[WSBARP] WAC exemption (adding silent partner to deed)

[Eric Nelsen]

If you can trace funds to show that the off-record sibling provided equal funds for closing, then I think a transfer could be done under the nominee exemption, WAC 458-61A-214<https://app.leg.wa.gov/WAC/default.aspx?cite=458-61A-214>. You would have to provide the documentation tracing the off-record sibling’s funds into the escrow.

Having the spouse in the mix does make it a bit more confusing, but I think the "nominee" is sibling-and-spouse as to a 50% interest. Sibling-and-spouse own 50% as their community property, and hold the other 50% as nominees for the off-record sibling.

Sincerely,

Eric

Eric C. Nelsen
Sayre Law Offices, PLLC
1417 31st Ave South
Seattle WA 98144-3909
206-625-0092
eric at sayrelawoffices.com<mailto:eric at sayrelawoffices.com>

From: wsbarp-bounces at lists.wsbarppt.com <wsbarp-bounces at lists.wsbarppt.com> On Behalf Of Julie Martiniello
Sent: Monday, April 8, 2024 10:38 AM
To: WSBA Real Property Listserv <wsbarp at lists.wsbarppt.com>
Subject: [WSBARP] WAC exemption (adding silent partner to deed)

Hello All,

I have a client where two siblings contributed equal funds to purchase a property, but the property was titled in the name of just one sibling and his spouse (for ease of closing). Sibling has essentially been a silent partner to some extent.

Now they want to transfer the property to an LLC owned by the siblings.

I cannot seem to find an exemption that fits to have the transfer from the spouse to the sibling-in-law before I transfer to the LLC. Any thoughts?


--

Respectfully,

Julie Martiniello, Partner
Dimension Law Group, PLLC
Office:  206-973-3500│Fax:  206-577-5090
Email: julie at dimensionlaw.com<mailto:synthia at dimensionlaw.com>
www.dimensionlaw.com<http://www.dimensionlaw.com/>

631 Strander Blvd, Bldg A, Suite G, Tukwila, WA 98188

PRIVILEGED AND CONFIDENTIAL:  This email (including any attachments) is intended only for the use of the individual or entity named above and may contain privileged or confidential information. If you are not the intended recipient, or the employee or agent responsible to deliver it to the intended recipient, you are notified that any review, dissemination, distribution or copying of this email is prohibited. If you have received this email in error, please immediately notify us by email, facsimile, or telephone; return the email to us at the email address below; and destroy all paper and electronic copies.

PRIVILEGED AND CONFIDENTIAL:  This e-mail (including any attachments) is intended only for the use of the individual or entity named above and may contain privileged or confidential information. If you are not the intended recipient, or the employee or agent responsible to deliver it to the intended recipient, you are notified that any review, dissemination, distribution or copying of this e-mail is prohibited. Attempts to intercept this message are in violation of 18 USC 2511(1) of the Electronic Communications Privacy Act, which subjects the interceptor to fines, imprisonment and/or civil damages. If you have received this e-mail in error, please immediately notify us by e-mail, facsimile, or telephone; return the e-mail to us at the e-mail address below; and destroy all paper and electronic copies. Any settlement offer contained herein is made pursuant to Washington ER 408, and without admitting fault or liability on the part of this firm’s client(s) or its agents.  IRS CIRCULAR 230 DISCLAIMER:  To ensure compliance with requirements imposed by the IRS, I inform you that any U.S. tax advice contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code; or (ii) promoting, marketing or recommending to another party any transaction or tax-related matter addressed herein.
-------------- next part --------------
An HTML attachment was scrubbed...
URL: <http://mailman.fsr.com/pipermail/wsbarp/attachments/20240408/8cb73be8/attachment.html>