:"Georgia Pro",serif"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-family:"Georgia Pro",serif">The asset passed to the survivor/beneficiary immediately upon death and the post-death income should follow and be reported on the survivor/beneficiary’s tax return.<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-family:"Georgia Pro",serif"><o:p> </o:p></span></p>
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<p class="MsoNormal"><span style="font-size:16.0pt;font-family:"Monotype Corsiva";color:blue">Stuart Scarff, Esq.<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:9.0pt;font-family:"Comic Sans MS";color:navy">3035 Island Crest Way, Suite 201</span><span style="font-size:9.0pt;font-family:"Times New Roman",serif;color:navy"><o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:9.0pt;font-family:"Comic Sans MS";color:navy">Mercer Island, WA 98040</span><span style="font-size:9.0pt;color:navy"><o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:9.0pt;font-family:"Comic Sans MS";color:navy">206.236.1500<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:9.0pt;font-family:"Comic Sans MS";color:navy">206.905.5912 (fax)<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:9.0pt;font-family:"Comic Sans MS";color:navy"><a href="http://www.scarfflaw.com/"><span style="color:blue">www.scarfflaw.com</span></a><o:p></o:p></span></p>
<p class="MsoNormal"><a href="http://www.facebook.com/ScarffLawFirm"><span style="color:blue;text-decoration:none"><img border="0" width="24" height="24" style="width:.25in;height:.25in" id="Picture_x0020_5" src="cid:image001.png@01D83472.41EB85E0" alt="Description: FaceBook-icon"></span></a><span style="color:#1F497D">
</span><a href="http://www.linkedin.com/pub/stuart-scarff/2/706/97"><span style="color:blue;text-decoration:none"><img border="0" width="24" height="24" style="width:.25in;height:.25in" id="Picture_x0020_6" src="cid:image002.png@01D83472.41EB85E0" alt="Description: Linked-In-icon"></span></a><span style="color:#1F497D"> </span><a href="http://www.scarfflaw.com/"><span style="color:#1F497D;text-decoration:none"><img border="0" width="186" height="70" style="width:1.9375in;height:.7291in" id="Picture_x0020_7" src="cid:image003.png@01D83472.41EB85E0"></span></a><span style="font-size:9.0pt;font-family:"Comic Sans MS";color:navy"><o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:13.5pt;font-family:Webdings;color:#008040">P</span><span style="font-size:7.5pt;font-family:"Verdana",sans-serif;color:#008040"> Please consider the environment before printing this e-mail</span><span style="color:black"><o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:7.5pt;color:navy">This message and any attachments hereto are intended for the exclusive use of the addressee and may contain proprietary, confidential and/or privileged information. If you are not the intended recipient,
please delete this message and notify me immediately that you received this message in error; and do not copy, disclose or distribute this message to anyone.</span><o:p></o:p></p>
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<p class="MsoNormal"><span style="font-family:"Georgia Pro",serif"><o:p> </o:p></span></p>
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<p class="MsoNormal"><b>From:</b> wsbapt-bounces@lists.wsbarppt.com <wsbapt-bounces@lists.wsbarppt.com>
<b>On Behalf Of </b>Mike Zeno<br>
<b>Sent:</b> Thursday, March 10, 2022 10:55 AM<br>
<b>To:</b> WSBA Probate & Trust Listserv <wsbapt@lists.wsbarppt.com><br>
<b>Subject:</b> [WSBAPT] Immediate transfer on death/1041 income<o:p></o:p></p>
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<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Times New Roman",serif;color:#002060">I have been scratching my head about this one:<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Times New Roman",serif;color:#002060"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Times New Roman",serif;color:#002060">Securities are held in a way that title transfers immediately on death—joint tenancy with right of survivorship, transfer on death, whatever. Probate is
opened because there are some assets that are <i>not</i> nonprobate assets. Securities earn dividend income while the estate is open. Is this income of the estate, reportable on the 1041? Or since securities never passed through the estate, is that not
the case, and post-death income simply reported on 1040 of survivor?<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Times New Roman",serif;color:#002060"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Times New Roman",serif;color:#002060">???<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Times New Roman",serif;color:#002060"><o:p> </o:p></span></p>
<p class="MsoNormal"><b><span style="color:#1F497D">The Law Office of G. Michael Zeno, Jr., P.S.<o:p></o:p></span></b></p>
<p class="MsoNormal"><span style="color:#1F497D">T: (425) 947-8050 F: (425) 947-8052<o:p></o:p></span></p>
<p class="MsoNormal"><span style="color:#1F497D">135 Lake Street S., Suite 257<o:p></o:p></span></p>
<p class="MsoNormal"><span style="color:#1F497D">Kirkland, WA 98033<o:p></o:p></span></p>
<p class="MsoNormal"><span style="color:#1F497D"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><b><span style="color:#C00000">Confidential/Privileged Communication:</span></b><span style="color:gray"> This email and any attachments are confidential, privileged and intended
only for the intended recipient(s). Unauthorized disclosure, copying, distribution or use of this email is prohibited. If you received this email in error, please notify me immediately so we can arrange for the message and documents to be returned and deleted.
Thank you.<o:p></o:p></span></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><b><span style="color:#C00000">IRS Circular 230 Disclaimer:</span></b><span style="color:gray"> Any tax advice provided in this communication (including attachments) is not intended
or written to be used, and it cannot be used, by the recipient or any other taxpayer (i) for the purpose of avoiding penalties that may be imposed on the recipient or any other taxpayer, or (ii) in promoting, marketing or recommending to another party a partnership
or other entity, investment plan, arrangement or other transaction. You should seek advice based on your particular circumstances from an independent tax advisor.<o:p></o:p></span></p>
<p class="MsoNormal"><o:p> </o:p></p>
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