[WSBARP] Effect of Disclaimer

[MK Henderson]

Is the condominium paid off? The son may want to gift his share as
suggested but be named beneficiary on death by including transfer on death
deed language. Other questions are the value of the condo, the estate,
whether there will be other heirs? Father may have been trying  to avoid
estate taxes later.

On Saturday, July 7, 2018, HOWARD HERMAN <hhherman2 at comcast.net> wrote:

> Rich,
>
>
>
> Since all of the estate planners appear to be on vacation this week, I
> will suggest what I would do. I would accept the gift from your father
> which would make you a tenant in common with your mother with a stepped up
> basis in your half of the property. Your mother already has a stepped up
> basis in her half. Then you could gift deed your half with the stepped up
> basis to mom and she would own the whole of the property with a stepped up
> basis. You can do this at a cost of two recording fees and no excise tax.
>
>
>
> Howard Herman
>
> Herman Herman & Jolley, P. S.
>
> 509 220 5810
>
>
>
> *From:* wsbarp-bounces at lists.wsbarppt.com [mailto:wsbarp-bounces at lists.w
> sbarppt.com] *On Behalf Of *Rod Harmon
> *Sent:* Friday, July 6, 2018 8:02 PM
> *To:* WSBA Real Property Listserv
> *Subject:* Re: [WSBARP] Effect of Disclaimer
>
>
> RCW 11.86.041  Disposition of disclaimed interest.
>
> (1) Unless the instrument creating an interest directs to the contrary,
> the interest disclaimed shall pass as if the beneficiary had died
> immediately prior to the date of the transfer of the interest. The
> disclaimer shall relate back to this date for all purposes.
>
> (2) Unless the beneficiary provides otherwise in the disclaimer, in
> addition to the interests disclaimed, the beneficiary shall also be deemed
> to have disclaimed the minimum of all interests in the disclaimed property
> necessary to make the disclaimer a qualified disclaimer for purposes of
> section 2518 of the Internal Revenue Code.
>
> (3) Any future interest taking effect in possession or enjoyment after
> termination of the interest disclaimed takes effect as if the beneficiary
> had died prior to the date of the beneficiary's final ascertainment as a
> beneficiary and the indefeasible vesting of the interest.
>
> (4) The disclaimer is binding upon the beneficiary and all persons
> claiming through or under the beneficiary.
>
> (5) Unless the instrument creating the interest directs to the contrary, a
> beneficiary whose interest in a devise or bequest under a will has been
> disclaimed shall be deemed to have died for purposes of RCW 11.12.110.
>
> (6) In the case of a disclaimer of property over which the disclaimant has
> any power to direct the beneficial enjoyment of the disclaimed property,
> the disclaimant shall also be deemed to have disclaimed any power to direct
> the beneficial enjoyment of the disclaimed property, unless the power is
> limited by an ascertainable standard relating to the health, education,
> support, or maintenance of any person as described in section 2041 or 2514
> of the Internal Revenue Code and applicable regulations adopted under those
> sections. This subsection applies unless the disclaimer specifically
> provides otherwise. This subsection shall not be deemed to otherwise
> prevent such a disclaimant from acting as trustee or personal
> representative over disclaimed property.
>
>
>
>
>
> Rod Harmon
>
>
>
> *RODNEY T. HARMON*
>
> *       Attorney at Law*
>
>          P.O. Box 1066
>
>       Bothell, WA   98041
>
>      Tel:   (425) 402-7800
>
>      Fax:  (425) 458-9096
>
>     www.rodharmon.com
>
>    rodharmon at msn.com
>
>
>
>
>
>
>
>
>
> *From:* wsbarp-bounces at lists.wsbarppt.com [mailto:wsbarp-bounces at lists.w
> sbarppt.com] *On Behalf Of *J Richard McEntee, Jr.
> *Sent:* Friday, July 6, 2018 2:50 PM
> *To:* wsbarp at lists.wsbarppt.com
> *Subject:* [WSBARP] Effect of Disclaimer
>
>
>
> Hello list mates —
>
>
>
> I have a client who would like to disclaim an interest in real estate that
> he is to receive under his father’s will. His mother is alive and still
> owns a community interest in the real property. The client would like to
> disclaim such that his mother receives the deceased father’s community
> share of the property.  The mother is entitled to the residuary estate.
>
>
>
> In the particular situation, I am not certain that with a disclaimer the
> property will become part of the residuary estate. If the the effect of the
> disclaimer is that the disclaimant is treated as predeceasing the testator,
> will the property pass to the heirs of the disclaimant as opposed to the
> residuary estate? The dispositive language of the will reads as follows:
>
>
>
> *Bequest of Condominium*. My entire interest, if any, in the condominium
> located at *abc street any town USA *(the “Condominium") subject to any
> encumbrances thereon, all appliances, furniture, fixtures, … located
> therein not otherwise disposed of by this instrument, and interest in
> insurance policies covering any of the foregoing, shall be distributed
> outright to my son, *John Doe.*
>
>
>
> Without a survivorship clause, will the disclaimant's heirs take the condo
> under this scenario? If so, is there a solution that gets the property to
> Mom? If not, the client will be fine co-owing with Mom. However, he
> believes that mom should own the entire property and then if she chooses to
> give to him later then that will be satisfactory.
>
>
>
> Please let me know your thoughts.
>
>
>
> Thank you
>
>
>
> Rich
>
>
>
> *RICH McENTEE*
>
> *McENTEE LAW OFFICE*
>
> 3800 Bridgeport Way W, Ste A411
>
> University Place, WA 98466
>
> 253.227.9894(m)
>
> jrmcentee at gmail.com
>
>
>


-- 
Mary K. Henderson
Henderson Law Office PLLC
1123 Maple Ave SW, Suite 225
Renton, WA 98057
206-650-2472
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