[WSBARP] WSBARP Digest, Vol 82, Issue 7

Wed Jul 7 08:35:03 PDT 2021

What about a transfer on death deed? As to the conflict issue, what does his will say. if he has one? In other words, does the transfer affect what would have happened when he dies?Perhaps the biggest concern is a pragmatic one. If they have kids, what do they say? If they are fully on board, then you have to believe that there will be no challenges upon death. Open communication is usually a good thing.
Steve

Stephen WhitehouseWhitehouse & Nichols, LLPP.O. Box 1273601 W. Railroad Ave. Shelton, Wa. 98584360-426-5885swhite8893 at aol.com

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Sent: Wed, Jul 7, 2021 7:59 am
Subject: WSBARP Digest, Vol 82, Issue 7

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Today's Topics:

  1. Referral to Montana Lender's Counsel - Missoula (Rob Rowley)
  2. A *complicated" Quitclaim Deed situation. (Carol Li)
  3. Re: A *complicated" Quitclaim Deed situation. (Roger Hawkes)
  4. Re: A *complicated" Quitclaim Deed situation. (Andrew Hay)
  5. Re: A *complicated" Quitclaim Deed situation. (Nestor Gorfinkel)

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Message: 1
Date: Tue, 6 Jul 2021 14:13:22 -0700
From: Rob Rowley <rob at rowleylegal.com>
To: WSBA Real Property Listserv <wsbarp at lists.wsbarppt.com>
Subject: [WSBARP] Referral to Montana Lender's Counsel - Missoula
Message-ID: <41528cca87edba3079e57346d8960aa3 at mail.gmail.com>
Content-Type: text/plain; charset="utf-8"

Need to refer a private money lender to creditor?s counsel in the Missoula
area.

Drafting of standard private money lender documents and foreclose if needed.

His long term existing Montana counsel is quasi-retired taking upwards of a
month to draft documents.

Thanks for the referrals.

*Robert R Rowley*
Attorney & Counselor at Law
 (509) 252-5074  (509) 994-1143
 (509) 928-3084 <fax:(509)%20928-3084>  rowleylegal.com
<http://www.rowleylegal.com/>
 rob at rowleylegal.com
Helping You Protect What Matters Most
<https://www.facebook.com/rowleylegal>
<https://www.twitter.com/ROBERTRROWLEY>

*Practice concentrated on business, real estate and general legal matters
in Washington and Idaho. *

NOTICE: The contents of this message and any attachments may be protected
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Message: 2
Date: Tue, 6 Jul 2021 17:36:54 -0700
From: Carol Li <li.carol1004 at gmail.com>
To: wsbarp at lists.wsbarppt.com
Subject: [WSBARP] A *complicated" Quitclaim Deed situation.
Message-ID:
    <CAFicwO8q2onnTN8CYjD0VX2+QK6jCKFZmg02bMkQsPbo9S8XJw at mail.gmail.com>
Content-Type: text/plain; charset="utf-8"

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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Message: 3
Date: Wed, 7 Jul 2021 00:46:33 +0000
From: Roger Hawkes <Roger at law-hawks.com>
To: WSBA Real Property Listserv <wsbarp at lists.wsbarppt.com>
Subject: Re: [WSBARP] A *complicated" Quitclaim Deed situation.
Message-ID:
    <CO6PR16MB4097632BD584CB110B882545E91A9 at CO6PR16MB4097.namprd16.prod.outlook.com>

Content-Type: text/plain; charset="utf-8"

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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Message: 4
Date: Wed, 7 Jul 2021 14:24:53 +0000
From: Andrew Hay <andrewhay at washingtonlaw.net>
To: WSBA Real Property Listserv <wsbarp at lists.wsbarppt.com>
Subject: Re: [WSBARP] A *complicated" Quitclaim Deed situation.
Message-ID:
    <MW3PR13MB399318C28A4290FCDA5BD8CEB21A9 at MW3PR13MB3993.namprd13.prod.outlook.com>

Content-Type: text/plain; charset="utf-8"

Complicated indeed!  Title companies are wary of POA transfers to the POA and sometimes will not insure the downstream transaction.  It would be helpful if the POA had a specific provision allowing gifts.  Our title folks may chime in on this but it is a concern.

It almost seems better to wait until H passes and then do a Lack of Probate Affidavit to transfer title.  That preserves the stepped up basis ? assuming foreigners are entitled to it.

