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Jennifer L King

Jennifer King’s Answers

32 total

  • Does a person have the right to sell his real estate ,after a will and trust is drafted?

    in 2004 my dad wrote a will leaving me only a 1000 dollars.two years latter he sells me the bulk of his estate 7 deeds but never changes the will and trust.3 deeds were in a educational trust he pioneers and then he sells to me in a individual c...

    Jennifer’s Answer

    What a person says in his/her will, and the transactions they enter into during life are generally independent of each other, unless, however, that person has a valid contractual obligation to leave property in a certain way upon death (e.g. contract to will, prenuptial agreement). As long as your father was vested in title to the property he deeded, it doesn't matter what his will said.

    The issue I may have read lurking between the lines of your question has to do with the capacity in which your father conveyed the property to you. Did he sell you property owned by a charitable trust of which he was the trustee? Assuming you paid money for that (valid consideration), and you didn't have reason to think he didn't have the authority to transfer title, you, as a bona fire purchaser should be fine. Your father's estate, however, may be liable to the charity unless your father deposited the proceeds (which should have been fair market value) into the trust.

    The fact that your father only left you $1,000 is not relevant.

    I hope that helps. If you are worried about the state of your title to the property you purchased from your father, please be sure to consult an attorney.

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  • Waiting period for probate to finalize

    Is the waiting period for probate to be finalized from the date of print in news paper or from notice to creditors?

    Jennifer’s Answer

    Ms. Silva has given a very accurate summary of the creditor claim timeframe, etc., which is the question you asked. Mr. Elder, however, correctly notes that there are many other factors involved in the timeframe for the completion of a probate. Sometimes the estate can be open for years, depending on the situation. I think the "winner" I've seen in my career is almost sixteen years. That case involved the need to pay estate tax in installments and to sell many, many pieces of real property.

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  • Should a PR have a separate attorney to represent them as beneficiary?

    Case is in dispute as to percentage due each beneficiary. PR is listed on deed with deceased. No Tenant in common or joint tenant listed. PR has lived in home for 20+ years and is on disability. Deceased willed possessions to be split evenly betwe...

    Jennifer’s Answer

    In Washington an attorney cannot represent someone as a PR and as a beneficiary who will be trying to enforce his/her cause as a beneficiary. It sounds like the beneficiary needs separate counsel.

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  • Step up base on real estate, is it including the investment properties? or just the primary home?

    After one spouse dies, how does the step up base calculated? and is it including the investment (rental) properties? and from whom do I get the step up base price.

    Jennifer’s Answer

    Generally, yes, property gets a basis adjustment (up or down) to fair market value as of the date of death (or six months after the death if alternate valuation is elected on an estate tax return). Note that two notable exceptions to this rule are retirement assets like IRAs and employee benefits, and promissory notes owned by the decedent.

    If the property is community property, then 100% of the property would get a basis adjustment. That is also the case if it is the decedent's separate property. However, the survivor's separate property does not receive a basis adjustment.

    I do recommend consulting with a probate attorney or an accountant.

    IRS Circular 230 Notice: To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. tax advice contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein.

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  • Properties are outside of revocable living trust, now 1 spouse died, what can surviving spouse do to put it back to the trust.

    Because of refinancing need, in February 2013 we quit claim deed two properties (in WA State) out from our revocable living trust into husband and wife’s name, and were never deeded back to our revocable living trust. Now, one spouse died in Dec...

    Jennifer’s Answer

    Did the deceased spouse sign a will that passed his/her property to the revocable trust? Doing what is called a "pour-over" will is routine planning when someone enters into a revocable trust.

    Assuming there is a pour-over will, it will need to be probated, and through that process the property will be deeded to the revocable trust.

    Unfortunately, this is all too common of an occurrence. That's exactly why pour-over wills are a must when preparing a revocable trust.

    The good news is that probate in Washington is extremely easy so long as the estate has more assets than liabilities. I suggest seeing a probate attorney.

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  • WA: Husband died - with no will. Don't think it needs probate. What and where do I file?

    Husband died with no will. Married 35 years. Bank account was joint. Deceased joint owned a car with his mother. Owned a small boat. No real property. Estate well below $60K (miniscule.) Where and what does wife file? Thank you.

    Jennifer’s Answer

    It appears that an intestate administration (like a probate but without a will) could be avoided. Assuming all of the property was community property, the widow can prepare a small estate affidavit under RCW Chapter 11.62 and claim all of the property. This works in estates where the property that would otherwise be subject to probate or intestate administration is worth less than $100,000, and there is no real estate involved. The widow has to wait 40 days from the date of death and will need to be able to truthfully declare that all debts and death expenses have bee paid or provided for.

