[WSBARP] A *complicated" Quitclaim Deed situation.

[Roger Hawkes]

One probable consequence is loss of the stepped up basis; i say ‘probable’ because I don’t know if foreigners even qualify for that☹

From: wsbarp-bounces at lists.wsbarppt.com <wsbarp-bounces at lists.wsbarppt.com> On Behalf Of Carol Li
Sent: Tuesday, July 6, 2021 5:37 PM
To: wsbarp at lists.wsbarppt.com
Subject: [WSBARP] A *complicated" Quitclaim Deed situation.

Hope everyone had a fantastic holiday weekend!
Drafting a QCD should be one of the easiest tasks, but I am running into a complicated one here. PC and her husband own two properties in WA. They are both Canadians. Now the husband is sick(very sick) and PC has the POA. PC is seeking legal help to transfer the properties to her own name only. I immediately thought of using quit claim deed to transfer the title as gift under WAC REETA exemption. Now two questions pop up: 1. Can PC sign as grantor on behalf of the husband to gift half of the title to PC? (It sounds almost like conflict of interest or PC taking advantage of her sick husband?) And 2. As Canadians/foreigners, does the husband need to file federal gift tax certificate or is there any other federal tax consequences ...
Thank you in advanced!
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