[WSBARP] Excise Tax on Transfer & Lease Question

Thu May 29 06:37:16 PDT 2014

Use either a SWD or a bargain and sale deed but the only exceptions should
be the exceptions in the title policy when the property was purchased

Sent from my iPhone

On May 28, 2014, at 5:54 PM, "Jodi Bourg" <jlbourg at comcast.net> wrote:

Thanks for all the input on the excise tax question.  Now, about that
attractive nuisance liability question.... any takers?

  _____  

From: "Josh Grant" <jgrant at accima.com>
To: "Listserv, WSBARP" <wsbarp at lists.wsbarppt.com>
Sent: Wednesday, May 28, 2014 5:22:24 PM
Subject: Re: [WSBARP]  Excise Tax on Transfer & Lease Question

If parents decide to put real property into their LLC, in the same
percentage as their real property ownership.. and later they decide to
gift a minority percentage of the membership to their adult kids for
estate planning purposes, is that OK ... no 1% tax... 
and do they have to wait a certain period of time to transfer that
membership in the LLC?
thanks

Joshua F. Grant
Attorney at Law
P.O. Box 619
Wilbur, WA 99185

t 509 647 5578
f 509 647 2734

----- Original Message -----
From:  <mailto:Eric at sayrelawoffices.com> Eric Nelsen
To:  <mailto:wsbarp at lists.wsbarppt.com> wsbarp at lists.wsbarppt.com
Sent: Wednesday, May 28, 2014 4:51 PM
Subject: RE: [WSBARP] Excise Tax on Transfer & Lease Question

Yes, exempt from excise tax so long as the grantors own the LLC in the
same proportion as they own the property--mere change in identity or form,
<http://apps.leg.wa.gov/wac/default.aspx?cite=458-61A-211> WAC
458-61A-211(2).

Sincerely,

Eric

Eric C. Nelsen

SAYRE LAW OFFICES, PLLC

1320 University St

Seattle WA  98101-2837

phone 206-625-0092

fax 206-625-9040

From:  <mailto:wsbarp-owner at lists.wsbarppt.com>
wsbarp-owner at lists.wsbarppt.com [mailto:wsbarp-owner at lists.wsbarppt.com]
On Behalf Of Jodi Bourg
Sent: Wednesday, May 28, 2014 4:43 PM
To: Listserv, WSBARP
Subject: [WSBARP] Excise Tax on Transfer & Lease Question

Mates,

I've got HCs one of whom owns the home in King County in which they live.
They are planning to rent it out.  So far, so good.  They want to quit
claim this property to their LLC.  I know that quit claiming from an LLC
to its members exempts it from paying excise tax, but does it work the
other way?  I imagine the WACs have the answer somewhere, but I was hoping
that someone would know off the top of their head.

The other part of this question has to do with the fact that HCs' home is
waterfront property and they are concerned about liability against, for
lack of a better term, an accident having to do with someone falling in
the water or worse.  Has anyone dealt with this concern in a lease and if
so, would you be willing to share it with me.

Many thanks.

Jodi Bourg

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author and do not necessarily have the endorsement of the Washington State
Bar Association nor its officers or agents. 

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All opinions and comments in this message represent the views of the
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Bar Association nor its officers or agents. 

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All opinions and comments in this message represent the views of the
author and do not necessarily have the endorsement of the Washington State
Bar Association nor its officers or agents. 

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