[WSBARP] Washington State Estate Tax

[Kary Krismer]

But to be clear, the surviving spouse can be a beneficiary of the credit 
trust, right?

Kary L. Krismer
John L. Scott, Inc.
206 723-2148

On 11/25/2019 4:14 PM, Rick Hoss wrote:
>
> A Disclaimer Credit Trust works for your situation. Upon the first to 
> die, the surviving spouse elects whether to disclaim a portion of the 
> first to die’s estate to the Credit Trust. Often amounts over 
> $2,193,000, but much to consider at that time. Disclaimed funds go 
> into the Credit Trust. With no disclaimer there is no Credit Trust and 
> the survivor receives those funds outright. The Credit Trust appoints 
> the surviving spouse as trustee, and distributes the funds upon the 
> survivor’s death to the first to die’s heirs. This is a simple, 
> flexible way to take advantage of the first to die’s unified credit – 
> so their collective estates receive two $2,193,000 exemptions. If you 
> leave all to the surviving spouse they will lose the first to die’s 
> credit exemption.
>
> *From:* wsbarp-bounces at lists.wsbarppt.com 
> <wsbarp-bounces at lists.wsbarppt.com> *On Behalf Of *Jim Doran
> *Sent:* Monday, November 25, 2019 1:16 PM
> *To:* WSBA Real Property Listserv <wsbarp at lists.wsbarppt.com>
> *Subject:* [WSBARP] Washington State Estate Tax
>
> Dear Estate Attorneys:
>
> Generally I do not have clients with an estate over $2.193 million.  
> Now I do.
>
> I am preparing Wills for both spouses.  They want me to do something 
> in the Will so that at the time of death of the second spouse there is 
> a method that will give the Personal Representative the opportunity to 
> put funds into a trust of some sort in order to avoid the estate tax.
>
> Does this transfer to a trust have to be done before the death of the 
> second spouse?  (I think so.)  Or can it be done like a "Testamentary 
> Trust, to occur upon the death.
>
> What is the simplest way to do this?  (I am willing to learn.....)
>
> They do not want to gift very much to their not so responsible children.
>
> Jim Doran
>
>
> James R. Doran
>
> Attorney at Law
>
> 100 E. Pine Street -  Suite 205
>
> Bellingham, WA 98225
> (360)393-9506
>
> jim at doranlegal.com <mailto:jim at doranlegal.com>
>
> www.doranlegal.com <http://www.doranlegal.com>
>
>
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