<html><head><meta http-equiv="content-type" content="text/html; charset=utf-8"></head><body dir="auto">If it’s an irrevocable trust you lose the income tax benefits, don’t get a stepped up basis, and probably won’t be able to find a lender if you choose to refinance. <div><br></div><div>If revocable, those are not applicable, but you have no protection from creditors. </div><div><br></div><div>John J. Sullivan <br><br><div dir="ltr">Sent from my iPhone</div><div dir="ltr"><br><blockquote type="cite">On Sep 24, 2021, at 11:44 AM, Mark Anderson <marka@mbaesq.com> wrote:<br><br></blockquote></div><blockquote type="cite"><div dir="ltr">
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<p class="MsoPlainText">The two possible benefits I can think of off the top of my head are 1) avoidance of probate and 2) limitation of liability for family members.<o:p></o:p></p>
<p class="MsoPlainText"><o:p> </o:p></p>
<p class="MsoNormal" style="margin-bottom:12.0pt"><b>Mark B. Anderson<br>
</b>ANDERSON LAW FIRM PLLC<br>
821 Dock St Ste 209 PMB 4-12<br>
Tacoma, Washington 98402<br>
+1 253-327-1750<br>
+1 253-327-1751 (fax)<br>
<a href="mailto:marka@mbaesq.com"><span style="color:blue">marka@mbaesq.com</span></a><br>
<a href="http://www.mbaesq.com/"><span style="color:blue">www.mbaesq.com</span></a><b><o:p></o:p></b></p>
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<p class="MsoPlainText">-----Original Message-----<br>
From: wsbarp-bounces@lists.wsbarppt.com <wsbarp-bounces@lists.wsbarppt.com> On Behalf Of Kary Krismer<br>
Sent: Friday, September 24, 2021 11:04 AM<br>
To: wsbarp@lists.wsbarppt.com<br>
Subject: [WSBARP] Family Trusts</p>
<p class="MsoPlainText"><o:p> </o:p></p>
<p class="MsoPlainText">Could someone please explain any possible benefits to putting a family residence (or other real property) into a Family Trust? I think I'm aware of the possible concerns about the homestead exemption, but any other potential downsides
would be appreciated too.<o:p></o:p></p>
<p class="MsoPlainText"><o:p> </o:p></p>
<p class="MsoPlainText">I have a family member considering one and I just don't see the point.<o:p></o:p></p>
<p class="MsoPlainText"><o:p> </o:p></p>
<p class="MsoPlainText">-- <o:p></o:p></p>
<p class="MsoPlainText"><o:p> </o:p></p>
<p class="MsoPlainText">Kary L. Krismer<o:p></o:p></p>
<p class="MsoPlainText">206 723-2148<o:p></o:p></p>
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