[WSBARP] Create Community Property v. Joint Tenancy with Right of Survivorship

[Jeff at bellanddavispllc.com]

It is my understanding that the IRS will allow the surviving spouse, who is also the joint tenant, to get a full 100% step-up in basis for the entire property.  That’s why I am debating this option.

 

Jeff

 

W. Jeff Davis

BELL & DAVIS PLLC

Attorneys at Law
P.O. Box 510

720 E. Washington Street, Suite 105
Sequim WA 98382
Phone: (360) 683.1129 
Fax: (360) 683.1258 
email:  <mailto:jeff at bellanddavispllc.com> jeff at bellanddavispllc.com
 <http://www.bellanddavispllc.com/> 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  <mailto:info at bellanddavispllc.com> 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 Kary Krismer
Sent: Wednesday, November 9, 2022 12:29 PM
To: wsbarp at lists.wsbarppt.com
Subject: Re: [WSBARP] Create Community Property v. Joint Tenancy with Right of Survivorship

 

Some things to think about that I don't know the answer to.

1.  My guess is a JTWRS would not be subject to the award in lieu of homestead, or whatever it's called now.  Given that is now the median value of a home in the county, that could be a huge difference if I'm right.

2. I'm not sure what the step up in basis rules are for a JTWRS when the spouse is the survivor.

Kary L. Krismer
206 723-2148

On 11/9/2022 12:24 PM, Jeff at bellanddavispllc.com <mailto:Jeff at bellanddavispllc.com>  wrote:

Listmates:

 

H remarries and wants his new wife to receive his real property.  H has children who he thinks will push back at this.  In terms of what is more easy to defend, or what is less likely to be challenged, do a quit claim deed to H & W to create community property and then enter into a CPA, or do a deed to H & W as joint tenants with right of survivorship?  

 

Jeff Davis

 

W. Jeff Davis

BELL & DAVIS PLLC

Attorneys at Law
P.O. Box 510

720 E. Washington Street, Suite 105
Sequim WA 98382
Phone: (360) 683.1129 
Fax: (360) 683.1258 
email:  <mailto:jeff at bellanddavispllc.com> jeff at bellanddavispllc.com
 <http://www.bellanddavispllc.com/> 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  <mailto:info at bellanddavispllc.com> info at bellanddavispllc.com  or call 360.683.1129.

 

 





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