Andrew Hay
Hay & Swann PLLC
201 S. 34th St.
Tacoma, WA 98418
www.washingtonlaw.net<http://www.washingtonlaw.net/>
andrewhay at washingtonlaw.net<mailto:andrewhay at washingtonlaw.net>
He/him/his
253.272.2400 (w)
253.377.3085 (c)
THIS IS A CONFIDENTIAL COMMUNICATION AND IS INTENDED FOR THE DESIGNATED RECIPIENT ONLY.  IF YOU HAVE RECEIVED THIS COMMUNICATION IN ERROR, PLEASE NOTIFY THE SENDER IMMEDIATELY AND DESTROY ALL COPIES

From: wsbarp-bounces at lists.wsbarppt.com <wsbarp-bounces at lists.wsbarppt.com> On Behalf Of Roger Hawkes
Sent: Tuesday, July 6, 2021 5:47 PM
To: WSBA Real Property Listserv <wsbarp at lists.wsbarppt.com>
Subject: Re: [WSBARP] A *complicated" Quitclaim Deed situation.

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<mailto:wsbarp-bounces at lists.wsbarppt.com> <wsbarp-bounces at lists.wsbarppt.com<mailto: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<mailto: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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Message: 5
Date: Wed, 7 Jul 2021 14:59:22 +0000
From: Nestor Gorfinkel <esq at gorfinkel-law.com>
To: WSBA Real Property Listserv <wsbarp at lists.wsbarppt.com>
Subject: Re: [WSBARP] A *complicated" Quitclaim Deed situation.
Message-ID:
    <BN0PR08MB73440DE06701EA493A4060B5FC1A9 at BN0PR08MB7344.namprd08.prod.outlook.com>

Content-Type: text/plain; charset="utf-8"

I agree.
How about a possible work-around? W forms an LLC where her and husband are members, she transfers title to the LLC with her POA.  Membership interests are now personal property. RETA will be change of identity.
I can?t help you tax wise.

Nestor Gorfinkel, Attorney at Law
Licensed in Florida & Washington State
Florida Civil-Law (International) Notary

[cid:image001.jpg at 01D7731F.238777E0]

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From: wsbarp-bounces at lists.wsbarppt.com <wsbarp-bounces at lists.wsbarppt.com> On Behalf Of Andrew Hay
Sent: Wednesday, July 7, 2021 10:25 AM
To: WSBA Real Property Listserv <wsbarp at lists.wsbarppt.com>
Subject: Re: [WSBARP] A *complicated" Quitclaim Deed situation.

Complicated indeed!  Title companies are wary of POA transfers to the POA and sometimes will not insure the downstream transaction.  It would be helpful if the POA had a specific provision allowing gifts.  Our title folks may chime in on this but it is a concern.

It almost seems better to wait until H passes and then do a Lack of Probate Affidavit to transfer title.  That preserves the stepped up basis ? assuming foreigners are entitled to it.

Andrew Hay
Hay & Swann PLLC
201 S. 34th St.
Tacoma, WA 98418
www.washingtonlaw.net<http://www.washingtonlaw.net/>
andrewhay at washingtonlaw.net<mailto:andrewhay at washingtonlaw.net>
He/him/his
253.272.2400 (w)
253.377.3085 (c)
THIS IS A CONFIDENTIAL COMMUNICATION AND IS INTENDED FOR THE DESIGNATED RECIPIENT ONLY.  IF YOU HAVE RECEIVED THIS COMMUNICATION IN ERROR, PLEASE NOTIFY THE SENDER IMMEDIATELY AND DESTROY ALL COPIES

From: wsbarp-bounces at lists.wsbarppt.com<mailto:wsbarp-bounces at lists.wsbarppt.com> <wsbarp-bounces at lists.wsbarppt.com<mailto:wsbarp-bounces at lists.wsbarppt.com>> On Behalf Of Roger Hawkes
Sent: Tuesday, July 6, 2021 5:47 PM
To: WSBA Real Property Listserv <wsbarp at lists.wsbarppt.com<mailto:wsbarp at lists.wsbarppt.com>>
Subject: Re: [WSBARP] A *complicated" Quitclaim Deed situation.

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<mailto:wsbarp-bounces at lists.wsbarppt.com> <wsbarp-bounces at lists.wsbarppt.com<mailto: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<mailto: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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End of WSBARP Digest, Vol 82, Issue 7
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