[WSBARP] GIFT OF REAL PROPERTY TO FAMILY MEMBER- QUESTION ON POSSIBLE EXEMPTIONS

[Fern Herbert]

Hello List mates,

I am usually on the Trust and Probate Section of this list serv. So, I am not well versed on this issue.

I have a client who has been gifted real property in which she currently lives by the current Trustee of the now irrevocable trust. Can anyone speak to the associated taxes and if there is any way to minimize any of them?

The value of the assessed value of the real property is: $593K.   It is located in King County.

Are we just looking at the real estate excise tax for property transfers?

Your input is Much appreciated.


Fern Herbert
Managing Attorney
Zenith Law Group, PLLC

Business Mailing Address
4320 196th St. SW B-712
Lynnwood, WA  98036
Phone/Fax: (425) 822-6311

Office locations in: Arlington, Bellevue, Bothell, Everett, Kirkland, Lynnwood, Mt. Vernon, Renton, downtown Seattle


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