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<p>But to be clear, the surviving spouse can be a beneficiary of the
credit trust, right?<br>
</p>
<pre class="moz-signature" cols="72">Kary L. Krismer
John L. Scott, Inc.
206 723-2148</pre>
<div class="moz-cite-prefix">On 11/25/2019 4:14 PM, Rick Hoss wrote:<br>
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<p class="MsoNormal"><span style="font-family:"Times New
Roman",serif;color:#1F497D">A Disclaimer Credit Trust
works for your situation. Upon the first to die, the
surviving spouse elects whether to disclaim a portion of the
first to die’s estate to the Credit Trust. Often amounts
over $2,193,000, but much to consider at that time.
Disclaimed funds go into the Credit Trust. With no
disclaimer there is no Credit Trust and the survivor
receives those funds outright. The Credit Trust appoints the
surviving spouse as trustee, and distributes the funds upon
the survivor’s death to the first to die’s heirs. This is a
simple, flexible way to take advantage of the first to die’s
unified credit – so their collective estates receive two
$2,193,000 exemptions. If you leave all to the surviving
spouse they will lose the first to die’s credit exemption.<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-family:"Times New
Roman",serif;color:#1F497D"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-family:"Times New
Roman",serif;color:#1F497D"><o:p> </o:p></span></p>
<p class="MsoNormal"><b>From:</b>
<a class="moz-txt-link-abbreviated" href="mailto:wsbarp-bounces@lists.wsbarppt.com">wsbarp-bounces@lists.wsbarppt.com</a>
<a class="moz-txt-link-rfc2396E" href="mailto:wsbarp-bounces@lists.wsbarppt.com"><wsbarp-bounces@lists.wsbarppt.com></a> <b>On Behalf Of </b>Jim
Doran<br>
<b>Sent:</b> Monday, November 25, 2019 1:16 PM<br>
<b>To:</b> WSBA Real Property Listserv
<a class="moz-txt-link-rfc2396E" href="mailto:wsbarp@lists.wsbarppt.com"><wsbarp@lists.wsbarppt.com></a><br>
<b>Subject:</b> [WSBARP] Washington State Estate Tax<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<div>
<p class="MsoNormal"><span style="font-size:13.5pt">Dear
Estate Attorneys:</span><o:p></o:p></p>
<div>
<p class="MsoNormal"><o:p> </o:p></p>
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<div>
<p class="MsoNormal"><span style="font-size:13.5pt">Generally
I do not have clients with an estate over $2.193
million. Now I do.</span><o:p></o:p></p>
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<p class="MsoNormal"><o:p> </o:p></p>
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<div>
<p class="MsoNormal"><span style="font-size:13.5pt">I am
preparing Wills for both spouses. They want me to do
something in the Will so that at the time of death of
the second spouse there is a method that will give the
Personal Representative the opportunity to put funds
into a trust of some sort in order to avoid the estate
tax. </span><o:p></o:p></p>
</div>
<div>
<p class="MsoNormal"><o:p> </o:p></p>
</div>
<div>
<p class="MsoNormal"><span style="font-size:13.5pt">Does
this transfer to a trust have to be done before the
death of the second spouse? (I think so.) Or can it be
done like a "Testamentary Trust, to occur upon the
death. </span><o:p></o:p></p>
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<p class="MsoNormal"><o:p> </o:p></p>
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<div>
<p class="MsoNormal"><span style="font-size:13.5pt">What is
the simplest way to do this? (I am willing to
learn.....)</span><o:p></o:p></p>
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<div>
<p class="MsoNormal"><o:p> </o:p></p>
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<div>
<p class="MsoNormal"><span style="font-size:13.5pt">They do
not want to gift very much to their not so responsible
children. </span><o:p></o:p></p>
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<div>
<p class="MsoNormal"><o:p> </o:p></p>
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<div>
<p class="MsoNormal"><span style="font-size:13.5pt">Jim
Doran</span><o:p></o:p></p>
</div>
<div>
<p class="MsoNormal"><span style="font-size:13.5pt"><br
clear="all">
</span><o:p></o:p></p>
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<div>
<p class="MsoNormal">James R. Doran<o:p></o:p></p>
</div>
<p class="MsoNormal">Attorney at Law<o:p></o:p></p>
</div>
<p class="MsoNormal">100 E. Pine Street - Suite
205<o:p></o:p></p>
</div>
<p class="MsoNormal">Bellingham, WA 98225<br>
(360)393-9506<o:p></o:p></p>
</div>
<p class="MsoNormal"><a
href="mailto:jim@doranlegal.com" target="_blank"
moz-do-not-send="true">jim@doranlegal.com</a><o:p></o:p></p>
</div>
<p class="MsoNormal"><a
href="http://www.doranlegal.com" target="_blank"
moz-do-not-send="true">www.doranlegal.com</a><o:p></o:p></p>
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