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<p class="MsoNormal">If done correctly the todd removes some right, since further action/happenings is needed to fully own it again. So is there a difference in valuation?<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
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<p class="MsoNormal">Roger Hawkes, WSBA # 5173
<o:p></o:p></p>
<p class="MsoNormal"><i><span style="font-size:14.0pt">Shoreline</span></i> Office: 19944 Ballinger Way NE<o:p></o:p></p>
<p class="MsoNormal"> Shoreline, WA 98155<o:p></o:p></p>
<p class="MsoNormal"><i><span style="font-size:14.0pt">Sultan</span></i> Office: 423 Main<o:p></o:p></p>
<p class="MsoNormal"> Sultan, WA 98294<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">Phone: 206 367 5000; fax: 206 367 4005<o:p></o:p></p>
<p class="MsoNormal">Email: <a href="mailto:roger@law-hawks.com"><span style="color:#0563C1">roger@law-hawks.com</span></a>
<o:p></o:p></p>
<p class="MsoNormal">Web site: <a href="http://www.hawkeslawfirm.com/"><span style="color:#0563C1">www.hawkeslawfirm.com</span></a><o:p></o:p></p>
<p class="MsoNormal"><img border="0" width="112" height="160" style="width:1.1666in;height:1.6666in" id="Picture_x0020_1" src="cid:image001.jpg@01D745BF.9F7C6A00"><o:p></o:p></p>
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<p class="MsoNormal"><b>From:</b> wsbarp-bounces@lists.wsbarppt.com <wsbarp-bounces@lists.wsbarppt.com>
<b>On Behalf Of </b>Rani K. Sampson<br>
<b>Sent:</b> Monday, May 10, 2021 4:10 PM<br>
<b>To:</b> WSBA Real Property Listserv <wsbarp@lists.wsbarppt.com><br>
<b>Subject:</b> [WSBARP] FW: Estate Tax Avoidance<o:p></o:p></p>
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<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal"><span style="font-family:"Segoe UI",sans-serif;color:#1F3864">Hi, Jim,<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-family:"Segoe UI",sans-serif;color:#1F3864">That TODD is revocable, which means it’s not out of their estate. All I remember from my tax law class is IRS code 2036: Everything that you own or control at death is part
of your estate and taxable.<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-family:"Segoe UI",sans-serif;color:#1F3864"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-family:"Segoe UI",sans-serif;color:#1F3864">Also – if you give away the house but still live there, the IRS will look at that with a squinty eye:<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-family:"Segoe UI",sans-serif;color:#1F3864"><a href="https://www.sgrlaw.com/think-you-can-give-away-ownership-in-a-home-and-continue-to-live-there-without-the-value-of-the-home-being-included-in-your-estate-think-again/">https://www.sgrlaw.com/think-you-can-give-away-ownership-in-a-home-and-continue-to-live-there-without-the-value-of-the-home-being-included-in-your-estate-think-again/</a><o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-family:"Segoe UI",sans-serif;color:#1F3864"><o:p> </o:p></span></p>
<p class="MsoNormal"><b><span style="font-family:"Segoe UI",sans-serif;color:#142440">Rani K. Sampson<o:p></o:p></span></b></p>
<p class="MsoNormal"><span style="font-family:"Segoe UI",sans-serif;color:#142440">Overcast Law Offices
</span><span style="font-family:"Segoe UI",sans-serif;color:#7F7F7F">|</span><span style="font-family:"Segoe UI",sans-serif;color:#003300">
</span><span style="font-family:"Segoe UI",sans-serif;color:#142440">Attorney</span><span style="font-family:"Segoe UI",sans-serif;color:#003300"><o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-family:"Segoe UI",sans-serif;color:#142440">23 S Wenatchee Ave #320, Wenatchee WA 98801</span><span style="font-family:"Segoe UI",sans-serif;color:#003300">
</span><span style="font-family:"Segoe UI",sans-serif;color:#7F7F7F">|</span><span style="font-family:"Segoe UI",sans-serif;color:#003300">
</span><span style="font-family:"Segoe UI",sans-serif;color:#142440">(509) 663-5588 x 6</span><span style="font-family:"Segoe UI",sans-serif;color:#003300"><o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-family:"Segoe UI",sans-serif;color:#1F3864"><o:p> </o:p></span></p>
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<p class="MsoNormal"><b>From:</b> <a href="mailto:wsbarp-bounces@lists.wsbarppt.com">
wsbarp-bounces@lists.wsbarppt.com</a> <<a 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, May 10, 2021 12:45 PM<br>
<b>To:</b> WSBA Real Property Listserv <<a href="mailto:wsbarp@lists.wsbarppt.com">wsbarp@lists.wsbarppt.com</a>><br>
<b>Subject:</b> [WSBARP] Estate Tax Avoidance<o:p></o:p></p>
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<p class="MsoNormal"><o:p> </o:p></p>
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<p class="MsoNormal"><span style="font-size:13.5pt">Death and Taxes:</span><o:p></o:p></p>
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<p class="MsoNormal"><o:p> </o:p></p>
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<p class="MsoNormal"><span style="font-size:13.5pt">Married clients are getting old. They want to know what they can do to shelter their assets from inheritance tax here in Washington. They have a home worth $600,000.00 and financial assets of roughly $4,000,000.00.
When we do the calculations the inheritance tax would be $301,050.00 upon the death of the second spouse if they do not dispose of any of the assets. </span><span style="font-size:18.0pt">We need to shelter $2,407,000.00. </span><o:p></o:p></p>
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<p class="MsoNormal"><span style="font-size:18.0pt">I have two questions off the bat. All this talk of Transfer on Death Deeds makes me wonder if they do a TODD will that keep the real property out of the "estate" for purposes of the estate tax? The second
question is if they make specific beneficiaries for $2,407,000.00 worth of their financial investments, will that keep that amount out of the estate tax calculation?</span><o:p></o:p></p>
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<p class="MsoNormal"><span style="font-size:18.0pt">And I do know that as a married couple they can gift $30,000 per year per person, but they don't want to do that for personal reasons.</span><o:p></o:p></p>
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<p class="MsoNormal"><span style="font-size:18.0pt">I am sure there are other ways to do this. Any ideas that are not too complicated would be appreciated.</span><o:p></o:p></p>
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<p class="MsoNormal"><span style="font-size:18.0pt">I appreciate it.</span><o:p></o:p></p>
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<p class="MsoNormal"><o:p> </o:p></p>
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<p class="MsoNormal"><span style="font-size:18.0pt">Jim Doran</span><o:p></o:p></p>
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<p class="MsoNormal">James R. Doran<o:p></o:p></p>
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<p class="MsoNormal">Attorney at Law<o:p></o:p></p>
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<p class="MsoNormal">100 E. Pine Street - Suite 205<o:p></o:p></p>
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<p class="MsoNormal">Bellingham, WA 98225<br>
(360)393-9506<o:p></o:p></p>
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<p class="MsoNormal"><a href="mailto:jim@doranlegal.com" target="_blank">jim@doranlegal.com</a><o:p></o:p></p>
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<p class="MsoNormal"><a href="http://www.doranlegal.com" target="_blank">www.doranlegal.com</a><o:p></o:p></p>
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