    However, if the decedent owned any separate property, then the disposition could be split between the widow and others. See RCW 11.04.015. If that is the case, a small estate affidavit is still possible, but it gets a little more complicated. If there is separate property, I recommend consulting with an attorney. By the way, unless the spouses have a written agreement to the contrary, separate property is property owned before the marriage, or property received by gift or inheritance during the marriage, so long as this property has been kept distinctly separate from community property.

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  • Can I sue an Executor for nefarious activities regarding both the estate and non-estate matters in one lawsuit?

    As a beneficiary of a neglected Estate, the executor has committed many nefarious activities both related to and not related to the Estate that have harmed me. Can I file one lawsuit covering everything or does there have to be two? If non Estate ...

    Jennifer’s Answer

    Washington has a statute called the Trust and Estate Dispute Resolution Act (TEDRA) that covers almost anything related to a trust or estate. You can find the statute by searching for RCW Chapter 11.96A. All action under this statute are filed together. Check it out, then consult with a lawyer specializing in trusts and estate disputes. A general litigation attorney will not be helpful to you.

    Good luck!

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  • Irrevocable trusts and limited liability company

    Can someone tell me why my 78 year old mother who owns over 100 properties has a family irrevocable trust and a marital irrevocable trust? And why has she formed a limited liability company with her 53 year old boy toy? She formed this company l...

    Jennifer’s Answer

    You mother sounds like a particularly wealthy woman. With high-net-worth clients, it is not unusual for estate tax planning to including many techniquest, including irrevocable trusts and LLCs, as methods of leveraging a wealthy person's gifting ability, and thus reducing their estate for estate tax purposes. Also, with people who own substantial investment real estate, an LLC is a method to isolute liability risk of the property owned by the LLC, rather than putting that person's other wealth at risk if there is an injury on the property.

    It is difficult to tell you the reasoning behind the planning if you can't talk to your mother about it. Even if you do, she may not ever quite understand the planning, which can be very complex.

    You call your mother's younger husband (or boyfriend?) her "boy toy." May I extrapolate from that comment that you don't have a lot of respect for, or trust in, him? Is your mother competent? If you are worried about the possibility that she is being taken advantage of by this man, you may want to consider consulting with an elder law attorney.

    Good luck to you!

    IRS Circular 230 Notice: To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. tax advice contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein.

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  • If you inherit a house from a parent what taxes do you pay?

    I was award my mom's house after her death. The house is not worth more than 200k. I was told I had to pay an inheritance tax on the house, and a death tax, is there anything else I have to pay that I am not aware of? If I have to pay these ta...

    Jennifer’s Answer

    It depends on what the total value of the estate is and how the will (or revocable trust) allocates any estate tax owing. If there wasn't a will or trust, and the estate was intestate in Washington state, then each recipient (other than a souse or trust qualified for the marital deduction, or a qualified charity) would receive their devise after allocation of a proportional share of the estate tax. That, however, is to be paid at the estate level.

    As mentioned by others, you need to consult with a qualified attorney or tax professional to look into this matter for you. It could be as simple as that person consulting with the personal representative's attorney to obtain all of the relevant facts.

    Good luck to you.

    IRS Circular 230 Notice: To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. tax advice contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein.

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  • What rights does a new husband have at the death of his spouse?

    Woman has property and land in her name only. She makes a will including that property in 2004. She meets a man and later he moves in with her in 2006. She marries him in 2011. This woman passes away in 2013. The will was not changed into her marr...

    Jennifer’s Answer

    The omitted spouse statute in Washington (also referred to as a pretermitted spouse) allows a spouse who is not mentioned or provided for under a will pre-dating the marriage to claim what they would have received if the spouse died intestate (without a will). In Washington that would be all of the decent's interest in community property and, because wife died survived by children, one-half of the decedent's separate property. Note, however, that a court can reduce this amount if it is clearly convinced that a smaller portion, including no portion, is in keeping with the decedent's intent. For example, a cout may reduce/eliminate the award if the spouse had received significant insurance proceeds or was a surviving joint tenant of accounts.

    As you describe the situation there are probably very complicated issues concerning what is community property and what is wife's separate property. The general rule is that property brought into a marriage or received during the marriage by gift or inheritance, and not commingled, is separate property. All wages, salaries and other "sweat of the brow" earnings during marriage are presumed to be community.

    To add to the fun, here husband could claim that during the time they lived together, property that would have been community had they been married should be characterized as if it were community for purposes of the award under the omitted spouse statute.

    Washington has a rather unique line of cases that could leave this as a viable argument by the surviving husband if the marriage was preceded my a long term, committed, marriage-like relationship.

    I hope that helps and convinces you (or the person involved here) to seek competent, experienced legal advise.

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