[WSBARP] Property Conveyance Question

[Jeanne Dawes]

Jan, that would work, but it is a lot of deed recording (expensive).  Your clients could deed 100% interest to the LLC, and then gift a 5% interest in the LLC to their daughter.

Jeanne

Jeanne J. Dawes
Attorney at Law
Gore & Grewe, P.S.
103 E. Indiana Avenue, Suite A
Spokane, WA 99207-2317
Voice:  509-326-7500
Fax:      509-326-7503
jjdawes at goregrewe.com<mailto:jjdawes at goregrewe.com>

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From: wsbarp-bounces at lists.wsbarppt.com On Behalf Of Jan Kelly
Sent: Thursday, April 14, 2022 11:19 AM
To: WSBA Real Property Listserv <wsbarp at lists.wsbarppt.com>
Subject: [WSBARP] Property Conveyance Question

Clients own real property located in Snohomish County in a Nevada revocable trust. They want to convey it to their LLC. Trustors have 95% membership interest in the LLC, and their daughter has 5% membership interest.

Am I making things too complicated by the following transactions? Of course they want to avoid excise tax payments, as well as issues later with title.

1. Trustors convey property to themselves as individuals.
2. Trustors convey property to themselves and their daughter in the same shares as represented in the Operating Agreement, gifting their daughter 5%.
3. Then from the 3 of them to the LLC.

Thank you in advance.
--

Jan Kelly, JD/MBA
Attorney at Law

JK Law
PO Box 1964
Poulsbo, WA 98370
Direct Line (702) 338-6733

Licensed in Nevada and Washington.

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