[WA] [WA] How does a Life Estate Deed work?
My father is wanting to make sure I am on the house if anything happens to him without having to pay a lot of taxes. Would that be a revocable or non-revocable living trust? Or would that just need to be stated in a will?
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In Washington State, a life estate deed allows someone to transfer property ownership to a beneficiary (remainderman) upon the death of the current owner (life tenant), while the life tenant retains the right to use and occupy the property during their lifetime. There are no gift taxes and also no inheritance taxes. The property will not need to go through probate.
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My father is wanting to make sure I am on the house if anything happens to him without having to pay a lot of taxes. Would that be a revocable or non-revocable living trust? Or would that just need to be stated in a will?
Lexi, Chatbot
I understand your concern about ensuring you inherit the house without facing high taxes. Have you already discussed this with your father and does he currently have a will in place?
Yes, we discussed this a couple weeks ago. And no, he does not have a will in place yet.
Lexi, Chatbot
Are there any specific conditions or terms your father wants to include regarding the inheritance of the house?
No, just that I won’t have any trouble when it's time to sell.
Lexi, Chatbot
Is there anything else the Estate Lawyer should know before I connect you? Rest assured they’ll be able to help with the inheritance of the house.
I believe that is his main concern.
Jessica B
Thank you for choosing AskaLawyer! My name is Jessica and I am a licensed attorney that will be assisting you with your question. I am reviewing your question and will be providing a response momentarily. You may receive a prompt for a telephone consultation. This is an additional service offered by AskaLawyer and you may decline the offer. Depending on the issue you are experiencing, some customers prefer a telephone consultation to better understand their issue and possible solution.
What state is the property located?
WA
Jessica B
In Washington State, a life estate deed allows someone to transfer property ownership to a beneficiary (remainderman) upon the death of the current owner (life tenant), while the life tenant retains the right to use and occupy the property during their lifetime. There are no gift taxes and also no inheritance taxes. The property will not need to go through probate.
Oh ok. So what would need to be done to put my name on the house also?
Jessica B
A Life Estate Deed puts your name on the property and maximizes tax benefits.
Great thank you!
Jessica B
I hope I was able to help resolve your issue! If you have any other questions, feel free to ask.
(Following up) I looked into a Life Estate Deed. I'm not sure this is for us. I have my own home. My father wants his house to go to me when he passes away and for me to not pay a lot in taxes. And to be able to sell the house without any issues.
Jessica B
Hello again. Yes, that is exactly what a life estate deed accomplishes. Your father remains the owner during his lifetime and then upon his death you become the sole owner. You avoid the necessity of probate plus you receive a step-up in basis for capital gains when you sell the property.
Please let me know if I may be of assistance in the future. Thank you.
Jessica B
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