[WSBARP] Life Estate Deed

[Kary Krismer]

If the property has appreciated then I don't believe there will be a 
step up in basis on the death of the parents using JTWRS.  I don't know 
if there are alternatives to a will that would get the same 
result--maybe some sort of a trust?  Talk to an estate tax attorney.

Kary L. Krismer
John L. Scott/KMS Renton
206 723-2148

On 1/11/2019 9:10 AM, nestor at pplsweb.com wrote:
>
> PC’s owns property which he put in father and mothers name. He is not 
> sure he wants to be put in title, just yet, but wants to make sure he 
> gets the property on death. He asked me about a TOD deed, but that can 
> always be canceled. I thought of 2 scenarios that would be better. (1) 
> F &M convey to F&M and PC as joint tenants with the right of 
> survivorship. There will be excise tax on conveyance of partial 
> interest since there is an outstanding DT; or (2) F&M to F&M a life 
> estate with remainder to PC.
>
> I believe that option 2 will be better, since there is no transfer of 
> a present interest (no excise tax) and parents cannot terminate 
> remainder interest.
>
> I am curious as to which way, my learned colleagues would go or show 
> me the error of my ways.
>
> Happy Friday!
>
> Nestor Gorfinkel, Attorney at Law
>
> Licensed in Washington & Florida
>
> Florida Civil-Law (International) Notary
>
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