<div dir="ltr"><div class="gmail_default" style="font-family:garamond,serif;font-size:large">Please reply to list. </div><div class="gmail_default" style="font-family:garamond,serif;font-size:large"><br></div><div><div dir="ltr" class="gmail_signature" data-smartmail="gmail_signature"><div dir="ltr"><div dir="ltr"><div dir="ltr"><div dir="ltr"><div dir="ltr"><p style="margin:0in 0in 0pt"><b><span style="color:black;font-family:Arial,sans-serif"><font face="arial,helvetica,sans-serif">Sarah O’Farrell McCarthy</font></span></b></p><p style="margin:0in 0in 0pt"><font color="#000000" face="arial, helvetica, sans-serif"><b>(Pronouns: she / her)<br></b></font><font face="arial,helvetica,sans-serif">Attorney | <font color="#000000">Kelly, Arndt & Walker, <font color="#000000">Attorneys at Law, PLLP</font></font><font color="#000000"></font></font><font color="#000000"><font color="#000000"><font color="#000000"><font color="#000000"><font color="#000000"><font color="#000000"><font color="#000000"><font color="#000000"><font color="#000000"><font color="#000000"><span style="color:rgb(31,73,125)"><br></span><span style="color:black"><font face="arial,helvetica,sans-serif"><span style="color:black"><font color="#000000">P.O. Box 290 | </font></span></font></span></font></font></font></font></font></font></font></font></font></font><span style="color:rgb(0,0,0);font-family:arial,helvetica,sans-serif">6443 Harding Avenue |</span><span style="color:rgb(0,0,0);font-family:arial,helvetica,sans-serif"> </span><span style="color:rgb(0,0,0);font-family:arial,helvetica,sans-serif">Clinton, WA 98236</span></p><p style="margin:0in 0in 0pt"><font color="#000000"><font color="#000000"><font color="#000000"><font color="#000000"><font color="#000000"><font color="#000000"><font color="#000000"><font color="#000000"><font color="#000000"><font color="#000000"><span style="color:black"><font face="arial,helvetica,sans-serif"><span style="color:black"><font color="#000000"><span style="color:rgb(31,73,125)"></span></font></span></font></span><font face="arial, helvetica, sans-serif">(Located on Whidbey Island, Island County, Washington)<br></font><span style="color:black"><font face="arial,helvetica,sans-serif">Phone: (360) 341-1515 | Fax: (360) 341-3272</font><br><span style="color:rgb(31,73,125)"><a><font color="#222222" face="arial,helvetica,sans-serif">sarah@kawlawyers.com</font></a> <font color="#000000">| <span style="color:black"><span style="color:rgb(31,73,125)"><font color="#000000"><a href="http://www.kawlawyers.com" target="_blank">www.kawlawyers.com</a></font></span></span></font></span></span></font></font></font></font></font></font></font></font></font></font></p><font color="#000000" face="Times New Roman" size="3"><font color="#000000" face="Times New Roman" size="3"><font color="#000000" face="Times New Roman" size="3"><p style="margin:0in 0in 0pt"><font face="arial,helvetica,sans-serif"><span style="color:rgb(31,73,125);font-size:7.5pt"><br></span></font></p><p style="margin:0in 0in 0pt"><font face="arial,helvetica,sans-serif"><span style="color:rgb(31,73,125);font-size:7.5pt">This electronic message transmission contains information from the law firm of Kelly, Arndt & Walker, PLLP which may be confidential or privileged. This information is intended to be for the use of the individual or entity named above, If you are not the intended recipient, be aware that any further review, disclosure, printing, copying, distribution, or use of the contents of this transmission is prohibited. If you have received this electronic message transmission in error, please notify us immediately by reply e-mail and delete the original message. Thank you</span><span style="color:rgb(31,73,125);font-size:8pt">. </span></font></p><font color="#000000" size="3"></font><p style="margin:0in 0in 0pt"><span style="color:black;font-size:8pt"><font face="arial,helvetica,sans-serif"> </font></span></p><font color="#000000" size="3"></font><p style="margin:0in 0in 0pt"><span style="color:rgb(68,84,106);font-family:Arial,sans-serif;font-size:7.5pt"><font face="arial,helvetica,sans-serif">We do not accept service of any kind by e-mail unless expressly authorized in writing by the attorney of record. This e-mail is NOT a contract and is not binding upon the author pursuant to CR 2A. This e-mail is, at most, a negotiation under ER 408.