[WSBARP] Another Deed quandray

[Britt, Christopher]

IRC Section 1014(e) prohibits a step up in basis in regards to appreciated
property that was acquired by the decedent via a gift within one year of
their death.

I'm not a tax attorney but there may be additional considerations because
you mentioned that he was terminal.

Christopher G. Britt, M.A., J.D.

Attorney at Law

1403 S. Grand Blvd., Suite 201-S

Spokane, WA 99203-2278


P: 509.455.3713
D: 509.316.2131
F: +1.509.455.3718 (must dial 1 before area code)

E: *christopher at lucentlaw.com <christopher at lucentlaw.com>*

Web: www.lucentlaw.com


On Mon, Apr 24, 2023 at 4:22 PM Bryce Dille <Bryce at dillelaw.com> wrote:

> Assuming the trust allows her complete control of the property after the
> death of her first husband And it’s not part of a decedents trust set up in
> the original trust. Then she needs to deed the property out of the trust to
> her self individually, and then did the property to her and her present
> husband, making a community property, and then the two of them jointly
> could transfer it to the living trust.
>
> Bryce H. Dille
> Dille Law, PLLC
> Office: 360-350-0270
> Cell: 253-579-5561
>
> ** Please note that I use the dictation feature of my iPhone and that
> sometimes everything I say does not get properly translated**
>
> On Apr 24, 2023, at 3:46 PM, Kira Rubel <kira at theharborlawgroup.com>
> wrote:
>
> 
> To my deed/title experts: help.
>
> I have a Client who owns a home in Pierce County in her and her deceased
> husband's (Husband #1) living trust. She is now (after an appropriate
> amount of time) remarried to Husband #2. Husband #2 is terminally ill.
> After obtaining CPA approval, she would like to take her home and make it
> Community Property with Husband #2 to get a step up in tax basis when he
> passes away.  She intends to keep it in her existing living trust and add
> him as co-Trustee as well.
>
> My question is - how many deeds to accomplish this?
>
> Presently the house is held as: Client and Husband #1, Co-Trustees of the
> Smith Family Trust.
>
> Thoughts?
>
> *Kira M. Rubel, Esq.*
>
> **Licensed in CA and WA*
>
>
>
> 8811 N. Harborview Dr. Ste. B
> Gig Harbor, WA 98332-2174
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>
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