[WSBARP] REET Exemption for Parents to Son

[Jerimy Kirschner]

Adding to what Kerry said, this sounds like an ethics trap.   If the
lawyer’s services will be used by the client in furthering a course of
criminal or fraudulent conduct, the lawyer must withdraw. See RPC
1.16(a)(1); RPC 1.6 [27]

On Tue, Aug 31, 2021 at 6:49 PM Kerry Richards <krichards at lawgate.net>
wrote:

> Nick:
> Be careful you do not involve yourself in perpetrating a fraud. “Muddying
> the waters” so as to avoid wife’s interest is perhaps just another phrase
> for the same thing-fraud. Did he use community funds for the down payment?
> Did he use community earnings for the mortgage payments? This type of
> transaction all too often rears its head during divorce.
> Be careful you are not a participant.
> Yours truly,
> Kerry A. Richards
>
> On Aug 31, 2021, at 4:03 PM, Nicholas Pleasants <nick at pleasantslaw.com>
> wrote:
>
> 
>
> Hi All,
>
> Looking for a suggestion on how to structure a potential transaction.
> Parents want to transfer home to Son. The home equitably belongs to Son –
> he has paid the mortgage (and probably also the downpayment) since it was
> acquired from a third party years ago. At the time home was purchased by
> Parents, Son was going through a divorce, and to avoid muddying up the
> title with soon-to-be-ex-wife’s potential interest, Son asked Parents to
> purchase the home and take out mortgage for him (I know, a bit weird). I
> think the mortgage does not need to be refinanced because of Garn St.
> Germain. So my main concern is how to structure the transaction to  be
> exempt from excise tax. Can parents quitclaim to son? What WAC would apply?
> Thanks for any input or steerage in the right direction.
>
> Best,
>
> Nick
>
>
>
> *Nicholas Pleasants*
>
> Owner
>
>
>
> <http://www.pleasantslaw.com/>
> <image001.png>
>
>
>
> Pleasants Law Firm, P.S.
> 2300 130th Ave NE, Suite A-101
> Bellevue, WA 98005-1755
> (425) 615-7070 tel/fax
> nick at pleasantslaw.com
>
> www.pleasantslaw.com
>
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-- 
Jerimy Kirschner, Esq.
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