[WSBARP] "Controlling interest" REET rule : separate property land to Trust for H&W

[Josh Grant]

thanks Eric.  yes it is separate property now... sorry that wasn’t clear.  2 steps will work.
Happy New Year.

Joshua F. Grant

P. O. Box 619
Wilbur, WA 99185
509 647 5578

From: Eric Nelsen 
Sent: Thursday, December 29, 2022 2:26 PM
To: WSBA Real Property Listserv 
Subject: Re: [WSBARP] "Controlling interest" REET rule : separate property land to Trust for H&W

Exempt for other reason—it’s a transfer without change in beneficial interest. Before the transfer, client owns 50%; after the transfer, client retains beneficial interest in 50%. WAC 458-61A-211.

 

Unless you’re saying it’s client’s separate property currently, and would change to community if put in the trust? If so, maybe do it as a two-step process: client deeds to client & spouse as community property, exempt under -203; then client & spouse deed to their trust, exempt under -211.

 

Sincerely,

 

Eric

 

Eric C. Nelsen

Sayre Law Offices, PLLC

1417 31st Ave South

Seattle WA 98144-3909

206-625-0092

eric at sayrelawoffices.com

 

Covid-19 Update - All attorneys are working remotely during regular business hours and are available via email and by phone. Videoconferencing also is available. Signing of estate planning documents can be completed and will be handled on a case-by-case basis. Please direct mail and deliveries to the Seattle office.

 

From: wsbarp-bounces at lists.wsbarppt.com <wsbarp-bounces at lists.wsbarppt.com> On Behalf Of Josh Grant
Sent: Thursday, December 29, 2022 1:56 PM
To: wsbar <wsbarp at lists.wsbarppt.com>
Subject: [WSBARP] "Controlling interest" REET rule : separate property land to Trust for H&W

 

Client owns an undivided ½ interest in farm parcel. Other ½ interest is owned by an uncle.  Client wants to put her undivided interest in the parcel in a Trust along with other assets like the family home (all community property) in order to avoid probate. Beneficiaries of the existing trust are she and her husband. Client lives out of state and this is the only asset in Washington. I am hoping that because client owns 50% that the controlling interest isn’t being transferred and no REET issue.??

Josh

Joshua F. Grant

P. O. Box 619
Wilbur, WA 99185
509 647 5578



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