[WSBARP] JTWROS - Community Property question
Jeff at bellanddavispllc.com
Jeff at bellanddavispllc.com
Thu May 4 15:46:38 PDT 2023
Somewhere out there, whether at a seminar or else, I read that the IRS issued a ruling that in community property states, spouses, holding property as JTWROS received 100% step-up (or down) in basis on the death of the first joint tenant spouse.
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 Mark Vohr
Sent: Thursday, May 4, 2023 3:29 PM
To: WSBA Real Property Listserv <wsbarp at lists.wsbarppt.com>
Subject: Re: [WSBARP] JTWROS - Community Property question
On some East Coast States, Massachusetts for instance, it is called “Tenants by the Entirety”
Regards,
Mark
Mark C. Vohr, J.D. CPGC
Ohana Fiduciary Corporation
A Washington Trust Company
155 NE 100th St., Suite 209
Seattle, WA 98125
Telephone: (206) 782-1189
From: wsbarp-bounces at lists.wsbarppt.com <wsbarp-bounces at lists.wsbarppt.com> On Behalf Of Jennifer L White
Sent: Thursday, May 4, 2023 2:51 PM
To: WSBA Real Property Listserv <wsbarp at lists.wsbarppt.com>
Subject: Re: [WSBARP] JTWROS - Community Property question
We need to lobby the WA legislature for deeds allowing Community Property with Right of Survivorship. AZ has this option. I have property there, and this seems to be the “default” for married couples unless you specifically ask for something else.
To solve the issue of a CPA and marital dissolution, you can provide in your document that the filing of a petition for dissolution or legal separation voids the agreement.
Jennifer L. White, Esq.
<mailto:jen at appletreelaw.com> jen at appletreelaw.com
2200 S 76th Ave
Yakima, WA 98903
509.225.9813
From: wsbarp-bounces at lists.wsbarppt.com <mailto:wsbarp-bounces at lists.wsbarppt.com> <wsbarp-bounces at lists.wsbarppt.com <mailto:wsbarp-bounces at lists.wsbarppt.com> > On Behalf Of Eric Nelsen
Sent: Thursday, May 4, 2023 2:40 PM
To: WSBA Real Property Listserv <wsbarp at lists.wsbarppt.com <mailto:wsbarp at lists.wsbarppt.com> >; WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com <mailto:wsbapt at lists.wsbarppt.com> >
Subject: Re: [WSBARP] JTWROS - Community Property question
I agree, JTWROS works, but I generally avoid it as an EP mechanism because JTWROS is such a fragile state of title. Even some off-public-record events can be enough to sever the right of survivorship, if I remember correctly. And certainly it’s unilaterally severable by executing a quitclaim deed from “X to X, to hold as tenant in common and sever right of survivorship.” In contract, a Community Property Agreement is contractual and not unilaterally terminable, and can also apply to all property instead of just one particular parcel of real estate. If the parties sell and buy a new property, the CPA will cover the new property but otherwise they’d have to remember to take the new parcel as JTWROS.
Sincerely,
Eric
Eric C. Nelsen
Sayre Law Offices, PLLC
1417 31st Ave South
Seattle WA 98144-3909
206-625-0092
<mailto:eric at sayrelawoffices.com> 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 <mailto:wsbarp-bounces at lists.wsbarppt.com> <wsbarp-bounces at lists.wsbarppt.com <mailto:wsbarp-bounces at lists.wsbarppt.com> > On Behalf Of Kira Rubel
Sent: Thursday, May 4, 2023 2:02 PM
To: WSBA Real Property Listserv <wsbarp at lists.wsbarppt.com <mailto:wsbarp at lists.wsbarppt.com> >; WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com <mailto:wsbapt at lists.wsbarppt.com> >
Subject: [WSBARP] JTWROS - Community Property question
Hey team - I don't know about the rest of you but I'm so tired of telling my surviving spouses that they have to do a lack of probate affidavit or, worse yet, a probate for the home they owned as community property!
Assuming there is no living trust or community property agreement, am I correct that RCW 64.28.040 is the third workaround, in that it allows a married couple to hold title to real property as JTWROS and still get the full step-up in tax basis on the first death? If so, why don't I see more deeds held this way? Is anyone else doing this?
Kira M. Rubel, Esq.
*Licensed in CA and WA
8811 N. Harborview Dr. Ste. B
Gig Harbor, WA 98332-2174
Tel. (253) 358-2215
https://theharborlawgroup.com/ <https://urldefense.proofpoint.com/v2/url?u=https-3A__theharborlawgroup.com_&d=DwMGaQ&c=euGZstcaTDllvimEN8b7jXrwqOf-v5A_CdpgnVfiiMM&r=kDcM-fraYQNOZ1rCslLoMSSRXJQXmQVvRJbE6ymQGho&m=8aHcslug2YHx38N3IZjvM160RTY4VqitIqgLptcgVnE&s=G4rZsCeNOvdbCg7UWJVm0t3PEz20-G6QIXLghfTF6JA&e=>
The information transmitted (including any attachments) is intended only for the person to whom it is addressed and may contain confidential and/or privileged material that may be protected by law from disclosure. If you receive this transmission in error, please notify the sender by reply e-mail and delete the message and any attachments from your computer. Any review, retransmission, dissemination, copying, or other use of, or taking of any action in reliance upon, this information by persons or entities other than the intended recipient is prohibited.
No Tax Advice: No matter what I say in this email, I am an attorney, not a tax advisor and cannot provide any tax advice to you! Please refer all tax matters to your own tax advisor to ensure you are receiving the most up-to-date and relevant tax advice.
-------------- next part --------------
An HTML attachment was scrubbed...
URL: <http://mailman.fsr.com/pipermail/wsbarp/attachments/20230504/2c71bd24/attachment.html>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image001.jpg
Type: image/jpeg
Size: 3216 bytes
Desc: not available
URL: <http://mailman.fsr.com/pipermail/wsbarp/attachments/20230504/2c71bd24/image001.jpg>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image004.jpg
Type: image/jpeg
Size: 386 bytes
Desc: not available
URL: <http://mailman.fsr.com/pipermail/wsbarp/attachments/20230504/2c71bd24/image004.jpg>
More information about the WSBARP
mailing list