[WSBARP] REET and TEDRA Agreement Question

[Bryce Dille]

The would be excise tax due see pararaph (3) subsequent transfer under WAC458-61A-202

Bryce H. Dille
Dille Law, PLLC
2010 Caton Way SW Ste. 101
Olympia, WA 98502
Office: 360-350-0270
Cell: 253-579-5561

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Business Entity Creation and Management, Business, Government and Tax Law, Real Estate and Land Use, Residential, Commercial and Condominium Development Real Estate and Commercial Transactions & Closings, Including Performing Services as IRS Section 1031 Exchange Facilitator Estate Planning, including Wills and Trusts, and Probate Administration Representation Homeowners/Condominium Association Real Estate Developments Real Property Foreclosures and Forfeitures.

From: wsbarp-bounces at lists.wsbarppt.com <wsbarp-bounces at lists.wsbarppt.com> On Behalf Of Gabriel Dietz
Sent: Thursday, May 4, 2023 4:42 PM
To: WSBA Real Property Listserv <wsbarp at lists.wsbarppt.com>
Subject: [WSBARP] REET and TEDRA Agreement Question

Good Afternoon Listmates,

Mom passed away in 2014. Dad passed away in 2022. Daughters A, B, and C are the surviving relatives and beneficiaries under Mom's credit trust. Dad was the trustee until he died. Daughter A is now the trustee. The house is valued at $2.7M in the trust. There is also $800,000 in other assets in the trust. A, B, and C want to distribute the other assets evenly to A and B and distribute the house to C. C would owe A and B $1,533,333.33, or $766,666.67 each as a result from an accounting perspective to make distributions valued the same. Under WAC 458-61A-202 is excise tax due on $1,533,333.33 as payment from C to A and B, for C to take sole title? I thought I would check with those more experienced since I haven't done this exact scenario before.

Thank you,

Gabriel A. Dietz
Partner
Hoerschelmann Dietz PLLC
p: (206) 451-3859
f: (206) 337-4506
gabe at hdpnw.com<mailto:gabe at hdpnw.com>
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