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<p class="MsoNormal"><span style="font-size:11.0pt">Hello,<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt">20+ years ago, PC disclaimed her house into a credit shelter trust when her husband passed away. She is now retired, on limited income, but her CPA doesn’t think she would qualify for the property tax exemption
for seniors under RCW 84.36.381(2) because she doesn’t “own” (in fee or in life estate) her home. CPA wants PC to terminate the trust. However, when I look at the RCW, as well as WAC 458-16A-130 and the definitions in WAC 458-16A-100(25)(c), I think the irrevocable
credit shelter trust does qualify as a “life estate” since the PC is the sole beneficiary of the trust for her life. I don’t usually do much work with real property, so I’m hoping someone can correct me if I’m heading the wrong direction.
<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt">Before we terminate the trust, as anyone persuaded DOR that the senior exemption applies to residences owned by an irrevocable trust for the benefit of the resident for life?
<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt">Thanks,<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt">Anna<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt"><o:p> </o:p></span></p>
<p class="MsoNormal">Van Pelt Law <o:p></o:p></p>
<p class="MsoNormal">(206) 635-7250<o:p></o:p></p>
<p class="MsoNormal"><a href="http://www.vanpeltlegal.com/"><span style="color:blue">www.vanpeltlegal.com</span></a><o:p></o:p></p>
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