<br></font></span></p></font></font></font></div></div></div></div></div></div></div><br></div><br><div class="gmail_quote"><div dir="ltr" class="gmail_attr">On Tue, Sep 14, 2021 at 12:42 PM Nicholas Pleasants <<a href="mailto:nick@pleasantslaw.com">nick@pleasantslaw.com</a>> wrote:<br></div><blockquote class="gmail_quote" style="margin:0px 0px 0px 0.8ex;border-left:1px solid rgb(204,204,204);padding-left:1ex">
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<p class="MsoNormal"><span style="font-size:11pt">Hi Listmates,<u></u><u></u></span></p>
<p class="MsoNormal"><span style="font-size:11pt">Let’s say I have a probate where the parents are deceased, two children are inheriting 50/50, and only probate asset is a home worth $800,000 with a $400,000 mortgage. One child wants to buy out the other,
assume the mortgage (if possible under Garn St Germain) or just refinance into their own name.<u></u><u></u></span></p>
<p class="MsoNormal"><span style="font-size:11pt">My typical practice is to deed the property to the two kids by PR deed, then have a second transaction where one kid buys out the other. When I’ve done this in the past, I have not had to deal with the mortgage
issue. In this example, the amount of consideration would be $200,000 (half the equity), so can we just pay tax on the $200,000 changing hands? Or does DOR tax the FMV 50% interest that is being transferred, worth $400,000? Or does DOR tax on $600,000 ($400,000
mortgage assumed + $200,000 consideration to sibling)? <u></u><u></u></span></p>
<p class="MsoNormal"><span style="font-size:11pt">I don’t think I can do a non-pro rata distribution because there are no other probate assets. Thanks in advance for any thoughts.<u></u><u></u></span></p>
<p class="MsoNormal"><span style="font-size:11pt">Best, <u></u><u></u></span></p>
<p class="MsoNormal"><span style="font-size:11pt">Nick<u></u><u></u></span></p>
<p class="MsoNormal"><span style="font-size:11pt"><u></u> <u></u></span></p>
<p class="MsoNormal"><b><span style="font-size:11pt;color:rgb(43,106,164)">Nicholas Pleasants<u></u><u></u></span></b></p>
<p class="MsoNormal"><span style="font-size:11pt;color:rgb(43,106,164)">Owner<u></u><u></u></span></p>
<p class="MsoNormal"><span style="font-size:11pt;color:rgb(43,106,164)"><u></u> <u></u></span></p>
<p class="MsoNormal"><a href="http://www.pleasantslaw.com/" target="_blank"><b><span style="font-size:11pt;color:rgb(43,106,164);text-decoration:none"><img border="0" width="144" height="44" style="width: 1.5in; height: 0.4583in;" id="gmail-m_-8130821742529368182Picture_x0020_1" src="cid:17be5d94dad4cff311" alt="(Logo) Pleasants Law Firm"></span></b></a><b><span style="font-size:11pt;color:rgb(43,106,164)"><u></u><u></u></span></b></p>
<p class="MsoNormal"><span style="font-size:11pt;color:black"><u></u> <u></u></span></p>
<p class="MsoNormal"><span style="font-size:11pt;color:black">Pleasants Law Firm, P.S.<br>
2300 130th Ave NE, Suite A-101<br>
Bellevue, WA 98005-1755<br>
(425) 615-7070 tel/fax<br>
</span><span style="font-size:11pt;color:rgb(46,117,182)"><a href="mailto:nick@pleasantslaw.com" target="_blank"><span style="color:rgb(46,117,182)">nick@pleasantslaw.com</span></a><u></u><u></u></span></p>
<p class="MsoNormal"><span style="font-size:11pt;color:rgb(46,117,182)"><a href="http://www.pleasantslaw.com" target="_blank"><span style="color:rgb(46,117,182)">www.pleasantslaw.com</span></a>
<u></u><u></u></span></p>
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