[WSBARP] LLC Transfer

[Julie Martiniello]

Why are they transferring? If they are gifting you can avoid excise tax
using the gift exemption- you will need a supplemental statement as well if
I remember correctly. If there is debt on the property that will need to be
allocated for. You would cite the exemption on the affidavit under section
6:
https://dor.wa.gov/sites/default/files/legacy/Docs/forms/RealEstExcsTx/84-0001b.pdf
There is also the family company exemption you could use. However, that is
a bit tricky because if the children ever sell, they have to pay the excise
tax on the sale and then also pay the excise tax they avoided by the
transfer. See https://app.leg.wa.gov/WAC/default.aspx?cite=458-61A-211

On Thu, Dec 12, 2019 at 2:54 PM Jennifer Modak <jennifer at modaklaw.com>
wrote:

> Hello All,
>
> I got a very helpful response to my last query. Thank you.
>
>
>
> I am pondering a transfer of real property (cabin) owned by Husband and
> Wife into an LLC held by Husband and Wife and their two children. I am
> trying to parse out how to minimize excise transfer tax, such as
> transferring 49% the first year, 49% the second year, and 2% the final
> year. Any insight would be very helpful.
>
> Jennifer M. Modak
>
> Attorney at Law
>
> Law Office of Jennifer Modak, PLLC
>
> 19125 North Creek Parkway, Suite 120
>
> Bothell, WA 98011
>
> 206-747-0477
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-- 
Respectfully,

JULIE A. MARTINIELLO | PARTNER | DIMENSION LAW GROUP PLLC
130 Andover Park East, Suite 300 | Tukwila, WA 98188
t: *206.973.3500 *| f: *206.577.5090*| e: JULIE*@dimensionlaw.com*|
www.dimensionlaw.com


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