[WSBARP] Trust Property Purchase Question

[samuel at meylerlegal.com]

Listmates,

 

PC has an estranged spouse that they have not communicated with in many
years.  They were married in Washington but the spouse moved back to the
Philippines after they split.  PC enters into an agreement to purchase
property without even thinking about the estranged spouse.  Closing is
supposed to happen on 9/8 and yesterday title discovered that PC is still
married (oops!).  

 

Lender and title have confirmed that they will still lend and insure,
respectively, if PC sets up a revocable living trust and has the trust
purchase the property.  This seems like a pretty simple solution that will
satisfy lender and title and allow the transaction to close.  Has anyone
seen this before?  What issues or concerns should be taken into
consideration?

 

Second issue for bonus points: PC has three children that are here in the
U.S. and one child that is in the Philippines and is a citizen of the
Philippines.  Assuming that PC purchase property through the proposed RLT,
what needs to be taken into consideration given the non-resident
beneficiary?

 

Thanks.

 

Sam

 

 

Samuel M. Meyler

Meyler Legal, PLLC 

1700 Westlake Ave. N., Ste. 200

Seattle, Washington 98109

Tel:  206.876.7770

Fax:  206.876.7771

Email:   <mailto:samuel at meylerlegal.com> samuel at meylerlegal.com

  

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