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<p class="MsoNormal">I think the natural effect of the QCD will be to sever the ROS since there will be only one owner remaining, but it doesn’t hurt to also expressly say that the intention is to sever the ROS in addition to transferring all interest to the
Grantee.<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">As for gift tax, by definition JTWROS means the parties own equal interests in the property, so it’s unavoidable that the market value of the interest transferred is 1/2 the market value of the whole. I mention that only in contrast to
tenant in common interests that don’t have to be equal, so sometimes the transfer of somebody’s interest is valued at only, say, 5% of the whole. Aside from the valuation, I don’t think there is any additional value taxable or attributable to the severance
of ROS.<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
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<p class="MsoNormal">Sincerely,<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">Eric<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">Eric C. Nelsen<o:p></o:p></p>
<p class="MsoNormal">Sayre Law Offices, PLLC<o:p></o:p></p>
<p class="MsoNormal">1417 31st Ave South<o:p></o:p></p>
<p class="MsoNormal">Seattle WA 98144-3909<o:p></o:p></p>
<p class="MsoNormal">206-625-0092<o:p></o:p></p>
<p class="MsoNormal"><a href="mailto:eric@sayrelawoffices.com"><span style="color:#0563C1">eric@sayrelawoffices.com</span></a><o:p></o:p></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>Candace Wilkerson<br>
<b>Sent:</b> Wednesday, September 7, 2022 8:42 AM<br>
<b>To:</b> wsbapt@lists.wsbarppt.com<br>
<b>Subject:</b> [WSBAPT] Question about joint tenancy with right of survivorship<o:p></o:p></p>
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<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">I probably should know the answer to this question, but I haven’t dealt with many joint tenancy with right of survivorship real properties so I want to run it by you.<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">Hypothetically speaking, if both joint owners want to sever the joint tenancy with right of survivorship (in WA) –
<i>not community property with right of survivorship -</i> and one joint owner is willing simply to gift back his interest to the other joint owner, is the quitclaim deed for doing so the same as the quitclaim deed for tenancies-in-common? Or does the quitclaim
deed specifically need to reference that this is a jtwros ownership being severed?
<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">And I understand that such a gift naturally will exceed the $15,000 per year gift tax exemption amount. But this is also the case with a gift from a tenancy-in-common property. So is there more concern about a jtwros gift, gift-taxwise,
than for a tenancy-in-common gift?<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">Thanks for your thoughts.<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 Wilkerson<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
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<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">|
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