[WSBARP] Solvency - Insolvency
K. Garl Long
Garl at longlaw.biz
Tue May 11 16:05:25 PDT 2021
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
>
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> Phone: (360) 683.1129
> Fax: (360) 683.1258
> email: jeff at bellanddavispllc.com <mailto:jeff at bellanddavispllc.com>
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> *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*
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