[WSBARP] Solvency - Insolvency

[K. Garl Long]

She "wants" the property, and what she wants she must have. (There as 
some non-probate assets, like joint accounts with right of survivorship.)

Thanks,

Garl

On 5/11/21 3:56 PM, Jeff at bellanddavispllc.com wrote:
> Law Offices of K
>
> The IRS can foreclose its tax lien which would end the life estate.  
> Therefore, if the asset is the only source of money to pay decedent’s 
> debt, the estate should have authority to sell.  If the estate is 
> insolvent you need court authority to sell.  The life estate is in the 
> property not the cash.  The daughter would take the remainder of the 
> estate.  On what grounds is the daughter objecting?
>
> Jeff
>
> *W. Jeff Davis*
>
> *BELL & DAVIS PLLC*
> P.O. Box 510
>
> 720 E. Washington Street, Suite 105
> Sequim WA 98382
> Phone: (360) 683.1129
> Fax: (360) 683.1258
> email: jeff at bellanddavispllc.com <mailto:jeff at bellanddavispllc.com>
> www.bellanddavispllc.com <http://www.bellanddavispllc.com/>
>
> The information contained in this e-mail message may be privileged, 
> confidential, and protected from disclosure. If you are not the 
> intended recipient, any dissemination, distribution, or copying is 
> strictly prohibited. If you think that you have received this e-mail 
> message in error, please e-mail the sender at 
> info at bellanddavispllc.com <mailto:info at bellanddavispllc.com>or call 
> 360.683.1129.
>
> **
>
> *From:* wsbarp-bounces at lists.wsbarppt.com 
> <wsbarp-bounces at lists.wsbarppt.com> *On Behalf Of *K. Garl Long
> *Sent:* Tuesday, May 11, 2021 3:41 PM
> *To:* WSBA RPPT Real Property Discussion Forum <wsbarp at LISTS.WSBARPPT.COM>
> *Subject:* [WSBARP] Solvency - Insolvency
>
> Estate's major asset is agricultural land it leases out.  Its major 
> debt is a large decedent IRS income tax bill.  There is a buyer for 
> the agricultural land.  Will leaves a life estate in the land to 
> testator's sister, with the remainder interest to his daughter.  If 
> the estate can sell the land it can pay its tax bill, but daughter 
> objects to the sale.
>
> Can PR sell free of the remainder interest?  If so, does life estate 
> holder have an interest in the substantial excess proceeds? Does 
> remainder holder daughter?  Can the IRS execute against the life estate?
>
> Probably more important questions, but I don't want to overburden the 
> brain trust.
>
> Thanks,
>
> Garl
>
> -- **
>
> *Law Offices of K. Garl Long - Mount Vernon, Washington - (360) 336-3322*
>
> /This message is for the exclusive use of the intended recipient(s). 
> It may contain information that is privileged, confidential or exempt 
> from disclosure under applicable law. If you have received this 
> message in error, please notify the sender and delete all copies of 
> the original message. Any retention, reproduction, use, or 
> retransmission of this message, other than by the intended 
> recipient(s), is prohibited./
>
>
> ***Disclaimer: Please note that RPPT listserv participation is not restricted to practicing attorneys and may include non-practicing attorneys, law students, professionals working in related fields, and others.***
>
> _______________________________________________
> WSBARP mailing list
> WSBARP at lists.wsbarppt.com
> http://mailman.fsr.com/mailman/listinfo/wsbarp
-------------- next part --------------
An HTML attachment was scrubbed...
URL: <http://mailman.fsr.com/pipermail/wsbarp/attachments/20210511/5e6ca5ba/attachment.html>