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<p class="MsoNormal"><span style="font-size:14.0pt;font-family:"Book Antiqua",serif">I’m thinking a little differently. If the wife wants to provide those monies now, then she should re-draft her Will and indicate the sons get nothing as they have been paid
$100k.<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:14.0pt;font-family:"Book Antiqua",serif">Then, the sons sign a receipt for the gift of $100k each to the wife. Not sure if there would gift tax to benefit wife but you can check with CPA on that.<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:14.0pt;font-family:"Book Antiqua",serif"><o:p> </o:p></span></p>
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<p class="MsoNormal"><b><i><span style="font-size:14.0pt;font-family:"Book Antiqua",serif;mso-ligatures:standardcontextual">Dalynne Singleton</span></i></b><b><span style="font-size:14.0pt;font-family:"Book Antiqua",serif;mso-ligatures:standardcontextual"><o:p></o:p></span></b></p>
<p class="MsoNormal"><b><span style="font-size:14.0pt;font-family:"Book Antiqua",serif;mso-ligatures:standardcontextual">Gourley Law Group<o:p></o:p></span></b></p>
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<p class="MsoNormal"><b><span style="font-size:14.0pt;font-family:"Book Antiqua",serif;mso-ligatures:standardcontextual">Snohomish, WA 98291<o:p></o:p></span></b></p>
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<a href="mailto:paige@glgmail.com"><span style="color:#0563C1">paige@glgmail.com</span></a>.<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>Mark Anderson<br>
<b>Sent:</b> Thursday, October 5, 2023 1:50 PM<br>
<b>To:</b> WSBA Probate & Trust Listserv <wsbapt@lists.wsbarppt.com><br>
<b>Subject:</b> [WSBAPT] Advances on Inheritance<o:p></o:p></p>
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<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal"><span style="font-size:10.0pt;font-family:"Arial",sans-serif;color:#002060">Dear Listmates:<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:10.0pt;font-family:"Arial",sans-serif;color:#002060"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:10.0pt;font-family:"Arial",sans-serif;color:#002060">Husband and wife executed mutual wills under which a payout of $100,000 would be made to each of the husband's two sons, but only after both husband and wife had
died. This is all the sons would be entitled to under the wills. <o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:10.0pt;font-family:"Arial",sans-serif;color:#002060"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:10.0pt;font-family:"Arial",sans-serif;color:#002060">The husband died. Husband's sons want to be paid now, rather than wait until after Wife dies. Wife (my Client) says that sufficient funds exist to do this and
is willing to make this happen.<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:10.0pt;font-family:"Arial",sans-serif;color:#002060"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:10.0pt;font-family:"Arial",sans-serif;color:#002060">My initial thought is to have my Client tender the money into my IOLTA trust account. I would then distribute the funds to the sons after having them each execute
a Receipt and a Release of the Estate and the Personal Representative (whoever that may be) for the advance. This will require some "custom" drafting of the Receipt and Release in that my Client has not yet died and so does not have a probate estate. I will
also recommend my Client that she update her existing estate planning documents to reflect the payments made and the release of any personal representative may be appointed for a probate estate.<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:10.0pt;font-family:"Arial",sans-serif;color:#002060"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:10.0pt;font-family:"Arial",sans-serif;color:#002060">I have got some questions about this.<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:10.0pt;font-family:"Arial",sans-serif;color:#002060"><o:p> </o:p></span></p>
<ol style="margin-top:0in" start="1" type="1">
<li class="MsoListParagraph" style="color:#002060;margin-left:0in;mso-list:l0 level1 lfo3">
<span style="font-size:10.0pt;font-family:"Arial",sans-serif">Is this the best way to handle this advance?<o:p></o:p></span></li><li class="MsoListParagraph" style="color:#002060;margin-left:0in;mso-list:l0 level1 lfo3">
<span style="font-size:10.0pt;font-family:"Arial",sans-serif">What are the tax impacts, if any, for the Client?<o:p></o:p></span></li><li class="MsoListParagraph" style="color:#002060;margin-left:0in;mso-list:l0 level1 lfo3">
<span style="font-size:10.0pt;font-family:"Arial",sans-serif">What are the tax impacts, if any, for the recipients? (Just curious, in case they may want to reconsider their request to be paid now)<o:p></o:p></span></li><li class="MsoListParagraph" style="color:#002060;margin-left:0in;mso-list:l0 level1 lfo3">
<span style="font-size:10.0pt;font-family:"Arial",sans-serif">Are there any other considerations in which I should be aware in dealing with this situation?<o:p></o:p></span></li></ol>
<p class="MsoNormal"><span style="font-size:10.0pt;font-family:"Arial",sans-serif;color:#002060"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:10.0pt;font-family:"Arial",sans-serif;color:#002060">In advance, thanks for your input on this.<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:10.0pt;font-family:"Arial",sans-serif;color:#002060"><o:p> </o:p></span></p>
<div>
<p class="MsoNormal" style="margin-bottom:12.0pt"><b><span style="font-size:10.0pt;font-family:"Arial",sans-serif;color:#222A35">Mark B. Anderson<br>
</span></b><span style="font-size:10.0pt;font-family:"Arial",sans-serif;color:#222A35">ANDERSON LAW FIRM PLLC<br>
821 Dock St Ste 209 PMB 4-12<br>
Tacoma, Washington 98402<br>
+1 253-327-1750<br>
+1 253-327-1751 (fax)<br>
<a href="mailto:marka@mbaesq.com"><span style="color:blue">marka@mbaesq.com</span></a><br>
<a href="http://www.mbaesq.com/"><span style="color:blue">www.mbaesq.com</span></a><b><o:p></o:p></b></span></p>
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