Jennifer L King’s Answers

Jennifer L King

Mercer Island Estate Planning Attorney.

Contributor Level 8
  1. If my son buys a house can I rent it from him at a value of say 10 times the going rate ,trying to avoid future estate taxes

    Answered over 1 year ago.

    1. Jennifer L King
    2. Chandra Melissa Lewnau
    3. Samuel Michael Meyler
    4. Michael Leo Potter
    5. Robert E. Millsap III
    5 lawyer answers

    For federal estate tax purposes you will be deemed to have made an imputed gift as to the excess over fair market value rent you paid to your son, which gift will have the overall effect of reducing your estate tax exemption. You are also required to file an annual gift tax return for the amount over $14,000 per year (twice if your wife also gifts; four times that if the house is owned by your son and your daughter-in-law). If you are trying to reduce your estate for estate tax purposes,...

    13 lawyers agreed with this answer

  2. If I am the only person on my mothers will would I still have to go through probate when she passes away?

    Answered over 1 year ago.

    1. Jeffrey Alan Herbster
    2. Jennifer L King
    3. Justin Eric Elder
    4. Eric Jerome Gold
    4 lawyer answers

    It is correct that if assets are owned solely in your mother's name they are usually subject to probate. Exceptions are assets like retirement accounts and insurance policies that have beneficiary designations other than the "estate;" bank accounts with "pay on death" (POD) designations, and investment accounts with "transfer on death" (TOD) designations. It could also be the case that assets owned in joint tenancy with right of survivorship with others, in which case those assets would not...

    9 lawyers agreed with this answer

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  3. Are parents allowed to inherit if there is surviving children of the deceased?

    Answered over 1 year ago.

    1. Jennifer L King
    2. Joseph Michael Pankowski Jr
    3. Justin Eric Elder
    3 lawyer answers

    Assuming that the decedent did not leave a valid will, and therefore died "intestate," then the answer is no. RCW 11.04.015 says how property passes without a will. With no surviving spouse, but with surviving issue (children, grandchildren, etc.), the statute passes everything to "issue" before the decedent's parents. If the decedent does not have any predeceased children with children surviving, then everything goes equally among the decedent's children.

    9 lawyers agreed with this answer

  4. Do i need a will if all my assets are given to my only child before I leave the planet

    Answered over 1 year ago.

    1. Daniel Orville Kellogg
    2. Jennifer L King
    3. Elizabeth Rankin Powell
    4. Matthew Erik Johnson
    5. Peter Jay Visser
    5 lawyer answers

    I believe there's a Chinese wish that goes something like this: "May your last coin and your last breath go at the same time." Unfortunately, that's very difficult to do. Giving away property to your child is a nice idea, but you still need to live on something. If you give it away, and then your child winds up having to support you, there could be gift tax consequences for your child. Not to mention the tax consequences for you in giving your property away in the first place. One example...

    9 lawyers agreed with this answer

  5. Can you substitute funding an A/B trust with a new revocable trust?

    Answered over 1 year ago.

    1. Jennifer L King
    2. Robert E. Millsap III
    3. Joseph Franklin Pippen Jr.
    3 lawyer answers

    If under the trust the funding of the B trust was mandatory, then yes, not funding it would be considered a breach of fiduciary duty unless everyone interested in the trust agreed otherwise (which could have some tax implications). Your father can, of course, start a new trust, but he (or his estate) would be liable for not placing mother's interest in the prior trust into the B trust. It is, of course, extremely difficult to bring an action against one's parent, which would be the course...

    9 lawyers agreed with this answer

  6. Irrevocable trusts and limited liability company

    Answered over 1 year ago.

    1. Jennifer L King
    2. Justin Eric Elder
    3. Chandra Melissa Lewnau
    4. Charles Adam Shultz
    4 lawyer answers

    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...

    8 lawyers agreed with this answer

  7. In the paperwork of my Fathers estate I have a court document "Disclaimer of Mike Smith", ...Mike Smith" hereby irrevocably...

    Answered over 1 year ago.

    1. Jennifer L King
    2. Justin Eric Elder
    3. Robert E. Millsap III
    4. Adam B Peterson
    4 lawyer answers

    "Mike" signed what is called a disclaimer. It means that Mike is stepping back as a person who would otherwise be entitled to receive the bank account automatically dispite what your father's Last Will and Testament says. Because of this disclaimer, the bank account would then pass as your father's Will directs. If your father provided for Mike (or a trust for his benefit) to receive something under his Will, then the disclaimer won't preclude him from receiving that bequest. I hope that...

    7 lawyers agreed with this answer

  8. My father died over a year ago, my mother was left everything in his will.. he is owed money from a supplimental ins co. ...

    Answered over 1 year ago.

    1. Jennifer L King
    2. Justin Eric Elder
    3. Robert E. Millsap III
    4. James P. Frederick
    5. Thomas D Lofton
    5 lawyer answers

    It sounds like a probate of the will was not opened. If that is incorrect and a probate had been opened but is now closed, you can have it re-opened for the specific purpose of getting the check transferred to your mother. You could also just ask the insurance company if it would issue the check in your mother's name (I've seen that work). If a probate of the will was not initiated, but rather all other other property passed to your mother outside of the will by a non-probate form of...

    6 lawyers agreed with this answer

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

    Answered 8 months ago.

    1. Jennifer L King
    2. Justin Eric Elder
    3. Gary Roger Waitzman
    3 lawyer answers

    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!

    6 lawyers agreed with this answer

  10. Living Will or Living Trust?

    Answered over 1 year ago.

    1. Jennifer L King
    2. Chandra Melissa Lewnau
    3. Joseph Michael Pankowski Jr
    3 lawyer answers

    First, just a quick comment on the terminology. "Living Will" is usually a term for a directive to physicians regarding the termination of life support. I believe you just mean a will. Second, one of the most important questions is whether your parents living in Washington, or some other state. In Washington, probate is a very streamlined process and unless there is some other reason to avoid it, I generally will do my clients' planning through wills. Of course there are other attorneys...

    6 lawyers agreed with this answer